Delshah Capital, OTL Enterprises Break Ground on 166,976 SF Mixed-Use Project in Brooklyn

Healthcare and drug treatment provider START Treatment & Recovery Centers will occupy 15,000 square feet of office space within the tower.

JV Breaks Ground on Brooklyn Mixed-Use Project

Developed by START Treatment & Recovery Centers, Delshah Capital and OTL Enterprises, the 20-story will offer 180 housing units, as well as office, retail and community space.

START Treatment & Recovery Centers, Delshah Capital and OTL Enterprises Press Release

Brooklyn, NY (August 13, 2019)--Joint-venture partners START Treatment & Recovery Centers, Delshah Capital and OTL Enterprises today launched the first phase of construction for 22 Chapel Street—a residential tower that will contain START’s headquarters and bring more affordable housing to Downtown Brooklyn—with a ceremonial groundbreaking.

The Plan: St. Luke’s Hospital Conversion in Morningside Heights

St. Luke’s Hospital in Morningside Heights, designed by Ernest Flagg in 1896, with its four pavilions surrounding a courtyard and a carriage house at the center, became the standard for hospitals throughout the nation.

Here’s what the $20M-$30M NYC investment sales market looked like last week

New York City investment sales transactions in the $20 million to $30 million range included the sale of two Williamsburg properties to Asana Partners.

Shah Closes $34M Investment for Morningside Heights Rental Complex

Michael Shah’s Delshah Capital has closed on a $34 million piece of financing for the conversion of a former hospital in Morningside Heights, Shah confirmed to Commercial Observer.

National Cheat Sheet

TRD reported in late December that bonds issued by Delshah Capital, Extell Development and GFI Real Estate Limited were trading a 20 percent above yields, while Barry Sternlicht’s Starwood West and Yoel Goldman’s All Year Management were selling for less than 60 cents on the dollar.

Delshah Seals $103M Construction Financing for Brooklyn Luxury Rental Tower

Bank OZK provided a $62 million senior loan in the deal, with EverWest Real Estate Partners providing a $40.5 million mezzanine loan.

Delshah makes multifamily play in East Village

Delshah Capital is making another multifamily play, buying an East Village rental property for $25.2 million.

Delshah Capital closes on 28 Property Portfolio for $102 million

Delshah Capital has closed on its acquisition of a Brooklyn-centric 28-property package from Silvershore Properties for $102 million, according to records filed with the city today.

Signature, CCRE Lend $88M on Delshah’s $102M Acquisition of 28 Silvershore Assets

Silvershore Properties has officially closed on the sale of 28 multifamily properties to Delshah Capital for $101.7 million. Delshah secured $88 million in senior and mezzanine acquisition financing from Signature Bank and CCRE, sources told Commercial Observer.

Delshah Lands $103M construction financing for its DoBro tower

Delshah Capital has landed $102.5 million in construction financing for its first ground-up development in Brooklyn.

Michael Shah Talks His New Projects, Toledano and Why He ‘Loves’ This Retail Market

By now, Michael Shah’s origin story is well known in real estate circles. Twelve years ago, at the age of 28, the Harvard Law School graduate quit his gig at Midtown-based business law firm Wachtell, Lipton, Rosen & Katz after growing fed up with the demands of the job.

Delshah Purchases Lower East Side Apartment Building for $19M

Delshah Capital has scooped up a Lower East Side walkup at 138 Ludlow Street, Commercial Observer has learned.

Delshah Capital Skirts Multimillion-Dollar Rent Credits Bill With Free People

After Free People was delayed in opening its Meatpacking District store by roughly a year, the retail company demanded that its landlord provide $3.2 million in free rent based on a lease provision.

Delshah close to securing $130M construction loan for Morningside project

Michael Shah’s Delshah Capital entered into a non-binding contract for a $130 million construction loan​ to finance a five-building project in Morningside Heights, the company reported on the Tel Aviv Stock Exchange.

