What is the present Value of the Properties Tito bought for 100.000 USD?

peta_avenija_misija_srbije_unLast week the leaders of five countries, former republics of the Yugoslavia, reached a final agreement on the sale of 51 real estates acquired in the country whose president until 1980 was Josip Broz Tito.

A six-room duplex apartment with four baths in 730 Park Avenue, New York is considered one of the most valuable properties.

Moreover, this city is also where another valuable building is located, at the address 854 Fifth Avenue.

Estimations have already been completed for these two properties, which are in a very bad condition.

The penthouse on Park Avenue is worth over 20 million USD and it has not been used since 1992. It is a symbol of collateral damage of fierce fight between the successor states.

Authorities of the former Yugoslavia purchased the residence in 1975 for 100.000 USD.

In 2011 New York Post was given the exclusive right to tour the penthouse, which was used by Yugoslav ambassadors in the United Nations and by Tito, on the occasions when he visited New York.

Over the period of 24 years, Serbia was paying the maintenance costs for 2.325 square meters of the dusty residence, which cost it 14.000 USD per month.

Whoever purchases the real estate in Park Avenue must be ready to wait at least four years for the renovation to be completed, given that the works can be conducted only during summer.

Regarding the other real estate in Fifth Avenue, it currently accommodates the standing mission of Serbia in the United Nations. It covers 3.650 square meters, has two elevators, eight baths and 32 rooms.

This real estate suffered damage on the first floor when a bomb was dropped on the basement stairs in 1975.

Over the past several years, similar properties on that location cost between 28 and 36 million USD.

Serbia will get 40 percent of the funds from the sale of real estate in New York.

(Source: Al Jazeera Balkans)

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