DelShah Capital relaunches Flushing condo

TRD New York /
Sep.September 28, 2011 05:01 PM

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.

Distinct New York, an affiliate of DelShah, is the exclusive marketing and sales agent along with Prudential Douglas Elliman.

Victor Jung, executive vice president at Distinct, said demand is strong for the newly positioned condos.

“It’s a great, unique product,” Jung said. “This property has Trump-like finishes for that community.”

The units have Whirlpool stainless steel kitchen appliances, Techline kitchen cabinets, stone countertops, Kohler bathroom fixtures, washer dryer units and optional parking spaces.

The 41-unit property, at 31-32 Union Street, is offering 17 units for sale ranging from 1,000 to 1,400 square feet and $439,000 to $652,500. Fifteen of the property’s residential apartments were previously sold.

The property’s commercial condos range from $229,000 to $899,000 and range in size from 650 square feet to 2,400 square feet.

DelShah owns a total of 1,750 multi-family units across New York, part of his firm’s 2 million-square-foot commercial real estate portfolio.

Just last month, DelShah purchased a mixed-use multi-family complex at 1356 First Avenue, between 72nd Street and 73rd streets for $9.1 million. The complex is also the home of Petaluma, considered one of the top Italian restaurants on the Upper East Side.

DelShah was an original investor at the Setai at 40 Broad Street in Lower Manhattan. In late December 2010, the firm filed suit to block Anglo Irish Bank from transferring the deed at 40 Broad.


Related Articles

arrow_forward_ios
133-25 37th Avenue in Flushing

Developer Gary Tsan buys Flushing property for $60M

Developer Gary Tsan buys Flushing property for $60M
Michael Shah (Credit: iStock)

Manhattan DA drops charges against developer Michael Shah

Manhattan DA drops charges against developer Michael Shah
136-18 Maple Avenue (Credit: Google Maps)

Flushing real estate boom continues with another mixed-use project

Flushing real estate boom continues with another mixed-use project
Golden Shopping Mall at 41-28 Main Street in Flushing (Credit: Google Maps)

Woman killed by panel that fell from Queens strip mall: officials

Woman killed by panel that fell from Queens strip mall: officials
131-01 39th Avenue in Flushing and Alchemy ABR’s Kenneth Horn with 123-141 West 57th Street (Credit: Alchemy ABR and Google Maps)

Flushing project bigger than November’s next five largest combined

Flushing project bigger than November’s next five largest combined
Bhavana Chamoli and Michael Shah

Michael Shah’s ex arrested for assault, but DA holding off

Michael Shah’s ex arrested for assault, but DA holding off
131-01 39th Avenue in Flushing (Credit: Google Maps)

Another megaproject coming to Flushing

Another megaproject coming to Flushing
Workers injured at Hudson Yards scaffolding collapse, a peek at Disney’s new HQ

Workers injured at Hudson Yards scaffolding collapse, a peek at Disney’s new HQ

Workers injured at Hudson Yards scaffolding collapse, a peek at Disney’s new HQ
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...