DelShah pays $27M for Village building, with eye on retail rents

TRD New York /
Aug.August 28, 2013 09:06 AM

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.

Shah is in contract to buy the building from Stone Street Properties’ Jeffrey Kaye and Robert Morgenstern, who paid $16.5 million for it in 2011. Neither Shah nor the sellers could be reached for comment by the New York Post.

Sources told the newspaper that Shah expects retail rents in the area to increase from the going rate of $200 per square foot to $250 square foot.  Nearby Bleecker Street commands $400 to $450 per square foot.

Shah just closed on a mixed-use property at 69 Gansevoort in the Meatpacking District that cost him $8.6 million. [NYP, 3rd item]  – Hiten Samtani


Related Articles

arrow_forward_ios
Bhavana Chamoli and Michael Shah

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

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

From left: Jack Terzi, Michael Shah and 31 East 28th Street (Credit: Google Maps)

Delshah’s distressed debt strategy hits a road bump as court dismisses two foreclosure suits

City report shows lead levels 36x health standard at Delshah’s 138 Ludlow Street

City report shows lead levels 36x health standard at Delshah’s 138 Ludlow Street

Delshah lands $103M construction financing for its DoBro tower

Delshah lands $103M construction financing for its DoBro tower

Delshah makes multifamily play in East Village

Delshah makes multifamily play in
East Village

Delshah Capital closes on 28-property portfolio for $102M

Delshah Capital closes on 28-property portfolio for $102M

Delshah can’t reach financing deal with Moinian for Brooklyn luxury project

Delshah can’t reach financing deal with Moinian for Brooklyn luxury project

arrow_forward_ios
Loading...