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.

DelShah, after acquiring the project’s original $9.6 million senior mortgage from ChinaTrust in November 2009, spent nearly two years working to take over the deal after negotiating a complex series of legal hurdles and direct negotiations with several creditors involved in the project.

Delshah acquired the property’s $6.9 million loan balance for $3.7 million in a foreclosure auction, after a judgment was issued against the previous owners, Paramount Management, in April.

Sunrise Terrace has operated in a tough submarket in Flushing, competing against larger rivals like SkyView Parc and other new condominiums. [more]

Eastern Consolidated’s David Schechtman and a stalled development site at 75 First Avenue

At least one of the projects on the city’s list of stalled development sites may soon be changing hands. Chinatrust Bank has named Eastern Consolidated as the exclusive broker in the sale of two non-performing commercial mortgages, at 75 First Avenue in Manhattan and 333 Fairmont Avenue in Jersey City. Originally slated to become residential condominiums, 75 First Avenue is now listed by the Department of Buildings as one of nearly 400 stalled construction sites in New York City.  More

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