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French U.N. ambassador's residence is for sale at $48 million

France announced its United Nations ambassador’s residence, on Park Avenue in New York City, is for sale, part of the country’s effort to cut its budget deficit.
By Ed Adamczyk   |   April 10, 2014 at 4:55 PM   |   Comments

NEW YORK, April 10 (UPI) -- France announced its United Nations ambassador’s residence, on Park Avenue in New York City, is for sale, part of the country’s effort to cut its budget deficit.

The 18-room duplex apartment on the 12th and 13th floors of 740 Park Avenue is on the market for $48 million. It has monthly maintenance charges of about $24,000. France acquired the apartment, in the tower built in 1929, in 1978 for $600,000.

Jackie Kennedy, designer Vera Wang, industrialist David Koch and the heirs to the Estee Lauder fortune are among the residents or former residents of the building.

France’s Socialist government is attempting to bring down its public deficit to within European Union limits by finding 50 billion euros ($69.4 billion) in savings. It is also planning to sell a London property as well as a second property in New York, on Fifth Avenue.

The current U.N. ambassador from France, Gerard Araud, will leave in the summer to be replaced by Jacques Audibert, for whom a slightly more downscale apartment on New York’s Sutton Place is being prepared.


[The Guardian] http://www.theguardian.com/world/2014/apr/10/france-un-ambassador-residence-new-york-sale

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