Never enough space for the richest New Yorkers

The economy of France may not be booming, but it just cashed in on one of it’s best investments.

Spring flowers blooming at Park Avenue in ManhattanIn 1979, the government of France paid $600,000 ($1.9m in 2014 dollars) for an 18 room duplex at 740 Park Avenue on the 12th and 13th floors, a Rosario Candela designed pre-war, 18 room “mansion in the sky”. This year the French government decided that the present value of the apartment which they assumed to be around $50m was a little too large an investment to house their U.N Ambassador. They put it on the market in April 2014 for an asking price of $48m.

It went to a bidding war with multiple buyers and sold for $71.3m (a 3,500% profit!) to a resident in a continuous apartment on the 14th floor. The purchaser, Israel “Izzy” Englander founder of the Millennium hedge fund ostensibly purchased it as a pied-a-terre for his children and grandchildren when they were visiting.

Rumor has it that there’s a large line up of potential adoptees, should the Englanders decide that they would like to increase their offspring.

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