Adam America Secures $ 63 Million In Loans For UWS Project
Adam America Real Estate recently secured two loans totaling $ 63 million for a development on the Upper West Side that has been underway for several years.
An entity related to MSD Partners has issued a $ 37.8 million construction loan and a $ 25.2 million project loan for the property located 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 linked 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 for a permit application for a 19-story building of 90,600 square feet. The request was approved by the city in May 2019, and since then the project has progressed as planned, according to Omri Sachs, co-founder of Adam America.
Its superstructure was completed in October and, according to Tomer Yogev, the company’s development manager, it is expected to be completed at the end of next year.
The building will have between 41 and 44 condo units and approximately 5,400 square feet of commercial space on the ground floor. Sales of the apartments will likely start in the spring of 2021, Sachs said.
Sachs said he was not concerned about the pandemic downturn in the Manhattan condo market. Some West Siders may have left Manhattan at the start of the pandemic because of “a lot of unknowns,” he said, but many of them have returned.
“We’re seeing 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 reference architect for the project.
Just two blocks south, Adam America is working on another project at 2461 Broadway. The cantilevered building’s superstructure, which is expected to feature 57 condo units and 3,100 square feet of retail space, is about halfway there. The project’s expected completion date is in the first quarter of 2022, Sachs said.