France Sells Prestigious Ambassador’s New York Apartment to Meet Budget Cuts

Park_Avenue_01France is currently undergoing a number of impressive cuts in order to bring its growing budget deficit down by 50 billion euros, to meet European Union regulations. One such recourse—selling the French ambassador’s 18-room duplex at 740 Park Avenue in Manhattan.

Nicknamed the “Millionaire’s Building,” 740 Park Ave. is one of New York City’s most expensive properties, with the listing price for the French ambassador’s current home clocking in at 48 million dollars. France is expected to make a hefty profit on the residence, as it was bought in 1978 at the price of $600,000, about $2 million today when adjusted for inflation, according to a report by London’s The Guardian.

Not just impressive for its ticket price, 740 Park is also known for its social prestige. The building boasts an impressive list of both past and present inhabitants. Not long after its construction, it was home to the young Jackie Kennedy, as her family split their time between the Hamptons and New York City. Vera Wang bought her own flat in the building back in 2007, at the price of 23 million dollars. John Rockefeller Junior also currently owns a flat in the building, as well as important individuals working for the Standard Oil Company, Chrysler, and American Express. Residents have been reported to vet potential applicants, requiring them to pay in cash and display multi-million bank accounts before considering approval.

The residency itself consists of a total of six-bedrooms, seven baths, and 38 windows, in addition to the maid’s quarters. The apartment, which is split between the 12th and 13th floor, also has its own private elevator, with service and maintenance charges amounting to nearly $24,000 monthly.

The sale, in the opinion of former French Ambassador Jean-Marc de Sabliere, is “very, very sad,” as reported by AOL’s real estate listings.

When the current French ambassador Gérard Araud leaves this summer, his replacement, Jacques Audibert, will not be left homeless. France is already in the process of acquiring a location of nearly equal renown in Sutton Place, near the East River. This cutback is being made in addition to selling another residency on New York’s Fifth Avenue, as well as plans for the sale of France’s apartment at 36 Harrington Gardens in London.

 

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: