Finance History | AIG — The American International Building at 70 Pine
· 1976-5
Unreviewed contributionBy kevin · · Report an issue
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Finance History | AIG — The American International Building at 70 Pine
kevin
In May 1976 American International Group announced it would buy the 66-storey tower at 70 Pine Street.
Maurice R. Greenberg, then the firm's president, later said the price was 15 million dollars. Cities Service, which had built the tower in 1930-32 as its headquarters, had already moved to Tulsa.
Clinton and Russell, Holton and George designed the Art Deco shaft. At 952 feet it was the tallest building in Lower Manhattan when it opened, and the third-tallest in the world after the Empire State and Chrysler buildings.
AIG renamed it the American International Building and moved staff in over the next two years.
The company had begun in 1919 in Shanghai as American Asiatic Underwriters, founded by Cornelius Vander Starr.
From 70 Pine the holding company ran a global insurance book until the crisis of 2008. The Federal Reserve and the United States Treasury extended emergency support to AIG that autumn.
The firm sold the tower in 2009 as it repaid public funds.
The building is now apartments. The official name on the map is still the American International Building. That is the house AIG occupied at its peak, and the house it left after the rescue.
Photo: Kidfly182, CC BY 4.0, via Wikimedia Commons
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