Africa-Press – Cape verde. The building that houses the Embassy of Cape Verde to the United Nations, in New York, is for sale for less than half the value of its valuation. With that and with time, the Cape Verdean State may have to spend more on renting an office and a residence for the ambassador, on the outskirts of New York.
The headquarters of the Embassy of Cape Verde in New York is for sale. The announcement of this operation is on the site of a real estate agency Zillow, for the price of 13 million dollars.
The NATION, by the way, contacted the national director of State Heritage in order to know the intricacies of this business, but Francisco Moreira said he was unaware of the matter. He assured us, however, that he would contact Foreign Affairs to find out about the process and that he would be able to talk to us again later.
A “bad deal”
According to a diplomat who knows very well the building where the Cape Verdean Embassy has been installed in one of the most expensive metropolises in the world, for more than 40 years, “this is a bad deal”.
Our interlocutor says he is surprised at the value of 13 million dollars for the building located in a prime area of Manhattan. “A few years ago this property was valued at 30 million dollars”.
In addition to the price “below market value”, the State may incur high costs with renting an office for the installation of the Embassy in New York, as well as the residence of its representative at the United Nations.
“But the main problem is not selling at that price. The question now is renting an office, close to the United Nations, where the condo alone comes to 10,000 dollars. A few years ago, an expenditure projection was made and it had been pointed out, at the time, that it would be much better to conserve the building, carrying out its maintenance, than to be selling it”, he defends.
Bought in the time of Amaro da Luz
Located in one of the noblest and most expensive areas of New York, Manhattan, the property was acquired for two million dollars, in the first years of independence, when Amaro da Luz headed that diplomatic representation to the United Nations.
However, after several years, and due to lack of conservation, the building is in an advanced state of degradation. And, for its rehabilitation, several million dollars are needed, reason that will have weight in the decision of the Cape Verdean State for its sale.
According to another diplomat who worked in New York and knows the history of Cape Verdean diplomacy, “it was Amaro da Luz who managed to purchase this fabulous building in one of the most enviable areas of New York. It is an old but solid building with a stunning façade, which is often used as a film set.”
Our interlocutor also points out that Cape Verde managed to acquire the building, shortly after independence, for two million dollars, “with a lot of sacrifice for the state budget” at the time. Forty years later, the property has continued to appreciate, not because of what it presents or represents, but mainly because of its location.
The same diplomat also thinks that 13 million dollars as the price of the property “is too little”, since an appraisal made about 10 years ago indicated a value between 25 and 30 million dollars, which in itself gives idea of the heritage in question.
I don’t think we should sell this building”, because its value is not just the building itself. “This building, due to its location, gives us prestige with the United Nations and with other diplomatic representations, and for that reason we should do everything to preserve it”, he advises.
It is not the first time
This is not the first time that the Cape Verdean State has been forced to dispose of part of the real estate assets it acquired, mainly in the early years of independence. Also in Washington, in the 1990s, the Embassy and the ambassador’s residence were also on the verge of being sold. Here, in the face of criticism, the solution was to sell part of the land surrounding the property, also well located.
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