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News 16 Oct 17

Tito's NY Penthouse Opens Doors to Potential Buyers

A real estate agency is ready to show potential buyers the 418-square-metre penthouse apartment on Park Avenue in Manhattan once used by Yugoslav President Josip Broz Tito.

Sven Milekic
The view from the Tito penthouse's balcony. Photo: Douglas Elliman.

The penthouse on Park Avenue on Manhattan’s prestigious Upper East Side, once used by Tito when he visited New York, will be available for viewing by potential buyers from Monday.

The 418-square-metre duplex on the 16th floor has a starting price of 15.2 million euros.

The penthouse offers a panoramic view of New York from three balconies.

The advertisement for the apartment on Douglas Elliman Real Estate’s website gives only a photo of the balcony and the building, however, as it emphasises that the property is in bad shape.

“SPECTACULAR PARK AVENUE WRECK! The first offer in decades: Stunning, 4,500 square feet [418 square metres] approximately; duplex penthouse with three terraces in one of the most coveted prime Park Avenue coops,” the advertisement says.

“The property is in need of total renovation and updating to make it livable and to the 21st century standards, due to decades of deterioration and non-use.  Renovations of such proportion are currently estimated to 700-1000 dollars [590-845 euros] or higher, per square foot [0.01 square metre] of interior space,” Tristan Harper, agent from Ellisman, told BIRN.

“Due to building's strictly enforced ‘summer rules’ (allowing renovation work be performed from May to September only), it is expected the project would last a minimum of two to three seasons (years), and likely even longer,” he concluded, adding that “there are a number of appointments scheduled throughout the week”.

According to the advertisement, the penthouse has four bedrooms and five bathrooms, while a “gracious entrance foyer with a sweeping staircase, opens into an oversized … corner living room with a wraparound terrace and a fireplace”.

Plan of the penthouse. Photo: Douglas Elliman

The penthouse has another living room with a library and oversized windows overlooking Park Avenue. It also has special rooms for butlers and maids, as well as a laundry room.

“Upper level features four generous master suites, one with fireplace, and two with a terrace each … Won’t last!” the advertisement concludes.

As the New York Post reported in August, the penthouse has not been used since the dissolution of the former Yugoslavia in 1992, and is owned by the country’s successor states.

The apartment was bought for around 85,000 euros in 1975, and another 850,000 euros were spent in furnishing it.

Tito used the penthouse during his visits to New York, and it was also the residence for Yugoslav envoys at the UN.

At one point, media reported that Hollywood actor Jack Nicholson was interested in buying the penthouse.

Yugoslav successor states are also selling another New York property, a luxurious 3,650-square-metre duplex residence on the Fifth Avenue, which Serbia uses as its mission to the UN.

This luxurious residence, with 32 rooms, eight bathrooms and two elevators, is on sale for 42 million euros.

Yugoslav successor states expect to earn tens of millions of euros from selling former embassies and residences in New York, Tokyo, Bern in Switzerland and Bonn in Germany.

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