A joint venture between Real Estate Developer-Owner Metro Loft and Eastbridge Sarl closed on the acquisition of 70 Pine Street for a price in excess of $200 million.
Metro Loft’s conversion plans for the iconic 66-story, 952-foot Art Deco building include over 700 luxury apartments, with a high-end hotel occupying the remaining area of the building.
When completed in 2013, the landmarked tower will be one of the three tallest residential buildings in New York City. Many of the residences will have panoramic views of Manhattan, Brooklyn and New York Harbor. The building will also feature a mix of amenities in line with other luxury residential buildings in the area.
Nathan Berman, Metro Loft’s principal, noted “70 Pine is a magnificent building, and while impressive as an office building, will be a spectacular as residential.”
Metro Loft has a history of converting historic, architecturally significant properties in downtown Manhattan. Properties it has developed and now manages, include 67 Wall Street, 63 Wall Street and 20 Exchange Place, all of which are residential rentals.
Built in 1932, 70 Pine Street is the tallest building in Lower Manhattan and the fifth tallest in New York City. When completed, the building will be the 11th tallest residential tower in the World, according to the Council on Tall Buildings and Urban Habitat.
The limestone tower features an observation deck on the top floor with an enclosed glass room that offers breathtaking views of the city and New York Harbor. Originally built for Cities Services Company, the building most recently served at the headquarters for American International Group.
With the addition of the former AIG headquarters, the Metro Loft portfolio will include over 3 million square feet of residential real estate in Manhattan’s Financial District.