Groundhog Day! '90s Prices Beckon in AIG Tower Bids

The bidding wars have begun for embattled insurance giant AIG’s two downtown New York skyscrapers, with the second-round bids rolling in May 7. So far the bidding process—which will finally give downtown landlords some sense of what their properties are worth—is pointing to a market that, much like elsewhere in Manhattan, is sore and tender to the touch.

Industry sources say bidders are pricing the two towers at about $100 a square foot. But...

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