A partnership between Michael Dell’s investment firm and TF Cornerstone will likely make a profit of almost $90 million selling air rights to JPMorgan Chase for its new headquarters.
In July 2016, Dell’s MSD Capital and TF Cornerstone bought a 90 percent stake in 1.35 million square feet of air rights tied to Grand Central Terminal. They paid $126 million, or $104 per square foot, the New York Post reported. Investor Andrew Penson owns the remaining 10 percent.
JPMorgan Chase will reportedly buy 680,000 square feet of those air rights for $350 million per square foot, or around $238 million, according to the New York Post. The bank plans to build a 70-story office tower at 270 Park Avenue.
If the sale happens at these numbers, MSD and TFC will have made a profit of almost $90 million on their 2016 investment after paying a 5-percent fee to Grand Central and still own more than 500,000 square feet of air rights.