Sunday 4 December 2016

McNamaras sell joint share in luxury New York apartment

Emmet Oliver Deputy Business Editor

Published 09/01/2012 | 05:00

The St Regis development in New York, where the McNamaras invested during the boom
The St Regis development in New York, where the McNamaras invested during the boom
Bernard McNamara: said he was 'broke' in 2010

DEVELOPER Bernard McNamara and his wife Moira have sold a share in a New York apartment in an affluent neighbourhood, which they bought at the height of the property boom.

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US records reveal the couple sold the share to Channel Islands-registered company Ringsend Property Ltd.

The apartment at 2 East 55th Street is believed to be part of the St Regis development and the McNamaras bought it from the St Regis company, which offers fractional ownership schemes.

Such schemes allow the owners to utilise the property during a portion of the year.

The US filings show the McNamaras as holding "an undivided ownership interest'' in the New York building.

Records also indicate that the McNamaras have dabbled previously in the New York real estate scene, buying a property at Warren Street.

Mr McNamara, who declared in early 2010 that he was "broke'' with debts of €1.5bn, has been disposing of property assets over the past year -- including his home on Ailesbury Road, Ballsbridge, Dublin 4.

He is believed to have won some contracts outside of Ireland in recent months as he tries to rebuild his business career.

NAMA, so far, has not sought to enforce any personal guarantees against Mr McNamara although he has been pursued by a group of private creditors associated with the Irish Glass Bottle site investment.

The US filings list Mr McNamara's current Irish address as 87-89 Pembroke Road, Ballsbridge.

Irish Independent

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