You knew AIG was going to be shedding assets as quickly as humanly (or inhumanly) possible. You also knew that some of this stuff was going to go at firesale prices. Be this as it may, the panic sale of AIGs buildings is something of a surprise:
Six months ago, sources had estimated that 70 Pine St. could command between $310 million and $385 million, in part because the Art Deco Tower with its lovely architectural details and relatively small floor plates would have made an ideal condo conversion. At this point, however, it is highly unlikely anyone would want to convert the tower in a deepening recession that has already sent apartment prices reeling and left a vast number of units vacant.
AIG HQ to sell at fraction of price [Crains New York]