After being on the market for over a year, the former home of Canada’s consul general in New York remains unsold and has been re-listed with a significant reduction of over $2 million from the initial asking price.
The vacant 12-room, five-bedroom apartment located on Park Avenue was originally listed in August 2024 for over $13 million. It is now showcased on various New York real estate websites for $7.9 million US, equivalent to about $10.9 million Cdn.
Last summer, Global Affairs Canada (GAC) purchased a new apartment to serve as the official residence for Canada’s consul general in New York, a role held by veteran journalist Tom Clark since February 2023. The new residence, situated on “Billionaires’ Row” near Central Park, was acquired for approximately $9.1 million.
Following the public disclosure of the purchase of the new luxury apartment in July 2024, opposition MPs criticized the acquisition as extravagant, considering the financial challenges faced by Canadians.
In defense, the Liberal government justified the decision to sell apartment 12 E at 550 Park Avenue, stating that it was no longer suitable for its intended purpose and that the proceeds from its sale would more than cover the cost of the new official residence.
Prior to the federal election, members of the House of Commons government operations and estimates committee raised concerns about the expenditure on a new luxury condo for the consul general while burdening Canadian taxpayers. The committee has received testimonies from real estate experts, GAC officials, former foreign affairs minister Mélanie Joly, and Tom Clark.
In June, the committee voted to reopen its investigation into the purchase of the new residence and the sale of the former one. A GAC spokesperson informed CBC News that the pricing adjustment of the former residence was guided by their contracted real estate broker to enhance market competitiveness while ensuring cost savings for Canadian taxpayers.
According to GAC officials, the decision to acquire the new condo was driven by the need for a more suitable and functional official residence capable of hosting diplomatic events. The old property, purchased in 1961 and last renovated in 1982, no longer met accessibility standards and required significant infrastructure upgrades.
Considering the structural deficiencies and restrictions imposed by the cooperative nature of 550 Park Avenue, GAC explored various options including renovation of the existing residence, leasing a suitable apartment, or purchasing a new one. After evaluating multiple properties in Manhattan, GAC settled on an apartment at 111 West 57th Street, projecting lower annual operational costs compared to the former residence.
The new apartment offers greater flexibility for hosting events and requires no immediate renovations. Additionally, the committee learned that GAC officials have the authority to acquire official residence properties outside Canada without ministerial approval for amounts up to $10 million. Both Tom Clark and Mélanie Joly confirmed they had no involvement in the decision to procure the new official residence.