LOCAL owner/developer Youngwoo & Associates has teamed up with South Korea’s Kumho Investment Bank to win the bidding for AIG’s downtown headquarters complex that consists of the Art Deco 70 Pine St. and the more modern 72 Wall St.

Sources said the pricing for the buildings, which have a combined 1.4 million square feet of space, will be just under $100 a foot, bringing the total to less than $140 million.

Developer Young Woo‘s name surfaced as the possible buyer last Thursday, but he was revealed in print by colleague Steve Cuozzo in The Post yesterday, after which brokerage firm CB Richard Ellis revealed the entire partnership.

Darcy Stacom and Bill Shanahan of CBRE represented AIG in the marketing of the complex, which is connected by a skyway.

“We are pleased to announce this important transaction and view it as a key stepping-stone in our long-range plan to establish a major presence for Korean institutions in the US property and capital markets,” added Greg Carney, a partner at YWA, in a statement.

Added Y.C. Kim, a director at Kumho, in a statement: “The investment is based on our optimistic view on the future of Wall Street, New York City and the US financial services industry.”

Woo, an architect and graduate of Pratt Institute, has been involved in the development of properties including 85 Tenth Ave., the Chelsea Arts Tower on West 25th Street and 200 Eleventh Ave., where Annabelle Selldorf designed “en suite” elevators to bring one’s car directly into one’s condo.

He also is a partner in the telecom data center at 325 Hudson St.

Richard Warshauer of FirstService Williams, a team member who represents 325 Hudson St. said of Woo, “He’s very creative with an enormous imagination.”

Sources said Woo has a mixed-use proposal for the AIG complex.

Woo and Kumho are also partners in a bid to redevelop Pier 57, where they are proposing uses that include a marketplace, a contemporary arts center run by auction company Phillips de Pury & Co. and a home for the Tribeca Enterprises/Tribeca Film Festival.

However, the team is up against competing plans from firms that include the Related Cos. and the Durst Organization.

Bruce Mosler of Cushman & Wakefield said during a luncheon speech yesterday before the Young Mens’/Womens’ Real Estate Association that the AIG deal substantiates his contention that current city pricing makes it attractive to overseas investors.

But another area owner, speaking on condition of anonymity, predicted of Woo, “He’s going to have a hard time filling it.”


Mark Grossich — whose Hospitality Holdings owns upscale watering holes that include the Campbell Apartment, The World Bar at Trump World Tower and the cocktail and cigar lounge Carnegie Club — just signed a deal to open a bar on the 33rd Street side of the Empire State Building, appropriately called The Empire Room.

“We have a wonderful portfolio and in keeping with that, what could be better than the most iconic location of all?” said Grossich. “We want it to be an Art Deco space with the service and spirit of that era. Our tag line is, ‘A toast to another time.’ ”

Design team GoodmanCharlton’s most recent project was, coin cidentally, a bar at the Em pire Hotel.

Grossich is also stick ing with the $20 million environmental “green ing” of the Empire State Building, and has a green consultant working on the new 3,402 foot lounge that is expected to open this fall where a Post Office branch used to be.

Lori Shabtai and Monica Kass of Winick Realty represented Hospitality Holdings in the negotiations on the deal, which had an asking rent of $175 a foot.

Fred Posniak represented the W&H Properties’ owners in-house together with building agents Andrew Goldberg, Eric Gelber and Matthew Chmielecki of CB Richard Ellis.


In what will be the largest Midtown relocation since October, we hear that law firm Squire Sanders & Dempsey has signed a 10-year deal for the 22nd and 23rd floors of 30 Rockefeller Center, totaling about 70,000 feet.

The space was previously occupied by the law firm Dechert.

Squire Sanders is moving from space half the size at the Verizon Building at 1095 Avenue of the Americas, where they had views of Bryant Park. Now they get the big holiday tree.

A Newmark Knight Frank team of Moshe Sukenik, Chris Mongeluzo, Eric Zemachson and Aaron Katz repped the law firm.

Spokeswomen for both Newmark and Rock Center’s Tishman Speyer-led owners declined to comment. [email protected]