Adam America Real Estate recently secured two loans totaling $63 million for an Upper West Side development that’s been in the works for several years.
An entity tied to MSD Partners issued a $37.8 million construction loan and a $25.2 million project loan for the property at 2503-2509 Broadway. The company was formed by the partners of MSD Capital, a private investment firm founded by tech billionaire Michael Dell.
An entity tied to MSD Capital originally purchased the site, located near West 93rd Street, in 2018 for $50 million. But Adam America signed on to develop the property, and in November 2018 filed a permit application for a 19-story, 90,600-square-foot building. The application was approved by the city in May 2019, and since then the project has been moving along on schedule, according to Omri Sachs, Adam America’s co-founder.
Its superstructure topped off in October, and according to Tomer Yogev, the firm’s head of development, it’s expected to be completed at the end of next year.
The building will have between 41 to 44 condo units and about 5,400 square feet of commercial space on the ground floor. Sales for the apartments will likely launch in the spring of 2021, Sachs said.
Sachs said he isn’t concerned about the pandemic-driven slowdown in Manhattan’s condo market. Some West Siders might have left Manhattan at the start of the pandemic because of a “lot of unknowns,” he said, but many of them have returned.
“We see a lot of traffic on the Upper West Side, a lot of interest in the building, so I’m not worried,” he said.
Eran Chen of ODA Architecture is the architect of record for the project.
Just two blocks south, Adam America is working on another project at 2461 Broadway. The superstructure of the cantilevered building, which is slated to feature 57 condo units and 3,100 square feet of commercial space, is about halfway done. The targeted completion date for the project is in the first quarter of 2022, Sachs said.