New York & Tri-State CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
99c Enters Manhattan Market with Acquisition of Former AIG Headquarters
99c LLC, which specializes in adaptive reuse development in urban markets, entered the Manhattan market with its purchase of 175 Water St. in Lower Manhattan’s Financial District for $252 million. JLL handled the sale of the 31-story, 684,000-square-foot former AIG global headquarters.
JLL’s Capital Markets Investment Sales Advisory team representing AIG was led by senior managing directors Andrew Scandalios and David Giancola, managing directors Vickram Jambu and Marion Jones, senior director Steven Rutman and director Alexander Riguardi.
“99c is tremendously excited to deliver a comprehensive re-use plan in a prominent FiDi location,” said 99c co-founder Carlo Bellini. “The fabric of the FXCollaborative-designed building is visible from the Brooklyn waterfront and a prominent part of FiDi’s skyline. When considering how much commercial space is currently vacant and unused in major metropolitan areas around the world, we at 99c are looking for unique and sustainable ways to reinvent such spaces.”
- ◦Sale/Acquisition
