Washington D.C. Property Owned by Pakistan Changes Hands for $7.1 Million
WASHINGTON: Pakistan has successfully sold a historic building in the US capital for $7.1 million after months of efforts. The property, which has been vacant since 2003, was purchased by Pakistani businessman Hafeez Khan.
The building, previously owned by the Pakistan Embassy, faced downgraded property classification by the government of the District of Columbia. This led to increased taxes on its assessed value. The old building, located on R Street, used to serve as a chancery in the past and was put up for auction last year. However, the bidding process was later canceled by Pakistani authorities, with the highest bidder offering $6.8 million.
The property has remained unoccupied for over a decade, and its diplomatic status was revoked in 2018, making it subject to local government taxes. The building’s status was downgraded multiple times, and it is now categorized as Class 4, indicating its deteriorated condition.
The local government’s Department of Buildings determines a building as blighted if it poses safety and health risks to the community. The building was not properly maintained, despite previous approval for repairs in 2010 through a $7 million loan from the National Bank of Pakistan.
The sale of this historic building marks an important development for Pakistan, allowing the government to offload an unused property and generate funds.
