The Real Deal New York

Posts Tagged ‘delshah capital’

  • flatiron-hotel

    Flatiron Hotel at 9 West 26th Street (Inset: Michael Shah)

    Real estate investor Robert “Toshi” Chan said he plans to move forward on his controversial hospitality and entertainment business after turnaround specialist DelShah Capital gave up it’s long-running court battle to take control of the Flatiron Hotel. [more]

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  • From left: Joseph Sitt, 58 Ninth Avenue and Michael Shah

    From left: Joseph Sitt, 58 Ninth Avenue and Michael Shah

    Thor Retail Advisors will be heading up leasing at DelShah Capital’s 58 Ninth Avenue in Manhattan’s meatpacking district. [more]

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  • delshah

    From left: Michael Shah (credit: Ken Schneiderman), Flatiron Hotel at 1141 Broadway and Robert “Toshi” Chan

    The owners of the Flatiron Hotel are seeking to dismiss a lawsuit from a DelShah Capital affiliate, which is trying to enforce a purported $31 million purchase of the property, contending that the deal was a “sham.” [more]

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  • 100-luquer-street

    100 Luquer Street, Shimon Shkury

    A bevy of small building sales boosted the number of multi-family deals in the city in October by 40 percent – for the second time this year, according to data from Ariel Property Advisors provided exclusively to The Real Deal.

    October’s 70 multi-family deals included 99 properties worth more than $648 million. Year-over-year, deal volume was up 40 percent and dollar volume up 61 percent. During October 2012, there were 50 deals involving 70 buildings totaling roughly $403 million. [more]

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  • From left: Michael Shah, the Flatiron Hotel and Robert Chan

    From left: Michael Shah, the Flatiron Hotel and Robert Chan

    DelShah Capital, which owns the debt on the Flatiron Hotel, has won a court order effectively forcing the property’s owners and manager, Smart Apartments, to pay any rent owed directly to the firm. [more]

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  • From left: Robert Toshi Chan, the Flatiron Hotel and Michael Shah

    From left: Robert Toshi Chan, the Flatiron Hotel and Michael Shah

    DelShah Capital has stepped up its efforts to wrest control of the Flatiron Hotel. The firm, which owns the debt on the property, is seeking a court order forcing the beleaguered owners and property manager Smart Apartments to pay it rent directly, as well as hand over a bevy of documents necessary to operate the property.

    An affiliate of DelShah, led by CEO Michael Shah, originally sued the owners of the hotel at 1141 Broadway in September in New York State Supreme Court, as The Real Deal reported. The company, which acquired the hotel’s outstanding mortgage debt earlier this year, claimed that Smart Apartments failed to start paying rent directly to DelShah instead of the owners, as required under a lease agreement, and racked up 15 building code violations. [more]

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  • From left: Robert Toshi Chan, the Flatiron Hotel and Michael Shah

    From left: Robert Toshi Chan, the Flatiron Hotel and Michael Shah

    DelShah Capital has filed suit against the Flatiron Hotel, alleging that the troubled 65-room hotel defaulted on its lease payments.

    In its suit — filed on Sept. 26 in New York State Supreme Court — the Manhattan-based turnaround firm named both the hotel and Smart Apartments, the management company headed by Robert “Toshi” Chan that’s overseeing operations there. DelShah is seeking to take over the hotel and replace Smart Apartments. [more]

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  • essex

    From left: Michael Shah and Matthew Levine

    A New York State Supreme Court judge will hear more arguments today in the case of a $20 million lawsuit between Michael Shah, CEO of DelShah Capital and a former partner at Lower East Side eatery Sons of Essex.

    Restaurateur Matthew Levine alleged he was pushed out of the venture in a suit filed in July. Shah’s lawyers have said that Levine’s suit lacks sufficient evidence for a lawsuit and that Levine must resubmit it to the court. If approved at the hearing, Levine will have start fresh with a new lawsuit. [more]

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  • Michael Shah and the Terrace Gardens complex on Steuben Street

    Michael Shah and the Terrace Gardens complex on 195-231 Steuben Street

    Michael Shah’s DelShah Capital has sold two Staten Island properties — which have earned the landlord the ire of the community for their high number of building code violations — to affordable housing developer Arker Companies for $27 million. [more]

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  • From left; Bill de Blasio and Michael Shah

    From left: Bill de Blasio and Michael Shah

    Updated, 3:17 p.m., Sept. 9: Public Advocate and mayoral candidate Bill de Blasio met with DelShah Capital’s Michael Shah shortly after the landlord donated funds to de Blasio’s campaign, and Shah asked him to help him reduce the taxes he paid on some of his low-income tenant buildings.

