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Qatar's $32 million townhouse near the United Nations: A real estate marvel

Image Credits: UnsplashImage Credits: Unsplash
  • The townhouse at 19 East 64th Street is a historical gem designed by Horace Trumbauer and originally home to the Wildenstein art firm.
  • The Qatari government purchased the property for $100 million in 2014 and is now listing it for $32 million, reflecting a shift in their real estate strategy.
  • The sale will result in a loss of nearly $400,000 in annual taxes for New York City and is expected to attract international interest.

The Qatari government has listed its luxurious Manhattan townhouse, located near the United Nations, for a staggering $32 million. This property, which has served as an official state residence, is now on the market, offering a unique glimpse into the opulent lifestyle of international diplomacy.

The townhouse, situated at 19 East 64th Street, is a five-story building designed in the French 18th-century style by architect Horace Trumbauer. Completed in 1932, the building's limestone facade and steel frame make it a standout in the Upper East Side. Originally home to the Wildenstein art firm, the property has a rich history intertwined with the art world and high society.

Qatar's Acquisition and Use

Qatar purchased the townhouse in 2014 for $100 million, making it one of the most expensive townhouses ever sold in New York City at the time. The acquisition was facilitated by real estate moguls Tal and Oren Alexander, who were known for their ability to secure off-market properties. The Qatari government sought a building with substantial width and robust security features, which the Wildenstein Building provided.

The Sale and Its Implications

The decision to sell the townhouse comes as part of Qatar's broader real estate strategy. The property is listed for $32 million, a significant reduction from its original purchase price. This move could be seen as a reflection of changing diplomatic needs or a shift in investment focus. The sale will also result in a loss of nearly $400,000 in annual taxes for New York City, as foreign governments are exempt from real estate taxes.

Architectural and Cultural Significance

The townhouse's design and historical significance add to its allure. The building's reinforced floors and steel frame were originally intended to support the weight of art vaults, making it a secure and sturdy structure. Its location near Madison Avenue places it in one of the most prestigious neighborhoods in Manhattan, surrounded by other historic buildings and cultural landmarks.

Market Trends and Future Prospects

The listing of this property comes at a time when the New York real estate market is experiencing fluctuations. High-end properties, particularly those with historical and architectural significance, continue to attract wealthy buyers from around the world. The sale of the Qatari townhouse will likely draw interest from international investors and high-net-worth individuals looking for a prestigious address in New York City.

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