Former Lower Manhattan AIG HQ In Contract for $252M

Dart Enterprises has entered into contract to purchase 175 Water Street from the Vanbarton Group for $252 million, or $368 per square foot. The full block 31-story, 684,000-square-foot tower located in the Financial District is currently vacant, having last traded in 2019 upon AIG International selling the property that had served as its headquarters for $270 million, or $395 per square foot, to Metro Loft Management. Plans to convert the upper portion of the office building to residential never moved forward; and upon Metro Loft defaulting earlier this year on the mezzanine loan provided by the Vanbarton Group at the time of acquisition, the lender took control of the building.