AIG Office to Be Converted to Luxury Condos

October 13, 2009 - United States

The New York headquarters of insurer American International Group (AIG) is being converted into luxury condominiums.

In a research note released Thursday, Fox-Pitt Kelton real estate analyst Robert Stevenson calculates the profitability of the transaction for the real-estate developer who bought AIG’s headquarters.

The developer, Young Woo, is planning to turn the top 40 floors of AIG’s 66-story headquarters near Wall Street into pricey condominiums.