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Developer Aidan Brooks and JP McManus in $50m Boston deal

Aidan Brooks

Aidan Brooks

  • by Eugene Phelan
 

PROMINENT developer Aidan Brooks, who is understood to have transferred his Limerick-based operation to London, has concluded another massive deal with his business partner JP McManus, with the duo to go ahead with a $50 million development in Boston.

Brooks, who developed much of Henry Street in Limerick city, is continuing to reap rewards from the decision to focus his attention on international fronts, along with multi millionaire JP McManus, with whom he teamed up with nearly 10 years ago.

The Limerick Leader understands that Brooks and all the Limerick staff have moved from the city to Berekely Court, Mayfair, in London and the companies’ concentration is firmly focused towards markets in the US, UK and France.

“The success of their property investments is down to the fact that they have stuck to the prime cities of London, New York and Paris for developments,” explained a well-placed Limerick auctioneer.

Brooks manages Tribeca Holdings, in which Mr McManus is a partner. Their latest venture is to turn a Boston parking garage into a store for French luxury goods retailer Chanel, which has a very close relationship with Tribeca.

Along with the store, a three story shop with six condominiums are being built in Newbury Street, an affluent area of Boston, according to Bloomberg.

Brooks is one of the few major developers in Ireland not to come under the purvey of NAMA and while he still has some assets here, including the land and the former home of the Bishop of Limerick on North Circular Road, it is understood he has no plans at present to go ahead with any developments here, preferring instead to concentrate on international dealings.

Tribeca filed a certificate of lease to Chanel Inc. in April 2011 and a Brookline Bancorp Inc. unit gave a $15 million mortgage to a unit of the U.K. company, Tribeca Newbury Street Owner LLC, in December, Suffolk County records show.

Tribeca bought shops on London’s Bond Street leased to Cartier and Swiss watchmaker Hublot for £30.7 million pounds ($49 million) last year. Brooks and McManus have also properties including the Rhinelander Mansion in New York, which is leased to Ralph Lauren Corp., and at Rodeo Drive in Los Angeles, They also bought the Cartier store on Old Bond Street in London for over €20 million.

 

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