A group of Irish investors has taken a $440 million (€369 million) stake in a 77-acre New York property scheme worth $1.76 billion, it has emerged.
The deal includes three apartment towers in Trump Place - named after the businessman and television personality Donald Trump - on Manhattan's Upper West Side and an adjacent tract of undeveloped land with capacity for 10 high-rise buildings.
The identities of the 10-member group, drawn together by the private clients division of Davy Stockbrokers in Dublin, are not being disclosed. In just 10 days, the buyers raised $100 million in equity and borrowed $340 million from banks.
They took a 25 per cent stake in Trump Place ("Where the West Side meets the River" according to its promotional website) which has 1,325 apartments.
