New York

Here’s how much money Michael Dell stands to make from JPMorgan air rights deal

Mogul partnered with TF Cornerstone in 2016 purchase

From left: Grand Central, 270 Park Avenue, Michael Dell and Jamie Dimon (Credit: Getty Images)

From left: Grand Central, 270 Park Avenue, Michael Dell and Jamie Dimon (Credit: Getty Images)

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.

Dell was recently revealed to be the buyer of a $100.5 million penthouse at One57, which remains the city’s priciest-ever closed residential sale.  [NYP]Konrad Putzier

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New York

Here’s how much money Michael Dell stands to make from JPMorgan air rights deal

Mogul partnered with TF Cornerstone in 2016 purchase

From left: Grand Central, 270 Park Avenue, Michael Dell and Jamie Dimon (Credit: Getty Images)

From left: Grand Central, 270 Park Avenue, Michael Dell and Jamie Dimon (Credit: Getty Images)

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.

Dell was recently revealed to be the buyer of a $100.5 million penthouse at One57, which remains the city’s priciest-ever closed residential sale.  [NYP]Konrad Putzier

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