DelShah Capital purchased a mixed-use property and the corresponding air rights at 69 Gansevoort in the Meatpacking District for $8.6 million.
The firm can develop up to 10,110 square feet on the lot between Washington and Greenwich streets, which is currently occupied by a 2,950-square-foot building, the New York Observer reported.
“69 Gansevoort is half a block from the entrance to and start of the High Line, which attracts approximately four million visitors each year,” Michael Shah, principal of DelShah, said in a statement. “In addition, it is less than a block from the new $700 million Whitney Museum to the west, which will substantially enhance the neighborhood when it opens in 2015.” Shah did not say what would be built on the site, however, and declined to elaborate further to the Observer.
Berkadia Commercial Mortgage partially financed the deal with a $6.5 million loan.
Last month, Shah was hit with a $20 million lawsuit from a former partner at Lower East Side eatery Sons of Essex who alleged he was improperly pushed out of a business venture with Shah, previous reports show. [NYO] — Mark Maurer