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 a possible boutique hotel conversion. The ruling brings an end — at least for now — to a clash between DelShah and Robert Romanoff, a former owner who claimed that the transfer of the property, which had been signed for by his father on the deed, was unauthorized.

DelShah obtained title for the building this past summer, after purchasing what sources said were $27.5 million of defaulted loans on the 25,109-square-foot building in March 2012. However, Romanoff filed a suit against the company, its CEO Michael Shah and his own father, Gerald Romanoff, claiming that the latter had improperly acted as a trustee for GHC NY Corp., a trust that owned the building.

Judge O. Peter Sherwood dismissed the case, finding that Romanoff had no standing to sue, according to Larry Deluca, an attorney for DelShah.

“Simply stated, the court said Robert Romanoff could not be the person bringing this lawsuit,” said William F. Savino, a Buffalo, N.Y.-based attorney for DelShah.

“I think we had laid out a plan and it is always satisfying to follow through the way that it was supposed to,” Shah said. “It was a complicated, messy deal, but that’s what we do.”

Neither Romanoff nor his attorney, Robert Rimberg, responded to a request for comment.

As reported this week, DelShah is hoping to lease the property to an investor who can redevelop the five-story structure into a boutique hotel. But Shah said that he is exploring all options and will go with whatever yields the highest net operating income, including office or retail.

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, Philip Johnson/Alan Ritchie Architects-designed building, at 22 Renwick Street, will be marketed exclusively by Brown Harris Stevens Select.

“There is very limited new ground-up construction product coming onto the market in Soho and the surrounding area, making this a rare opportunity for buyers,” Shlomi Reuveni, senior managing director of Brown Harris Stevens Select, said in a statement.

The boutique condominium has 18 units, some of which feature private outdoor spaces.  Unit sizes range from two-bedroom apartments to full-floor penthouses with private rooftop terraces. The building’s amenities include a doorman, bike storage, private storage bins for sale and a washer and dryer in each apartment.

DelShah acquired the mortgage debt on the building in October from Eastern Consolidated’s David Schechtman and Alan Miller after a foreclosure judgment against the original developers for nearly $25 million. Buyers had sued the building after the developers failed to complete construction. –-Christopher Cameron

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.