Bushburg has finalized a $160 million deal to purchase the Rudin family’s 80 Pine Street office building, a half-empty, 1.2 million-square-foot property in Lower Manhattan. The acquisition, completed on September 6, follows a February contract signing and comes amid new incentives for converting office buildings to residential use. Although the building was suggested for such a conversion, Bushburg’s specific plans remain unclear. The New York state program offers tax abatements of up to 90% for developers who include affordable units, but skepticism surrounds its financial viability. The building has struggled with high vacancy rates since AIG’s relocation in 2021.
80 Pine Street
