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Former AIG Building Will Likely Be Sold For $100 A Square Foot

Sold, to a foreigner probablyIs that insanely cheap for commercial real estate? Seems like! Anyhow, the haunted million-square-foot carcass of the former AIG headquarters at 70 Pine and 72 Wall Street in beautiful New York City appears to have found a buyer for the bargain-basement price of $100 million. Who’s the lucky winner, Donald Trump? The Cato Institute? The buyers “would have been carefully vetted,” a source told the New York Post, from which we can conclude it’s just Tom Daschle wasting the last of his lunch money. [New York Post]


12:21 PM on Wed June 3 2009
By Sara K. Smith
917 Views

  1. Larry McAwful says at 12:24 pm, June 3rd, 2009

    Sounds good to me. I’ll take three square feet. Where do I send the check?

  2. Inadequate Blackmail says at 12:24 pm, June 3rd, 2009

    If I’d only heard about this sooner, 3 square feet of that bitch would have been mine! Just need enough space to keel over and die on.

  3. ManchuCandidate says at 12:25 pm, June 3rd, 2009

    Vetted like a Subprime Mortgage Security!

  4. thefrontpage says at 12:27 pm, June 3rd, 2009

    Someone said it’s going to be either a Starbucks, a CVS, or an Olive Garden–you know, because we don’t have enough of those already.

  5. Can I assume that every Wonkette commenter has an extra $300? I’d rather spend my $300 on a new bong and some Northern Lights.

  6. Inadequate Blackmail says at 12:29 pm, June 3rd, 2009

    Larry McAwful: Well, damn. Maybe we could go in together and they’d cut us a deal. 7 square feet for the price of 6.

  7. Paterlanger says at 12:30 pm, June 3rd, 2009

    Carefully vetted? What, as in they’ll be paying with cash?

  8. octupletsmom says at 12:31 pm, June 3rd, 2009

    Anchor of New Chinatown?

  9. SayItWithWookies says at 12:33 pm, June 3rd, 2009

    “The buyers would have been carefully vetted because neither AIG nor the brokers at CB Richard Ellis want to have egg on their faces”

    Well of course — AIG has a reputation to protect, and they certainly don’t want to be known for diving into a deal without being aware of the consequences.

  10. CockedAle says at 12:36 pm, June 3rd, 2009

    Combo Hummer Showroom and Harvest Christian Fellowship megachurch.

  11. ProfessorJukes says at 12:37 pm, June 3rd, 2009

    The only biz that’s up in this economy is either porn or booze. So I’m hoping a ‘full-service’ bar/resort/IMAX porn theater… with Swinger’s Suites. Elliot Spitzer will be your Activities Director.

  12. Come here a minute says at 12:38 pm, June 3rd, 2009

    Sichuan Tengzhong Heavy Industrial Machinery Company will be building Hummers there.

  13. WadISay says at 12:39 pm, June 3rd, 2009

    If they’re selling trade fixtures, I would be interested in the solid gold urinals and the alter where they sacrificed recent Harvard MBAs in front of an image of Gordon Gekko.

  14. appears to have found a buyer for the bargain-basement price of $100 million

    You mean they’re getting the whole building for the price of the basement? That’s some shrewd haggling, right there. Do you think the new owners would have time to run GM?

  15. Larry Fine says at 12:43 pm, June 3rd, 2009

    Former Governor Spitzer’s real estate company bought it, and will turn it into a classy brothel.

  16. Noodle Salad says at 12:44 pm, June 3rd, 2009

    Mark Penn is setting up the new Bowser’s castle after MariObama blew up the last one.

  17. Mild Midwesterner says at 12:46 pm, June 3rd, 2009

    That makes Manhattan real estate cheaper than my house in DC. Apparently DC really is now the world’s financial capital. How depressing.

  18. Larry McAwful says at 12:48 pm, June 3rd, 2009

    Inadequate Blackmail: I’m game. Maybe we could open a newspaper stand, and then apply for a bailout.

  19. lizard scum says at 12:48 pm, June 3rd, 2009

    ProfessorJukes: Don’t forget fast food services for the “resort.” Imagine a food court, but no mall!

  20. StoneAge says at 12:48 pm, June 3rd, 2009

    Wait, I thought we each owned a piece of it already. When do we move in? Or do we each get a Pontiac, I forget.

  21. DC Hates Me says at 12:49 pm, June 3rd, 2009

    I’m pretty sure the Cato Institute is a front group for poor crazed unsexed losers.

  22. ForTheTurnstiles says at 12:54 pm, June 3rd, 2009

    DC Hates Me: Poor crazed unsexed MALE losers. Poor crazed unsexed FEMALE losers have what? Oprah? Eckardt Tolle?

  23. SayItWithWookies says at 12:56 pm, June 3rd, 2009

    China’s buying it — they’re going to use it to quarantine all their swine flu cases.

  24. ManchuCandidate says at 12:58 pm, June 3rd, 2009

    Larry Fine:
    Definitely a higher class of tenant than AIG.

  25. Al Qaeda really did need an office in New York.

  26. drftjgoj says at 1:04 pm, June 3rd, 2009

    It’s probably AON, since they also took over AIG’s sponsorship of Manchester United. And think of the savings in only needing to replace two letters on all the signs!

  27. bitchincamaro says at 1:06 pm, June 3rd, 2009

    The roof,
    the roof,
    the roof is on fire.
    Burn, motherfucker, burn.

  28. Monsieur Grumpe says at 1:11 pm, June 3rd, 2009

    How many bathrooms?

  29. paintitblack says at 1:14 pm, June 3rd, 2009

    I heard Dickhead Cheney’s “new” company, Xe, is buying it for knock-out pricing…

  30. 4tehlulz says at 1:19 pm, June 3rd, 2009

    It’s Hummer China’s new US headquarters.

  31. queeraselvis v 2.0 says at 1:22 pm, June 3rd, 2009

    Regents Law School, natch. Since they got kicked out of DC and all.

  32. SayItWithWookies says at 1:30 pm, June 3rd, 2009

    queeraselvis v 2.0: Wait — they need more than a PO Box?

  33. Bruno says at 1:32 pm, June 3rd, 2009

    Can’t the US Government hire a bunch of jihadis to bring the thing down, or use some kind of super secret controlled implosion?

    It’s gotta be insured for more than $100/sq foot.

    (but send out a super secret twitter to all the Jews to make sure they don’t show up for work that day)

  34. Mr Blifil says at 1:38 pm, June 3rd, 2009

    SayItWithWookies: That one leapt out at me too. The stuff just seems to write itself doesn’t it?

  35. Mr Blifil says at 1:39 pm, June 3rd, 2009

    Bruno: How little you seem to know about the melting point of steel.

  36. tacodaemon says at 2:10 pm, June 3rd, 2009

    That’s an awesome Art Deco building with gothic influences, one of my favorites in the city. (I think the building in the photo Sara put up there is AIG’s London headquarters, not the NYC one.)

  37. tacodaemon says at 2:11 pm, June 3rd, 2009

    Also the building was originally built in the 30s as Citgo’s headquarters (some oldsters still call it the Cities Service Building). Maybe Hugo Chavez will want it back.

  38. TeddyS says at 6:16 pm, June 3rd, 2009

    Bernie Madoff is handling the sale from his cell. Promises a nice 40 percent annual profit for all who invest early.

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