Palace in downtown Bucharest put up for sale

The Spayer Palace in downtown Bucharest, which belonged to industrialist Herman Spayer, is now up for sale, reports local Profit.ro. The palace hosted the bank Marmorosh Blank in the ‘20s, which was the most powerful commercial bank in Romania in that period, but entered in bankruptcy during the economic crisis in 1930. The owners, who got back the building last year after a court decision, have put the Palace up for sale for EUR 3.8 million. The selling price is lower than the one announced initially, of EUR 4.2 million. However, real estate experts estimate that it would take an additional EUR 2 million to restore the building. Located near Universitatii Square, Spayer Palace has a floor area of 1,000 sqm, a central reception hall, and 10 rooms. The land plot it is located on covers 1,000 sqm. Bucharest’s Cantacuzino Palace to be restored under EUR 9.8 mln project Irina Popescu, irina.popescu@romania-insider.com (Photo source: Regatta.ro)