    In July, Shah – in his first ever donations to city candidates – gave de Blasio the maximum permissible amount of $4,950. He then began bundling – or raising money from several donors – for de Blasio, and raised about $11,850 in total. A few weeks later, de Blasio invited Shah to his office and the landlord discussed his need to reduce his tax burden on a number of his buildings that housed low-income tenants. [more]

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  • From left: Michael Shah, 100-102 Christopher Street and Jeffrey Kaye

    From left: Michael Shah, 100-102 Christopher Street and Jeffrey Kaye

    Michael Shah’s DelShah Capital is paying about $27 million for a mixed-use West Village property with the idea that retail rents in the neighborhood will skyrocket. The 21,849-square-foot building at 100-102 Christopher Street has ground-floor space for three stores that clothier Rag & Bone now occupies and four-floors of 37 rental units, several of them are at market rate. [more]

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  • 69-gans

    Michael Shah and the former R&L Restaurant at 69 Gansevoort Street (Credit: Flickr)

    DelShah Capital purchased a mixed-use property and the corresponding air rights at 69 Gansevoort in the Meatpacking District for $8.6 million. [more]

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  • shah-sons-essex

    Michael Shah and Sons of Essex

    Michael Shah, CEO of DelShah Capital, is facing a $20 million lawsuit from a former partner at Lower East Side eatery Sons of Essex who alleges he was pushed out of the venture, the New York Daily News reported.

    Restaurateur Matthew Levine claimed that Shah and another partner allowed accountant Victor Jung – convicted for embezzling $1.3 million from NBC Universal in 2008 – to steal from Sons of Essex. [more]

    5 Comments
  • Michael Shah

    Michael Shah

    From the June issue: DelShah Capital, a leading buyer of distressed properties in New York City, has formed DelShah Lending, the company announced last month.

    The new lending arm will provide mezzanine and bridge loans up to $50 million at an interest rate of 12 percent for bridge funds and a rate “in the high teens” for mezzanine funds; borrowers will receive financial advice as well, CEO Michael Shah told The Real Deal[more]

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  • Michael Shah and Setai Wall Street

    Michael Shah and Setai Wall Street

    A New York federal judge threw out a securities fraud suit on Tuesday brought by Michael Shah’s DelShah Capital against Zamir Equities that arose out of a commercial-to-residential condominium conversion at Setai Wall Street, Law360 reported. [more]

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  • From left: Michael Shah and Morgan Lofts at 11 East 36th Street

    A judge has approved Michael Shah’s bankruptcy plan for two retail condominiums at the Morgan Lofts development in Murray Hill, The Real Deal has learned.

    The bankruptcy court ruling allows Shah to sell the units for a little more than $6 million to Manhattan-based Dishi & Sons. The deal must close within 30 days, a representative for Shah’s DelShah Capital told TRD. [more]

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  • DelShah Capital’s Michael Shah and interior images of the Renwick Modern

    Renwick Modern, a new 18-unit luxury condominium near Hudson Square, officially launched sales today, according to a release from Brown Harris Stevens Select, which is exclusively marketing the building. Prices range from $1.5 million to $4.1 million. [more]

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  • alternate<br /></a>text
    Michael Shah
    From the April issue: Michael Shah, principal of DelShah Capital, has been making moves lately — especially with recent acquisitions in the Meatpacking District. In this month’s Meet the Landlord feature, he talks to The Real Deal about his career change from law, the challenges of being a city landlord and his strangest tenant experience…. [more]

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  • From left: Thor’s Joe Sitt, DelShah’s Michael Shah and the Meatpacking District

    The impending arrival of the Whitney Museum in the Meatpacking District is prompting a flurry of development activity in the neighborhood, the New York Times reported. [more]

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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. [more]

    4 Comments
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