An entity tied to the private investment firm that exclusively manages Michael Dell and his family’s money is jumpstarting another development project.
The entity bought the development site at 2503-2509 Broadway in the Upper West Side for $50 million, documents recorded with the city Wednesday show. A $37 million loan was also provided by the company, MSD Partners. However, a condominium building there will be developed by Adam America Real Estate, sources told The Real Deal.
Adam America’s Omri Sachs told TRD that although the LLC used to buy the property was set up by MSD and that MSD counsel signed the deed, MSD will have no equity in the development for now and will only act as the lender.
“It’s complicated. At this point no equity. Later on they would be able to come in,” he said.
The site at the corner of West 93rd Street is home to a one-story commercial building that can be demolished and replaced with a 75,000-square-footstructure, according to current zoning regulations.
Susan Carmel Lehrman, widow of the late real estate investor Robert Carmel, was the seller.
A representative for MSD did not immediately respond to a request for comment.
MSD was previously an investor in a condo development at 22-12 Jackson Avenue in Queens but sold its stake to China Vanke in 2016. Earlier this year, MSD reached a deal to sell air rights at 270 Park Avenue to JPMorgan Chase for more than $200 million.
At One57, Dell owns the most expensive apartmentever sold in Manhattan.