AIG buildings could sell for $100 a foot

Industry sources told the Observer that bidders on AIG’s two downtown
skyscrapers are pricing the towers at about $100 per square foot. That
puts the value of AIG’s 70 Pine Street at $77.4 million, and 72 Wall
Street about $32.5 million. Sources said AIG will likely close a deal
with one of the bidders in the next few weeks. According to Robert
Sammons, managing director of research at Colliers ABR, the AIG
transactions
would mark the first major tower sales in Lower Manhattan since January
2008, When 156 Williams Street sold for $60 million — or $238 a foot
— and would indicate how far values have fallen. Some commercial
market experts say the fact that people are looking to buy the AIG
buildings
shows confidence in the market, while others say the lowball bids
underscore deep problems in the Financial District.

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