Firm linked to Michael Dell finances Adam America’s $50M buy of UWS dev site

Philanthropist Susan Carmel Lehrman is the seller

New York /
Sep.September 05, 2018 01:18 PM

Michael Dell and 2503-2509 Broadway (Credit: Getty Images and Google Maps)

UPDATED: Sep. 5, 4:15 p.m.: 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-foot structure, 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 apartment ever sold in Manhattan.

Correction: This story was updated to clarify the nature of the new ownership at 2503-2509 Broadway.


Related Articles

arrow_forward_ios
Blackstone's Ken Caplan (iStock; Blackstone)

Industrial now 36% of Blackstone’s RE portfolio

Industrial now 36% of Blackstone’s RE portfolio
Almanac Realty Investors managing director Matthew Kaplan (Almanac Realty; iStock)

Workforce housing investor gets $320M boost

Workforce housing investor gets $320M boost
Corcoran to sublet 50K sf in IBM Building

Corcoran to sublet 50K sf in IBM Building

Corcoran to sublet 50K sf in IBM Building
 Robert Morse, executive chairman of Bridge Investment Group, one of the major Opportunity Zone investors focusing on real estate.  (Bridge, Stanford)

Opportunity Zone investments got a boost in 2020

Opportunity Zone investments got a boost in 2020
333 Johnson Avenue with Royalton Capital’s Jin Lee, Sciame Construction's Frank Sciame and Normandy Real Estate Partners' Finn Wentworth (Royalton Capital, Sciame, Normandy)

Normandy sued by former partners for hiding Netflix deal

Normandy sued by former partners for hiding Netflix deal
Union Square Park to gain 2 acres in $100M plan (Getty_

Union Square Park to gain 2 acres in $100M plan

Union Square Park to gain 2 acres in $100M plan
Fabric co-founder, CEO Elram Goren (Getty, Elram Goren via LinkedIn)

Startup wants to bring “micro-warehouses” to vacant retail

Startup wants to bring “micro-warehouses” to vacant retail
Security around Trump Tower to be reduced after 45th POTUS leaves office. (Getty, The Trump Organization)

Fifth Avenue will look different after Trump leaves office

Fifth Avenue will look different after Trump leaves office
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...