The New York Observer

The lovely Art Deco skyscraper at 70 Pine Street has had as rough a few years as its former owner. The Financial District tower was acquired by AIG in 1976, then losses in the economic crisis led AIG to its infmaous $183 billion dollar bailout. To recoup some of that money, the company had to sell properties and assets to pay off the debt. Asian investors stormed the building and bought that and 72 Wall Street, another AIG building, for $150 million.

There was plans to convert 70 Pine into condominiums, but the partners behind the project had a rough few years themselves and ended up in the court duking it out. Another firm, Sciame Development, was brought in to determine whether it should be developed as hotel or a condominium, but paths shifted and Metro Loft Management and the Eastbridge Group bought the building last December for $205 million dollars.

Now, they are finally going ahead with luxury rental plans that will make this the highest residences in the city, according to The Times. Read More