Delshah raises $52M in Tel Aviv for $250M Morningside Heights project

Israeli road show veteran Micheal Shah raised $52 million in a bond issuance on the Tel Aviv Stock Exchange to finance a $250 million redevelopment project in Morningside Heights.

Delshah seeks $50M in EB-5 funds for Morningside Heights rental project

Michael Shah tapped the Israeli bond market to help finance his acquisition of a former hospital site in Morningside Heights earlier this year. Now, he’s turning to Chinese investors to fund the conversion of that property into 205 rental apartments.

Delshah closes on $112M assemblage in Morningside Heights

Five months after raising $102 million on the Israeli bond market, Michael Shah’s Delshah Capital scooped up five adjacent Beaux Arts buildings in Morningside Heights.

Delshah closes on $112M assemblage in Morningside Heights

Five months after raising $102 million on the Israeli bond market, Michael Shah’s Delshah Capital scooped up five adjacent Beaux Arts buildings in Morningside Heights.

Delshah, OTL plan 180-unit resi building in DoBro

Michael Shah’s Delshah Capital and John Carson’s OTL Enterprises plan to construct a 180-unit luxury rental building in Downtown Brooklyn, replacing a longtime drug treatment facility with a new mixed-use building.

Delshah closes on $102M Israeli Bond Deal

Michael Shah’s Delshah Capital closed its Israeli debt offering this week by raising more than $102 million through the issuance of bonds that will be traded on the Tel Aviv Stock Exchange.

Delshah raises $82M on Israeli Bond Market

Michael Shah becomes first non-Jewish developer to tap Tel Aviv Stock Exchange for funds

Delshah, Klein Group the latest NYC real estate firms trying to tap Tel Aviv

Two real estate firms with sizable holdings in the New York City market are among the latest U.S. companies trying to tap the Israeli bond market as a source of funds.

Delshah snags historic LES building for $28M

Michael Shah’s Delshah Capital acquired a historic mixed-use rental building on the Lower East Side for $28 million, The Real Deal has learned.

Shah: The Art of the Del

After an education at Harvard University and the London School of Economics, passing the bar exam and snagging a coveted associates position at prestigious law firm, Wachtell, Lipton, Rosen & Katz, Michael Shah found his good run unexpectedly derailed by the French asset management firm Lazard Frères.

Revealed: Pricing, renderings for DelShah’s new Chelsea project

Michael Shah’s Delshah Capital is getting ready to roll out its luxury condo development at 221 West 17th Street in Chelsea, unveiling a rendering for the project with plans to launch sales within the next two weeks.

Delshah Capital Puts Harlem Rental Building on Market, Could Fetch $26.1M

Eastern Consolidated has been retained by Delshah Capital as the exclusive sales agent for 321-323 Lenox Avenue in Harlem and one of the building’s brokers thinks the property will sell for more than $26.1 million. Delshah bought it for $11.2 million in February 2012, property records indicate.

Delshah Capital Puts Harlem Rental Building on Market, Could Fetch $26.1M

Eastern Consolidated has been retained by Delshah Capital as the exclusive sales agent for 321-323 Lenox Avenue in Harlem and one of the building’s brokers thinks the property will sell for more than $26.1 million. Delshah bought it for $11.2 million in February 2012, property records indicate.

Luxury Condos Set for 221 West 17th Street After Delshah Buy [Updated]

Delshah will partner with On the Level Enterprises to redevelop the 33,000-square-foot building. The partnership plans to add four floors to the building, creating a 10-story luxury residential condominium with ground-floor retail space.

DelShah grabs Chelsea commercial building for $26M

Real estate investment firm DelShah Capital bought a six-story commercial building in Chelsea for $26.4 million, according to property records filed with the city today.

Delshah Refinances UES Home of Petaluma

Santander Bank has provided an $11.5 million loan to Delshah Capital to refinance existing debt on the mixed-use property at 1356 First Avenue on the Upper East Side, Mortgage Observer has learned. The seven-year loan carries a rate of 4.05 percent.

