For Immediate Release
START Treatment & Recovery Centers, Delshah Capital and OTL Enterprises
Launch First Phase of Construction with Ceremonial Groundbreaking at 22 Chapel Street
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.
Upon completion in 2021, 22 Chapel Street will offer 180 apartments, 25 percent of which will be part of the Affordable New York housing program; 2,000 sf of retail space, 15,000 sf of community space; a rooftop pool, parking, a fitness center and playroom; and START’s 15,000 sf headquarters.
“This project has been over three decades in the making, so we are absolutely thrilled to see our dreams for 22 Chapel Street become a reality,” said Lawrence S. Brown, Jr., MD, MPH, FACP, DFASAM, CEO of START Treatment & Recovery Centers, a non-profit and the largest independent drug treatment agency in New York, which has treated over 40,000 New Yorkers since it was founded in 1969.
START’s headquarters were located in a two-story former marine training center at 22 Chapel Street that it acquired in 1983 under a city program that allowed nonprofits to lease properties for $1 year for 30 years, and exempted them from city and state taxes. After 30 years, START became the property’s owner. Facing the expensive prospect of paying property taxes and bringing the building up to code, START’s executive leadership and Board of Trustees decided to enter a joint venture with Delshah and OTL to develop the site.
“Delshah is honored to be working with OTL, Dr. Brown and START to ensure much-needed services continue to be provided to our community,” says Michael Shah, founder and managing partner of Delshah Capital, LLC. “This project sets a new paradigm in how the public and private sectors should work together to continuously improve the future of our city.”
”OTL is pleased to be a part of the future success of START and we looking forward to helping them in furthering their mission,” said Angelo Cosentini, principal, OTL Enterprises, LLC. “They have been a great help to the community and this will give them the ability to continue to do so long into the future.”
# # #
About START Treatment and Recovery Centers:
START has treated over 40,000 New Yorkers throughout Brooklyn, Manhattan and the Bronx since it was founded in 1969. Its goal is to provide the highest quality of compassionate, comprehensive, evidence-based healthcare and social services; education of the public concerning maintenance of healthy lifestyles; and cutting-edge behavioral, biomedical and healthcare services research. Its community-based treatment programs for adults and adolescents use individual and group counseling with medical and behavioral health professionals to treat patients; some of its clinics offer short-term, outpatient detoxification and a drug-free chemical dependency program for other non-opiate addictions. Its outpatient services and programs for people seeking quality treatment for drug addiction and rehabilitation include comprehensive medical care and specialized HIV services; behavioral health and vocational services; and medical case management.
About Delshah Capital:
Founded in 2006, Delshah Capital, LLC is a vertically integrated New York City-based real estate private equity and asset management firm that invests in real estate equity, and debt investments. Since inception, Delshah has consistently achieved superior risk-adjusted returns at all points in the market cycle by targeting and investing in real estate, where assets or capital inefficiencies create the opportunity to add significant value. Delshah utilizes a fundamental, value-driven approach towards its investment’s and has expertise in identifying, structuring and managing real estate investments on behalf of institutional clients and for its principal account. Delshah’s entrepreneurial culture and emphasis on detailed fundamental market research and data, allows the ability to quickly adapt as market cycles mature, while keeping an eye towards new opportunists to create value and to continue to achieve superior risk-adjusted returns.
About OTL Enterprises:
Founded in 1985 and based in Manhattan, OTL Enterprises is a construction management and real estate development firm that possesses a unique expertise in finance and construction. Partners John Carson, Angelo Cosentini, and Paul Reehling have developed more than one million square feet of residential and commercial property in the greater New York City metro area. The firm’s recently completed Renwick Modern in Hudson Square and Blue Residential Tower in the Lower East Side, along with the upcoming 221 West 17th Street in Chelsea and 325 Henry Street in Cobble Hill demonstrate OTL’s particular aptitude for residential development.
# # #