Thursday 20 November 2014

Sean Dunne son could lose $3m profit on project

Orlaith Farrell New York

Published 26/03/2014 | 02:30

Sean Dunne and his wife Gayle Killilea. Photo: Tony Gavin
Sean Dunne and his wife Gayle Killilea. Photo: Tony Gavin
Sean Dunne

THE son of bust developer Sean Dunne could be set to lose out on a profit of almost $3m (€2.2m) on a luxury Manhattan development, if New York City Council planners get their way.

Details of the project emerged as it was confirmed that the company that bought the most expensive house in the country has been given permission to build four more houses on the site. Walford, on Dublin's Shrewsbury Road, was bought by developer Sean Dunne's wife Gayle Killilea in 2005 for a record €58m before being sold again in 2012.

Yesterday, in Manhattan, the first public hearing on the proposed five-storey building in SoHo heard that council suggestions for a 30ft back yard would considerably slash profits for investors.

The site, 74 Grand Street, is being developed by TJD21 LLC. Mr Dunne  previously confirmed to a meeting of his creditors in Connecticut that his wife, and son John, had "ownership interests" in TJD.

Lawyers for the company went before the NYC Board of Standards and Appeals yesterday to discuss plans and suggestions for the site with the panel.

The department of planning would like to see a 30ft backyard at the site, a demand that would cut floor space of the retail and residential development by 1,000 sq ft.

TJD21 submitted a revised financial analysis in support of an argument for a smaller yard, claiming the council's demands would slash revenue generated by the project from $22m to $18.5m.

Meanwhile, it has also emerged that Dublin City Council has given approval to Cyprus-registered Yesreb Holdings to make changes to Walford. It gave permission to make "alterations and extensions" to the existing house and build four detached houses to the rear, albeit with conditions.

Irish Independent

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