Empik owner's investments in Manhattan

The investment company Eastbridge Group bought The American International Building for over 200 MM USD. The building was built in the 1930’s and used to be the headquarters of AIG.

Eastbridge group added another asset to their financial portfolio. The new investment is the fifth biggest building in Manhattan from the 30’s that used to be the headquarters of AIG. The former owner Kumho Investment Bank of South Korea sold the property  for over 205 MM  USD. The transaction was mediated by the advisory team of Jones Lang LaSalle.

The American International Building is located on 70 Pine Street in the Financial District and  holds 100 th sq m. It will be converted into an apartment building with over one thousand high-standard apartments for rent. The project will be overseen by a New York  company of the Eastbridge Group - Metro Loft Management. The total cost of the investment, along with the remodeling according to the design by the Avinash K. Malhotra Architects mounts to ca. 400 MM USD.

Over the last 10 years the group has made 10 similar transactions including the conversion of the 63 Wall Street, 67 Wall Street and 20 Exchange Place. We have our eyes on yet three other buildings on Wall Street and in the vicinity of the rebuilt World Trade Center complex- said Maciej Dyjas -  the chief executive  of Eastbridge Group. In the next couple of  years we plan to add to our portfolio another 200-300 th sq m of apartment space. Once we reach 400 th sq m we will make further decisions regarding the path we should take . We are entertaining the possibility of going public on the New York Stock Exchange - he added.

 


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