DelShah unloads final Bronx property for $6.9M

TRD New York /
Mar.March 28, 2013 04:30 PM

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.

The buyer of 1314 Seneca Avenue, which contains 60 affordable rental units and two retail units, was an LLC identified in city records as Lakewood, N.J.-based Leifer Gold.

Scot Hirschfield of Ariel Property Advisors, who was marketing the property, said Leifer Gold is a real estate investor, but declined to comment further on the buyer’s identity.

The building was reportedly DelShah CEO Michael Shah’s first real estate purchase. The company purchased the 66,989-square-foot property in January 2006 for $6.08 million, city records show. The building underwent a “significant rehabilitation” in 2007 and 2008, according to DelShah.

Known for purchasing affordable housing throughout the five boroughs, DelShah has feuded with the city over back taxes at several of its properties, including this one, according to previous reports.

DelShah purchased 1314 Seneca with a nonprofit, which is tax-exempt, and allegedly did not pay taxes when he took possession of building, as previously reported. Shortly after the building was purchased, the nonprofit transferred the deed to DelShah, city records show. The city claimed in January 2012 that Shah’s companies owe $3.1 million in taxes to the city. It is unclear where the issue currently stands.

Hirschfield said DelShah was looking to get out of the Bronx so the company could focus on its other real estate holdings. The real estate investment company, founded in 2006 by Shah, currently manages five real estate projects throughout the city, according to its website.

The property on Seneca Avenue was listed for $6.25 million, or $5.35 million without the commercial space, in July, as The Real Deal previously reported.

DelShah was selling the building as a potential package with its other Bronx property, at 2025 Seward Avenue, which had an asking price of $23.5 million. The 154-unit building sold for $21.33 million in October to property manager Arkar, city records show.

Along with Hirschfield, Ariel’s Simon Shkury, Victor Sozio and Michael Tortorici listed the properties.

DelShah did not immediately respond to requests for comment.

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