Feature 07 Apr 17

Bucharest’s Historic Buildings Struggle to Find a Future

While many of the grand old buildings in Romania’s capital are now valued and increasingly sought after on the real estate market, others are caught up in endless litigation or are simply left to rot.

Ana Maria Touma
BIRN
Bucharest
 The Spayer Palace in Central Bucharest, built in 1915-1923. Photo: Ana Maria Touma/BIRN

One of Bucharest’s most emblematic buildings and the former headquarters of Romania’s strongest bank between the two world wars is on sale for 3.8 million euros.

The Spayer Palace, located in the vicinity of the central Victoriei Street,  was listed for sale at the beginning of April after a six-year trial with Romania’s Central Bank BNR and several other state institutions and private banks.

The palace, one of the biggest in Romania’s capital, was built from 1915 to 1923 by Herman Spayer, owner of Marmorosch, Blank &Co, the country’s strongest private bank at the time.

The building was saved by a lawsuit: in 2010, a real estate developer wanted to build a glass tower on top of it, although it is a historic monument.

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