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Schadenfreude

Real Estate Collapse Hits AIG

In 6 months, HQ's value depleted by two-thirds.

cheats/2009/03/19/aigrsquos-office-fire-sale/aig-headquarters_fbtk3e

Mark Lennihan / AP Photo

Now AIG gets a taste of the real-estate crisis its bankers helped to cause: Crain’s reports that AIG is trying to sell its headquarters in downtown Manhattan, but the building is likely to fetch only about one-third of the price it would have earned just six months ago. Because AIG will move out its employees when it sells the building and new tenants are hard to come by these days, experts estimate the Pine Street building will sell for somewhere between $78 and $116 million. Six months ago, the same building was thought to command between $310 and $385 million.

Read it at Crain’s

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