Rose, not Metro Loft, now leads 70 Pine conversion

TRD New York /
Aug.August 07, 2012 08:30 AM

Just months after acquiring the former headquarters of American International Group at 70 Pine Street and laying out plans to convert it into 300 hotel rooms and 700 rental apartments, Nathan Berman’s Metro Loft Management no longer controls the Lower Manhattan tower. Citing data from lender Eastbridge Group, the New York Post reported that Metro Loft sold its interest in the project back to Eastbridge, which turned to Rose Associates to oversee the conversion. Terms of the deal were not available.

Rose is now the third group in the last three years to head the conversion of the 750,000-square-foot tower. AIG first sold it to Youngwoo & Associates and Kumho Investments, the partnership that first imagined the tower as a residential structure. Youngwoo left and Kumho sold the building to Eastbridge and Metro Loft. They’re now turning it over to Rose.

Berman told the Post that he sold his interest in the building to focus on other downtown projects, including the conversion of 443 Greenwich Street into more than 100 rental apartments. [Post, 1st item]

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