New York Real Estate: Landmark American International Building on 70 Pine Street Conversion Embraces 21st Century

What was once an insurance company office at the vintage 1932 property on 70 Pine Street (formerly known as the American International Building) has not turned into a collection of contemporary apartments. The conversion not only cost $50 million more than expected, but it also had to extend a year to reach completion.

As it turns out, the minor glitches were just addition to unlikely obstacles for the building's owner. The New York Post reports:

"For a project which mere 'conversion' seems inadequate to describe, owner Rose Associates had to come up with creative solutions to bizarre challenges - which included a deal with a private club to swap a whole floor for an easement that Rose needed to put bedrooms on one side of the tower."

The landmarked, 66-story Art Deco skyscraper where AIG moved out from in 2009, has finally breathed life once again. The building opened its doors in November, where guests at Q&A, a 132-room apartment hotel intended for up to one month stays, remained on the third through sixth floors.

It was earlier this month when tenants started relocating into the first batch of 612 luxury rental apartments, which were designed by Deborah Berke & Partners Architects. 150 out of the 612 units will also have private outdoor spaces.

At the moment, the 7^th through 10^th floors remain open, with starting rents such as: $3,000 for studios, $4,730 for one bedroom units, and $9,250 for the three bedroom units. Two bedroom units will be available in a few weeks, and will start at approximately $7,000.

However, higher floors are expected to have more expensive rent as they become ready for occupancy in the next few months until November this year.

"In the fullness of time, we will have the highest rents ever downtown," said Adam R. Rose, co-president of Rose Associates. Among its highest floors, the space will cost more than $90 per square foot, " at least," said Rose.

 70 Pine Street might soon be a hotspot though; a restaurant/lounge will be constructed at the building's rooftop, and will be run be chef April Bloomfield.