ONE MORE THING:One of Derek Quinlan's former trophy properties is back on the market just months after being sold. Quinlan disposed of his New York townhouse at 54 East 64th Street for $20 million (€15.7 million) in January after being on the market since 2008.
He had originally been looking for $36 million but had to cut his price several times before eventually finding a buyer. He was reported to have paid $19.75 million for the property in 2005, purchasing it from the Russian real estate tycoon Janna Bullock.*
That the new owners are looking to flip it so quickly may suggest that Quinlan or Avestus or both sold at the bottom of the market, having hung on grimly for six years. If so, then the Midas touch when it comes to property has well and truly deserted them all.
We will soon find out. The house is being marketed by CBRE Group, according to the Wall Street Journal, and CBRE expects it to fetch a price in the $20 million range.
CBRE is promoting it as an opportunity “for an individual, foundation, foreign government, retailer or other entity to establish a marquee location”. Those were the days.
*This article was edited on December 4th, 2012
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