The Real Deal New York

Israel Englander buys French ambassador’s residence for record $70M

Sale matches the highest amount ever paid for a NYC co-op
June 17, 2014 12:20PM

The official residence of the French ambassador to the United Nations sold for $70 million — well over the Park Avenue co-op’s initial ask of $48 million when it hit the market in April.

Israel Englander, founder of the hedge fund Millennium, purchased the 18-room duplex at 740 Park Avenue, French magazine Paris Match indicated. Englander reportedly bought the apartment to serve as a pied-à-terre for his children when they are in New York. The price tag matches the highest amount ever paid for a NYC co-op. That record was set earlier this month, when Egyptian billionaire Nassef Sawiris plunked down $70 million for a penthouse co-op at 960 Fifth Avenue.

The 740 Park sale is expected to close in May, according to the magazine.

The French state purchased the home in 1979 for $600,000, or about $1.9 million in today’s dollars. The sale to hedge fund manager Englander means the French government generated a 3,500 percent gross profit on the initial investment.

Following the sale, the French ambassador will relocate to an apartment nearby but far less expensive, at River House at 435 East 52nd Street. That property is reportedly home to famous occupants like Henry Kissinger. [Paris Match] Julie Strickland