
Dell-Backed Venture Finances Buy of UWS Parcel
MSD Partners, an investment firm backed by Michael Dell, has provided a development group with a $37-million loan toward the $50-million purchase of an Upper West Side development site, Crain’s New York Business reported. The development group, Adam America, purchased two vacant retail properties at 2503 and 2505 Broadway from a group led by Robert Getreu.
The two single-story buildings, located between West 94th and West 95th streets, can be torn down and replaced with up to 80,000 square feet of residential space, Crain’s reported.
Both the seller and Dell have figured in other development deals in recent months. The Getreu group sold a nearby Gristede’s supermarket late last year to Extell Development Group, which plans to build apartments on the site. A venture including another Dell-backed entity, MSD Capital, sold JPMorgan Chase 700,000 square feet of air rights near the bank’s planned redevelopment of its 270 Park Ave. headquarters.
For comments, questions or concerns, please contact Paul Bubny