Published On: Wed, Jun 18th, 2014

Billionaire Israel Englander Buys French Ambassador’s Home in New York for $70 million

Englander has made a record tying purchase of a coop apartment in New York.

Israel Englander / Getty

 

Billionaire hedge fund manager of Millennium Management, Israel Englander, has acquired the official residence of the French Ambassador to the United Nations in New York for $70 million. This was almost 50% more than the property’s initial listing of $48 million.

This sale equals the previous record of $70 million for the purchase of a cooperative apartment in New York, made when Nassef Sawiris acquired the 960 Fifth Ave. penthouse that was previously owned by the late Edgar Bronfman.

 

Located at 740 Park Avenue at the corner of 71st Street, the apartment is a co-op duplex between the 12th and 13th floors of the building, with eighteen rooms. Englander currently lives on the 14th floor, one flight of stairs above his new apartment. He reportedly bought the co-op as a pied-à-terre for his children, according to French magazine Paris Match.

The sale price amounts to a 3, 500% return on investment for the French government which first purchased the apartment in 1979 for approximately $1.9 million in 2014 dollars. France sold the property to raise much needed funds as it is facing a large budget deficit this year.

A townhouse at 1143 Fifth Ave. facing Central Park, was also listed by the French government this spring for $32.5 million. According to a statement by a spokesman for the French mission to the United Nations, the French ministry of foreign affairs actively manages its real estate “in order to match its needs. That entails sales and purchases including in NYC.”

France will move its UN ambassador to the nearby River House at 435 East 52nd Street, home to Henry Kissinger.

With residences considered to be more urban mansions than apartments, 740 Park Avenue was constructed in 1929 and has had many famous residents over the years, including John D. Rockefeller Jr. and Jacqueline Kennedy Onassis. The 31 unit nineteen story building has an Art Deco limestone exterior and includes many duplexes. Its apartments have formal dining rooms, libraries, living rooms of 40 by 23 feet and spacious entrance halls known as galleries.

The building also offers a fitness center, 24 hour staff, secure, private entrances, high ceilings, hardwood floors, formal dining rooms, fireplaces and terraces. It was designed by famous Italian-American architect Rosario Candela.

 

 

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The son of Polish Jewish immigrants who survived the Holocaust, Israel “Izzy” Englander was born in Brooklyn in 1948. He got his start in business trading stocks while still in high school.

Englander purchased a seat on the American Stock Exchange when it first listed options and in 1977 he formed a floor brokerage house, I.A. Englander & Co in which he still owns an interest.

In 2006, his Englander Foundation donated $20 million to mostly Jewish organizations and schools. Englander serves on the board of Weill Cornell Medical College and the Metropolitan Council on Jewish Poverty.

He founded the Millennium Management, L.L.C. hedge fund in 1989 with $35 million in capital. It now manages more than $23 billion and returned 13.07% net of fees in 2013. Millennium Management is a global investment management firm with more than 1, 500 employees and offices in the United States, Europe, and Asia, as of May 31, 2014.

Englander, 65, is estimated by Forbes to have a net worth of $3 Billion, placing him at #166 on their list of wealthiest Americans.

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Photo Source:  ny.curbed.com

 

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