The Real Deal New York

Quinlan townhouse closes for $5M under ask

December 19, 2011 07:00PM
By Katherine Clarke

Debt-ridden Irish financier Derek Quinlan has sold another Upper East Side property for at least $5 million off its original asking price. Quinlan closed on the sale of his townhouse at 54 East 64th Street for just $20 million, according to public records filed with the city today, after originally asking $25 million.

Records shed little light on the identity of the buyer of the East 64th Street home, however. The purchaser is listed as SM 64th Street Holdings LLC, according to the records, with an address at the New York law firm of Cooley.

Quinlan, who reportedly once managed a private equity fund with $15 billion under management and invested heavily in hotel developments, went into contract for the townhouse, at 54 East 64th Street, between Park and Madison avenues, Sept. 30, but his Avestus Capital Partners, a leading European real estate investment and asset manager with offices in Quinlan’s native Dublin, closed on the sale of the property to the LLC for $5 million discount earlier this month.

Fred Williams, an agent at Sotheby’s International Realty who represented Quinlan in that deal, was not immediately available for comment, nor was a spokesperson for Cooley.

Quinlan first put the 25-foot-wide, 10,000-square-foot property, formerly owned by Russian real estate mogul Janna Bullock, on the market in 2008 for $36 million.

His other Upper East Side mansion — a five-story townhouse at 20 East 64th Street — sold in August, The Real Deal previously reported. The final closing price for that property was $23 million, $6 million less than the asking price.

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