The government of France just sold off its fancy New York City condominium - the 18-room palatial space it used to shelter its ambassadors to the UN - for $70 million.
The French scored a full 3,400 percent profit because public records show they had purchased the place for just $600,000 in 1979. Israel Englander, an American hedge fund manager, was identified as the buyer of the property.
The unit occupies the 12th and 13th floors of the building located at 740 Park Avenue, Lenox Hill. It came up on the market with a $48 million asking price in April this year, but sold well above its initial ask.
Three buyers were bidding for the sophisticated apartment and the sale heated up quickly. The fierce competition pushed the price up to its sale price and eventually, the hammer went down on $70 million, reports Curbed.
ParisMatch.com reveals that Englander wanted to buy the place by hook or crook. He apparently will use it as a pied-a-terre for his children and grandchildren when they come to visit the Big Apple. With his net worth pegged at $3.3 billion, this is just a small investment.
The French government said that it listed the place in order to reduce its mounting debt. According to Reuters, France's debt now stands at $1.93 trillion and through the sale, it aimed to pay back some of the outstanding amount.
"It contributes to the ministry's efforts towards more efficient management of property," Dana Purcarescu, deputy press counselor for the French Embassy in the U.S., told the agency. The government also has a townhouse in Manhattan listed for sale at $32.5 million.
The 740 Park Avenue condo sale is one of the priciest real estate transactions of the city. The listing was represented by John Burger of Brown Harris Stevenson. The deal closed sometime in early May, but approval on some papers is still pending. Comprising of six bedrooms and seven and a half bathrooms, the duplex apartment offers panoramic views of the city's skyline.
The floor plan reveals that the entrance opens into a majestic gallery on the lower level, which has a study, a library, the living room, the dining area and the kitchen along with the butler's pantry.
The upper level has the bedrooms that have walk-in closets. One of the guest bedrooms has an office. There is a maid's room as well.
The listing described the place as "a spectacular residence that ranks as one of Rosario Candela's true architectural masterpieces."
Check out the photos of the duplex unit here.
