The Real Deal New York

DelShah makes another Meatpacking score

April 10, 2013 02:30PM

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From left: Michael Shah, David Schechtman and 58-60 Ninth Avenue

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.

“The property is ideal for a high-end retail store or restaurant seeking to capitalize on the enormous influx of people in the neighborhood,” DelShah principal Michael Shah said in the release.

The building is up for triple net lease, with an asking rent of $1.5 million annually, or $400 per square foot for the ground level and basement, the release said. Jon Krieger of RKF is handling leasing.

Celebrity restaurant haunt Pop Burger is currently located at the premises, but according to the release, it will be closing in the near future. The eatery’s lease is reportedly up for renewal in 2015. The Apple Store is located across the street.

Icon bought the building last year in a transaction valued at nearly $696 per square foot, as The Real Deal reported.

Eastern Consolidated’s David Schechtman represented both the buyer and the seller in the most recent transaction.

DelShah is seeing some activity in the Meatpacking District. As The Real Deal previously reported, the firm won dismissal of a suit disputing the ownership of 55 Gansevoort Street. –Zachary Kussin

  • http://twitter.com/stevecheese louis V III

    Can we call them MeatPackers nopw ?

  • REkil

    wow, what a moron. Overpayed … u got conned by the iCON

    • Astin_Pinton

      Not at all. Wait until he puts in AAA Credit Retail.

  • anon

    Holy mackeral – those Icon real estate kids just bought it for $7.75M exactly one year ago — and now sold it for $18.2M?? What a killer deal. The meapacking is getting a bad dose of Whitney/Google fever!

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