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France puts UN ambassador's residence in New York up for sale for $48m France puts UN ambassador's residence in New York up for sale for $48m
(about 3 hours later)
France's indebted government is selling the Park Avenue residence of its UN ambassador, located in one New York's most prestigious apartment buildings, for an asking price of $48m. For Sale: the French ambassador to the UN's sumptuous apartment at one of the most sought after addresses in Manhattan.
The sale of the 18-room duplex with five fireplaces is part of a long-planned sale of state-owned real estate to help France reduce its €1.9tn debt. With billions of savings needing to be found in order to cut its budget deficit, Paris has put its 18-room duplex at 740 Park Avenue, one of New York's most exclusive properties, on the market for $48m (£29m).
The foreign ministry confirmed on Thursday that the apartment at 740 Park Avenue, once dubbed the world's "richest apartment building", was up for sale. The sale has caused a buzz in property circles where the 1929 tower, made up of around 30 apartments, has been nicknamed the Millionaire's building, or Power building, for its wealthy and celebrated past and present residents.
A former diplomat, speaking on condition of anonymity as he no longer holds an official position, said France's UN ambassadors, including the current envoy Gerard Araud, host dinners at the apartment almost every night. Jackie Kennedy grew up there, John Rockefeller Junior owns a flat there, as do the bosses of the Standard Oil Company, American Express, Chase Bank and Chrysler. Designer Vera Wang bought a flat at number 740 in 2007 for $23m. The industrialist David Koch, the heirs to the Estée Lauder fortune, and Greek shipping tycoon Spyros Niarchos are also residents.
There was no immediate word on where France's ambassador will reside after the sale. France is expected to make a nice profit on the apartment it acquired in 1978 before the New York property boom, for $600,000, around $2m in today's money.
The apartment on the 12th and 13th floor of the building boasts six-bedrooms, not including the maid's quarters, seven bathrooms, and a total of 38 windows. Estate agents describe it as a "sprawling residence". It has its own private elevator and team of porters and concierges. The monthly maintenance charges amount to $24,000.
Being wealthy and famous, however, is not enough to guarantee being allowed to move in. Buyers are required to pay cash and to have several million dollars in their accounts before even being considered, and even then potential residents have to be vetted and approved by the existing owners, who are known to be picky. In his book 740 Park, the journalist Michael Gross claimed Barbara Streisand wanted to move in, but was refused.
France's sale of the apartment was first mooted in May 2013. The French government is also selling a second property on Fifth Avenue.
The sale of 740 Park Avenue is being handled by Sotheby's and Brown Harris Stevens. Two years ago a similar apartment, but on less desirable lower floors without the panoramic views, sold for $52m.
As for the French UN ambassador, Gérard Araud, who is leaving New York this summer to be replaced by Jacques Audibert, neither will find themselves out on the streets. France is buying a new residence in the only slightly less chic Sutton Place quarter of East River.
France's Socialist government is struggling to make €50bn (£41bn) savings to bring down its public deficit to within European Union limits. It is also planning to sell an apartment at 36 Harrington Gardens in London some time this year, currently assigned to the Economy, Industry and Employment ministry.