Delshah Capital, LLC
114 E 13th Street, Front 1 New York, NY 10003
FOR IMMEDIATE RELEASE
DELSHAH CAPITAL ADDS TO ITS PORTFOLIO WITH PURCHASE OF DEFAULTED NOTE
Senior Note collateralized by 10,948 SF Mixed-Use Building in Prime East Village Location
New York – April 19, 2017 – Delshah Capital, LLC, (“Delshah”), a full- service commercial real estate investment and property management company, announced today that it has successfully purchased a non-performing senior mortgage note encumbering 97 2nd Avenue, a 10,948 SF, 6 story mixed-use building featuring 10 residential units and 2,245 SF of ground floor retail. The Property is located on 2nd Avenue between 5th and 6th Street, and is 100% leased. Delshah purchased the note all cash, at a basis of $868/SF, which represents approximately a 61% LTV.
This investment furthers Delshah’s growth from LES into the East village, where it sees long term growth opportunities.
“This investment is in line with Delshah’s core competency of purchasing distressed debt in an emerging submarket. Our expertise and platform allows us to develop a business plan to operate the Property in the event we need to foreclose.” said Michael Shah, Principal and CEO of Delshah Capital. “Our ability to identify this opportunity and close within days, start to finish, is a testament to our firm’s flexible capital, quick decision making and strong relationships.” “We also love the East Village.”
“This note acquisition is the first of many impending distressed debt situations we see on the horizon.” said Rohun Khanna, Senior Associate at Delshah Capital. “We intend to be very active in the next wave to create a portfolio of non-performing debt, with multiple paths to generate outsized returns.”
Other significant transactions for the firm over the last year, including the acquisition of 30 Morningside Drive, and execution and delivery of 16,763 SF to Galerie Perrotin for the relocation of their flagship NYC gallery from Madison Ave to 130 Orchard Street. The firm also is relaunching its luxury condo development at 225 West 17th Street in Chelsea after suffering a setback from a fire.
About Delshah Capital: Delshah is a full-service vertically integrated commercial real estate
investment firm, specializing in acquiring, developing, and managing multi-family, retail, and office properties or CRE loans throughout New York City. Founded by Michael Shah in 2006, today the firm consists of over 40 professionals within its commercial real estate investment and property management groups. Delshah utilizes a fundamental, value-driven approach towards its investments and has expertise in identifying, structuring, and managing real estate investments on behalf of institutional clients and for its principal account.
Since its inception, the firm has grown its equity value from approximately $15MM to over $327MM, and currently owns a portfolio of over 2MM square feet valued more than $800MM, which is expected to grow to $975MM with projects under development. The current portfolio contains 17 real estate assets, composed of 1,200 residential rental units and 10 retail units across the five boroughs of NYC.
For more information about this, or other transactions, please contact Rohun Khanna (917) 522- 6704 Ext. 102, firstname.lastname@example.org.