Dunne's son gets go-ahead for €15m Manhattan project
Published 07/05/2014 | 02:30
THE SON of developer Sean Dunne has been granted permission for a €15.8m luxury development in lower Manhattan.
The company of John Dunne had applied to build a five-storey block of apartments with ground floor retail space in the fashionable shopping area of SoHo.
At a brief hearing yesterday at the New York City Board of Standards and Appeals the five- panel commission granted permission for the $22m (€15.8m) project.
The narrow plot on Grand Street, which is just blocks from some of the world's most exclusive designer shops and eateries, is being redeveloped after the previous building became unstable and had to be knocked down.
It was bought for $4.95m (€3.6m) in cash last year and is being developed by TJD21.
Carlow-born developer Sean Dunne has previously confirmed his involvement and wife Gayle Killilea Dunne and son John's "ownership interests" in the firm.
Former developer Sean Dunne filed for bankruptcy in the US last year with debts of €700m.
His son John, who is in his late-20s, is listed as a 'managing director' of TJD21 on an affidavit of ownership of the high-profile site.
The penthouse, is valued by TJD21 at $2,400 (€1,740) a square foot, a conservative estimation for the area.
The development across the road currently under construction is projecting sales at $3,500 a square foot.
The development is predicted to make the Dunne controlled company a profit of $3m (€2.15m).
Questions had been raised last month by the five panel- commission over the amount of yard space allocated to the rear of the building and it had sought a 30-foot space.
However, following petitions from Mr Dunne's company that it would make the project financially unviable it allowed a smaller space of 20 feet, in turn extending the development by 1,000 sq ft.
The building must also adhere to strict landmark demands and be redeveloped with an historic facade.
One condition of the planning permission stipulated by the board is that standard environmental tests are carried out at the site.
Expected to take one month, the inspection is common practice and conducted by the New York City Department of Environmental Protection.
Upon its conclusion and review, construction can get under way in four to eight weeks.