France wants $48 million for lavish New York flat

The latest casualty of France’s mammoth belt-tightening drive is its luxurious ambassador’s residence in the heart of New York City which has just been put on the market. It’ll only cost you a cool $48 million for the 18-room two story duplex. Take a look inside here.

France wants $48 million for lavish New York flat
France has put it's luxurious New York City flat up for sale. Photo: America's Roof/Wikimedia

France is having to make some tough calls to get its fiscal house in order and the decision to sell its United Nations ambassador’s residence at the edge of New York City’s Central Park must have been one of the toughest.

The 18-room luxury apartment, spread over two floors of 740 Park Avenue – known as the world’s richest apartment building – is on the market for a mere $48 million (€35 million), according to the Associated Press.

It's the most recent cost-cutting measure France has had to make as the country struggles with record unemployment and huge public deft.  Casualties of the belt-tightening drive thus far have included the presidential wine collection as well as the Republican Guard.

France has had the New York property since 1978, when the flat probably sold for quite a bit less. It is regularly used to host top officials at the for typicaly gourmet dinners. The place seems fit for a king.

It has six bedrooms, seven bathrooms and five fireplaces in the flat that also includes a large traditional kitchen, pantry, vast dining room and quarters for two servants.

Part of the cachet of the 1929 building is its long history of being home to big money.

It was the childhood home of Jacqueline Kennedy, whose grandfather built it, and has played host to fashion designer Vera Wang, industrialist David Koch, and numerous businessmen, notably from early American business giant Standard Oil.

If the eventual buyers pay full price and decide they’d better take out a mortgage, instead of paying in cash, the monthly payments are going to be whopping.

According to a payments estimator on StreetEasy real estate website, the payments will run at $224,400 per month.

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Paris, Berlin agree on future eurozone budget: French ministry source

France and Germany have agreed on the broad outlines of a proposed eurozone budget which they will present to EU finance ministers in Brussels on Monday, a French finance ministry source said.

Paris, Berlin agree on future eurozone budget: French ministry source
French Economy and Finance Minister Bruno Le Maire (R) and German Finance Minister and Vice-Chancellor Olaf Scholz. File photo: AFP

The common single-currency budget was one of French President Emmanuel Macron's key ideas for protecting the euro, but it caused differences between France and Germany, the region's two largest economies.

French Finance Minister Bruno Le Maire and Germany's minister, Olaf Scholz, will “jointly present a proposition on Monday… about the layout for a budget for the eurozone,” the ministry source told AFP.

“It's a major step forward,” the source said. “We will look forward to sharing with other members.”

The source said the amount of the budget has not been established as the proposal was to first set out the “architecture and main principles” of the budget.

According to a copy of the French-German proposal, the budget would be part of the EU budget structure and governed by the 19 euro members.

Macron will travel to Berlin at the weekend to meet with German Chancellor Angela Merkel where the two leaders will bolster their alliance as champions of a united Europe.

READ ALSO: France and Germany push for compromise on eurozone reform