Quinlan takes New York pile off market
Published 14/02/2010 | 05:00
THE Swiss-based tycoon Derek Quinlan has taken his $32m (€23m) New York townhouse off the market and may even move back in there, the Sunday Independent has learned.
Callers to Mr Quinlan's New York estate agent are now being told the 13,000 sq ft property -- located on East 64th Street between Madison and Fifth Avenues -- has been withdrawn from sale as the vendor now intends to keep it for his own use.
News of Mr Quinlan's decision to hold on to the 11-bathroom, five-storey residence, which he purchased in 2005 for $26.25m, will be met with interest from his former clients at Quinlan Private, the private equity company he founded in 1989.
Since emigrating to Switzerland in August 2009, the former investment adviser to Ireland's great and good has kept a low profile, and is understood to have returned to Dublin on only a handful of occasions.
Prior to his and his family's Swiss move, which he described as being for "tax and personal reasons", Mr Quinlan formally resigned as chairman of Quinlan Private.
Last month, the financier went a step further to sever his links with the Raglan Road-based business, resigning from his position as a director.
A further indication of Mr Quinlan's determination to leave the running of Quinlan Private to his former co-directors came more recently, with his decision to change his phone numbers, making it increasingly difficult for all but a few of his closest friends and former clients to contact him.
But while he is officially a resident of Switzerland, Mr Quinlan -- a former member of the Revenue Commissioners' investigations branch -- still maintains significant business and personal interests here in Ireland.
As previously revealed in the Sunday Independent, companies associated with the wealthy financier will be among the first to have their development and associated loans -- understood to be in the region of €2.5bn -- transferred to the newly-established National Asset Management Agency (Nama).
The sheer extent of Quinlan's Nama-bound borrowings is hardly surprising given the fact that prior to the onset of the financial crisis, he and his team at Quinlan Private managed to assemble global property investments, which at their height carried a total value of €11bn.
Included in that portfolio are the Savoy Hotel Group in London, purchased for €1.13bn in 2004, and 3.4 acres of prime retail space in London's Knightsbridge, which was bought for €775m in 2005.
Closer to home, Mr Quinlan was personally part of a consortium that in 2006 paid €212m for the Bank of Ireland's Baggot St headquarters. Elsewhere in the capital, Quinlan took a leading role in the Becbay consortium, which paid €412m for the former Irish Glass Bottle (IGB) site in Ringsend.
In the case of the IGB site, its value has since been written down to a relatively paltry €50m.
Quite apart from his commercial property interests, the financier still owns five houses within Dublin's prestigious embassy belt, including his family's former principal residence on Shrewsbury Road.