Delshah Offloads 163 West 80th Street to Chinese Investors for $7.65M

Michael Shah’s Delshah Capital has sold 163 West 80th Street to Yu Far Realty, a group of Chinese investors, for $7.65 million, the company announced today.

Grade A Meatpacking: Michael Shah of DelShah Capital

After graduating first in his class from Harvard Law School in 2003, Michael Shah was seemingly destined for the very top of the legal profession.

Delshah scoops Christopher Street building for $27M

DelShah Capital has purchased 100-102 Christopher Street in the West Village for $26.75 million.

DelShah pays $27M for Village building, with eye on retail rents

Michael Shah’s DelShah Capital is paying about $27 million for a mixed-use West Village property with the idea that retail rents in the neighborhood will skyrocket.

DelShah buys Meatpacking eatery space for $8.6M

DelShah Capital purchased a mixed-use property and the corresponding air rights at 69 Gansevoort in the Meatpacking District for $8.6 million.

DelShah Capital Acquires 69 Gansevoort Street for $8.6M

DelShah Capital has closed on the $8.6 million acquisition of 69 Gansevoort Streetin the Meatpacking District, the company announced today. The deal for the 2,950-square-foot building includes 7,160 of air rights, providing for development up to 10,110 square feet.

Shah’s DelShah Capital forms lending arm

DelShah Capital, a leading buyer of distressed properties in New York City, has formed DelShah Lending, the company announced last month.

Pop Burger to vacate 58-60 9th Avenue following $18.2 Million building acquisition

DelShah Capital has acquired 58-60 Ninth Avenue in the Meatpacking District for $18.2 million, it was announced yesterday.

DelShah makes another Meatpacking score

DelShah Capital has purchased a 10,839-square-foot Meatpacking District building for $18.2 million from Icon Realty Management, the company said today. The property is located at 58-60 Ninth Avenue, near 15th Street, and stands four stories.

DelShah unloads final Bronx property for $6.9M

DelShah Capital has sold the last of its Bronx properties, this time selling a six-story apartment building in Hunts Point for $6.9 million, according to records filed with the city today.

DelShah wins dismissal of 55 Gansevoort suit

By Zachary Kussin | March 01, 2013 03:30PM A New York State Supreme Court judge yesterday dismissed a lawsuit disputing the ownership of 55 Gansevoort Street, a vacant Meatpacking District building that DelShah Capital is marketing as…

DelShah Capital jumps into smaller homes

The real estate investment firm DelShah Capital, whose specialty is acquiring assets tied up in court, paid $3.4 million at auction for a package of 21 three-family homes located in Brooklyn’s East New York.

22 Renwick Street in Soho gears up for sales

February 20, 2013 12:00PM Renwick Modern, a new luxury residential condominium near Hudson Square, is preparing to launch sales, the development team comprised of DelShah Capital and On The Level Enterprises announced today. The 12-story,…

DelShah Capital nabs debt at boutique condominium No. 22 Renwick

DelShah has acquired the mortgage debt at No. 22 Renwick, a boutique condominium development at 22 Renwick Street in the Hudson Square neighborhood, according to a statement from DelShah today.

Battle intensifies over Meatpacking building with $28M in debt

The East Village investment company DelShah Capital announced Monday that it had acquired the title to a Meatpacking District property that insiders say defaulted on loans totaling about $27.5 million.

Capital One Sells Mortgage Note on 55 Gansevoort to DelShah Capital

DelShah Capital has snapped up the note on a 26,000-square-foot, five-story Meatpacking District building it had been eyeing for several months—taking the first mortgage and senior liens on 55 Gansevoort Street from lender Capital One Bank.

DelShah Capital relaunches Flushing condo

DelShah Capital, led by investor Michael Shah, has officially re-launched the Sunrise Terrace Condominiums in Flushing, Queens, after acquiring the unsold shares at the stalled complex at a foreclosure auction in July.