Irish investor’s UES townhouses part of global property sale

New York /
Apr.April 29, 2011 10:47 AM
Derek Quinlan and 20 East 64th Street

The five-story Upper East Side townhouse that’s been on and off the
rental and sales market the last five years was finally sold, the Wall
Street Journal reported. The townhouse at 20 East 64th Street belongs to
Derek Quinlan, an Irish investor who snapped up several high-profile
Manhattan properties during the boom years earlier in the decade. Now
Quinlan owes hundreds of millions of dollars, according to the Journal,
and he’s holding a fire sale of his global assets, including another
home at 54 East 64th Street he purchased for $18.7 million. In 2006,
Quinlan rented the home at 20 East 64th Street for $90,000, and in March
he put the home back on the market
for an asking rent that was available “upon request.” Now the
25-foot-wide mansion was finally sold. The terms were undisclosed, but
Quinlan listed the property for $29.5 million after paying $26.2 million
for it in 2005. Quinlan will now focus his attention on his remaining
properties, including the home at 54 East 64th Street, which he first
put on the market in 2008 with a $36 million asking price
and is now listed for $25 million. The investor also owns several
pricey hotels and commercial towers in London and Eastern Europe. [WSJ]


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