Bloomberg News

AIG New York Headquarters Building Suffers Heavy Flooding

October 31, 2012

American International Group Inc. (AIG:US)’s headquarters building in lower Manhattan suffered heavy flooding from superstorm Sandy, the property’s landlord said.

Engineers are working to remove the remaining water from the basement at 180 Maiden Lane and restore operating systems, SL Green Realty Corp. (SLG:US) said in a statement. The New York-based real estate investment trust said it expects losses from the flooding to be fully covered by its insurers.

AIG leases more than 800,000 square feet (74,000 square meters) at 180 Maiden, which SL Green co-owns with closely held Moinian Group, based in New York. The insurer, which was rescued by the U.S. government four years ago, is planning to move out of the 1.1 million-square-foot tower near the East River in 2014, Steve Durels, SL Green’s leasing director, said on a conference call last week.

“Offices in lower Manhattan continue to be closed, including 180 Maiden Lane,” said Jim Ankner, an AIG spokesman. “Our business continuity plans have enabled us to continue to serve our customers.”

Four other SL Green buildings remain without power, the company said: 100 Church St., 641 Sixth Ave., 304 Park Ave. South and 673 First Ave. SL Green is New York’s biggest office landlord.

To contact the reporter on this story: David M. Levitt in New York at dlevitt@bloomberg.net

To contact the editor responsible for this story: Kara Wetzel at kwetzel@bloomberg.net


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Companies Mentioned

  • AIG
    (American International Group Inc)
    • $54.95 USD
    • 0.43
    • 0.79%
  • SLG
    (SL Green Realty Corp)
    • $109.44 USD
    • 0.22
    • 0.2%
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