AIG agrees to sell 2 NYC buildings

By
Commercial Real Estate Agent with NAI Tampa Bay

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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Ambassador
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Renée Donohue~Home Photography
Savvy Home Pix - Allegan, MI
Western Michigan Real Estate Photographer

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.

Jun 03, 2009 04:07 AM #1
Rainer
414,058
Terry Miller
Miller Homes Group - Tyler, TX
Miller Homes Group and Tyler Apartment Locator

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

Jun 03, 2009 04:12 AM #2
Rainer
55,585
Sean Dreznin
NAI Tampa Bay - Sarasota, FL
Commercial Investment Real Estate Agent

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

Jun 03, 2009 05:03 AM #3
Rainmaker
690,510
Kathy Toth
Ann Arbor Market Center Keller Williams - Ann Arbor, MI
Ann Arbor Real Estate Experts - Kathy Toth Team

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

Jun 03, 2009 01:32 PM #4
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Rainer
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Sean Dreznin

Commercial Investment Real Estate Agent
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