Block 41, Lot 1

As you've probably heard, a piece of Manhattan real estate is changing hands for the second time since 1932. The building, at number 70 Pine Street, is owned by American International Realty and will be acquired by two Korean companies, Young Woo & Associates and Kumho Investment Bank. 70 Pine was the third-tallest building in the world when it was completed in 1932. From that time until 1974 it was the headquarters of Cities Service Corporation, an oil and gas company founded by the monumentally pugnacious Henry L. Doherty. Cities Service moved to Tulsa in 1974 and sold 70 Pine to AIG in 1976. According the the New York Times, the building cost about $15 million to build. I couldn't find any record of what AIG paid for it, but it was probably a pretty good investment. It was recently assessed at 97.2 million.