Ireland Loses Iceland Stigma as Euro Ensures No Return to Past

June 4th, 2009


Every inch of the Elysian, Ireland’s tallest building, is designed to entice viewers to splurge as much as 1.8 million euros ($2.56 million) on an apartment in the 17-story tower. A signature three-bedroom duplex penthouse offers a black-lacquer kitchen with taps designed by Porsche SE and a panoramic view of Cork, Ireland’s second-largest city.

The only feature missing: buyers. Eighty percent of the Elysian’s 211 apartments were still on the market in late April, according to Michael O’Flynn, 51, developer of the 150-million euro project. About half the office and store units also stand empty on the site.

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