The embattled insurer American International Group Inc. is selling its headquarters building in New York and a nearby building in a deal expected to close at the end of this summer, a person familiar with the matter said Wednesday.

But the person said that AIG is not disclosing the price or who the buyer is. The person asked for anonymity because the sale has not been made public yet.

The building sales are the latest move by AIG, which has received $182.5 billion in financial support from the government since September, to shed assets to repay the loan package. The buildings are at 70 Pine Street and the adjacent 72 Wall Street in lower Manhattan.

Why do I have the feeling that the reason AIG is keeping this quiet and confidential is they are making a substantial profit on the sale and somehow are going to circumvent delivering those profits to the shareholders (The taxpayers!!!) and instead keep them for themselves.

You wait and see, I believe that will be the case.

 
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4 Comments on AIG agrees to sell 2 NYC buildings

JUN
03
524,291 Points 52 Featured Posts Localism Sponsor Outside Blog

bout time!  I posted shortly after govt bailout #1 (in sept or oct) that this needed to be done.  They don't need prime real estate if they need bailout funds.

11:07am • #1
248,707 Points 1 Featured Post

It is about time. I will give them $100 for the pair. Its our money they are using so why not.

11:12am • #2

Renee,

I agree.  We might as well force them into a fair market lease back situation since we are paying the bills anyhow.  I imagine we should be able to give ourselves a reasonable lease rate.

 

Terry,

I'll gladly pay $101.  Sorry!

 

Sean

12:03pm • #3
142,693 Points 3 Featured Posts Localism Sponsor

Another reason they may want it quite is that the buyer is foreign, similar to GM's Hummer buyer (China).

8:32pm • #4

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Sean Dreznin, Commercial Investment Real Estate Agent

Siesta Key, FL

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Pappas Realty Co.

Address: 159 South Main St, #302, akron, oh, 44308

Office Phone: (330) 762-0535 x 16

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