Since the dissolution of the former common state, the property has been used by the Republic of Serbia as its diplomatic mission. Located directly across from Central Park, the building was built in 1905 and was designed by the architects Warren and Wetmore, who also designed the famous Grand Central Terminal in New York. It is the last preserved palace of Cornelius Vanderbilt, one of the richest Americans of the 19th century.
The former SFRY bought the building in 1946, and the funds for the purchase were collected mainly by emigrants, led by the Slovenian-American writer Louis Adamič. The building was always used by the former SFRY as its representation at the United Nations in New York.
Talks between the successor countries on the succession of diplomatic property of the former SFRY have entered the final phase, as more than 90 percent of the property quota from Annex B of the Agreement on Succession Issues has already been distributed. In this process, Slovenia was awarded 13 diplomatic properties, of which it uses premises in Washington and Klagenfurt and two properties in Rome for its own purposes. The remaining properties have been sold or are in the process of being sold.
In the last five years, Slovenia has obtained 14 percent of the total revenue, or almost 12 million euros, through the combined sale of five properties of the former SFRY in New York (residence and mission premises), Bern, and Bonn. and Tokyo pursuant to Annex B of the Agreement on Succession Matters.
In addition, in the last five years, Slovenia has already sold the properties of the former SFRY in Milan, Bamako, Brasilia and Sao Paulo, which were allocated to it and it does not need. In total, Slovenia gained almost 5.8 million euros from the sale of these properties.
In accordance with Article 9 of the Foreign Affairs Act, the acquired funds are budget funds and are intended for the Ministry of Foreign Affairs of the Republic of Slovenia.
In further talks with the successor states, Slovenia will endeavor to resolve the remaining open issues as soon as possible, including the agreement on the succession of the residences of the military representatives of the former SFRY abroad within the framework of Annex B to the agreement on succession issues.