A Pakistan-owned historic building in the city’s heart has been sold for $7.1 million.
The building had been vacant and ignored for decades, resulting in it being declared a blighted property over a month ago. Its tax-exempt status was also withdrawn, burdening the Pakistani government with millions of dollars yearly in taxes.
Old embassy building located at R-Street, NW Washington DC. — Pakistan Embassy
The famous R-street building, which used to be a chancery, was put up for auction late last year. In the first bidding attempt, the highest offer the building received was 6.8 million dollars, but the authorities cancelled the almost finalised bid.
In the second bidding round, the property was sold to Hafeez Khan, a Texas-based American-Pakistani businessman, who offered 7.1 million dollars.
The handing-over event on Thursday was attended by Pakistani Ambassador Masood Khan, who announced that any speculation about selling off other Pakistani assets in the US should end. The new owner of the building thanked the PM and his cabinet for the approval of the sale.
