The Real Deal New York

Posts Tagged ‘michael shah’

  • 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]

  • 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]

  • 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]

  • Michael Shah and 902-908 Bedford Avenue

    Michael Shah and 902-908 Bedford Avenue

    Springhouse Partners has paid Michael Shah’s DelShah Capital $18.2 million for a 44-unit apartment complex near the Pratt Institute in the Bedford-Stuyvesant neighborhood of Brooklyn, DelShah announced today. [more]

  • 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]

  • 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]

  • 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]

  • 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]

  • 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]

  • 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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  • 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]

  • 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]

  • 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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  • 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]

  • 1314 Seneca Avenue and Michael Shah (credit: PropertyShark)

    1314 Seneca Avenue and Michael Shah (credit: PropertyShark)

    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. [more]

  • Michael Shah and 55 Gansevoort Street

    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. [more]

  • From left: Michael Shah, 55 Gansevoort Street, a proposed rendering and Jeffrey Julien

    With an ownership dispute ongoing, DelShah Capital is planning to lease a vacant Meatpacking District building to a tenant who could redevelop the five-story property as a boutique hotel, The Real Deal has learned. The 25,109-square-foot building, located at 55 Gansevoort Street, would come with a triple net lease, according to marketing materials. [more]

  • DelShah Capital jumps into smaller homes

    February 21, 2013 09:00AM

    Michael Shah, principal at DelShah Capital

    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.

    The houses were auctioned in Brooklyn after developer Thomas Kontogiannis pleaded guilty in 2010 in Brooklyn federal court to conspiracy to commit bank and wire fraud. Prosecutors said Kontogiannis orchestrated an illegal $92 million mortgage scheme using straw buyers and homes in Brooklyn and Queens, defrauding lenders DLJ Mortgage Capital and Washington Mutual. Nine people were charged in the alleged scam, eight of whom pleaded guilty, while one died in the course of the proceedings. A federal judge in 2011 said it appeared to be “one of the largest mortgage-origination frauds on record.”  [more]

  • 1314 Seneca Avenue

    [Updated 4:25 p.m. with statement from Shah's attorney] Though DelShah Capital CEO Michael Shah has moved on to lucrative distressed acquisitions from his early investments in affordable housing, it’s his very first transactions that have him in trouble with the city.

    Crain’s reported that Shah “is battling the city over fraud penalties, back taxes and interest, charges that officials leveled last month stemming from four of his early purchases.” [more]

  • DelShah Capital relaunches Flushing condo

    September 28, 2011 05:01PM

    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]