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New York & Tri-State  + Uptown/Bronx  + Finance  | 

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.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).