Metro Loft closes on purchase of 70 Pine
A joint venture between Metro Loft Management and Eastbridge Sarl has closed on the acquisition of 70 Pine Street for $205 million, according to public records filed with the city today, and is planning a hotel and residential conversion of the 66-story Art Deco building. Real Estate Weekly said that the building will be transformed into 700 luxury apartments and a high-end hotel, with the conversion slated to be completed in 2013.
As The Real Deal previously reported, Korea’s Kumho Investment Bank, which first purchased the building along with 72/74 Wall Street, from AIG for $150 million, was facing litigation from a former developer of 70 Pine Street in December, in a battle that could have threatened the scheduled sale of the building.
Sciame Development filed a $7.7 million suit in State Supreme Court Dec. 19, alleging breach of contract after KIB hired it to take over as developer of the Pine Street project, at the former AIG headquarters, from Youngwoo & Associates, but failed to pay the company millions of dollars after deciding in June to sell the property to a partnership that included Ronnie Bruckner and Metro, which is led by Nathan Berman.
The status of that suit was not immediately clear.