Global Affairs Canada (GAC) has acquired a luxurious three-bedroom condominium in New York City for $6.63 million US, approximately $9 million CAD, to serve as the official residence for the Consulate General of Canada in New York.
The 3,600-square-foot apartment is located at 111 West 57th Street, known as Steinway Tower, in the prestigious Billionaires’ Row area of midtown Manhattan. The property features high-end amenities, including white macauba stone floors, custom smoke gray oak flooring, and a powder room finished in jewel onyx.
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GAC defended the purchase, stating that the current residence, bought in 1961 and last refurbished in 1982, no longer meets modern building codes or GAC standards. The department argued that relocating to a new, more compact and suitable apartment would be more cost-effective than renovating the existing property on Park Avenue.
According to GAC, this move is expected to save Canadian taxpayers over $2 million CAD, reduce ongoing maintenance costs and property taxes, while still meeting representational requirements. The residence will be used for networking receptions, official briefings, and discussions with business and political leaders.
The purchase has drawn criticism from opposition parties. Conservative House Leader Andrew Scheer called it a poorly timed acquisition given the current housing affordability crisis in Canada. The NDP also criticized the purchase as disconnected from the struggles facing Canadians.
Despite the controversy, GAC maintains that the decision aligns with its real property policy and considers the importance of the New York mission in Canada’s diplomatic network.
Information for this briefing was found via CBC and the sources mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
