|AIG Insurance building|
One condition of this bailout was that AIG would sell their building at 70 Pine Street to raise capital. The building was valued at $330M but they could not find a buyer. In desperation, they sold it for $150M (half of the asking price) to a Korean based investment bank called Kumho in August 2009.
To put that sale into perspective, in December 2011, a Russian billionaire paid $88 million for a 4-bedroom penthouse on Central Park West. Just think: for a measly $62M more, the Russian family could have bought an entire building downtown.
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