Park Avenue Property Sale Could Net Croatia 7 Million

There is approximately 266 million USD worth of property from former diplomatic and consular properties of the former Yugoslavia, which, under succession agreements, belongs to Croatia, reports daily newspaper Jutarnji list.

There are 123 embassy and consulate buildings, residences, apartments, houses and land plots. According to the Agreement, the Croatian share in the common property is 23.5 percent, while the share in the assets of the former Yugoslavia in gold, reserves and equity, which is kept at the Bank for International Settlements, is 28.5 percent.

The Ministry of Foreign Affairs says it will look into options about what to do with the property.

“The property, which belongs to Croatia, according to estimates from the 90s, is worth 108 million, and these are properties that are not shared with other successor states of the former Yugoslavia. We now need to investigate the state of each property in terms of what needs to be done to register the transfer of ownership under the regulations of the country the properties are in,” said the Ministry of Foreign and European Affairs (MVEP), adding that they would look into what properties require additional investment, but also assess whether some properties are still required.

Properties Croatia own include a residence on Park Avenue in New York, which is valued at around 20 million USD. The MVEP intend to sell that property along with the embassy in Bonn, Germany with the money from the sales being split between Croatia, Slovenia and Serbia. Croatia would benefit to the tune of 7 million USD from the sale.