DelShah unloads two SI buildings that earned him bad rap

New York /
Sep.September 04, 2013 12:40 PM

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.

The deal for 195 Steuben Street and 231 Steuben Street, known jointly as the Terrace Gardens apartment complex, closed at the end of July. The seven-story, 98,700-square-foot buildings have 99 units each and were mentioned in a recent investigation by the New York Daily News into Shah’s donations to Public Advocate and mayoral hopeful Bill de Blasio.

The properties have racked up more than 200 code violations, according to the newspaper.

Heidi Burkhart of affordable housing brokerage Dane PCG handled the sale. Arker will rehabilitate the complex by 2014, according to the brokerage firm. — Hiten Samtani


Related Articles

arrow_forward_ios
Mayor Eric Adams and Bill de Blasio (Getty)
3 things you missed while cheering de Blasio’s departure
3 things you missed while cheering de Blasio’s departure
Photo via NYCEDC
NYC floats $5B coastline extension in Lower Manhattan climate plan
NYC floats $5B coastline extension in Lower Manhattan climate plan
Mayor’s Office of Climate and Sustainability director Ben Furnas and The Real Deal's Hiten Samtani (Ben Furnas)
Exit interview: New York’s climate chief on reshaping the city
Exit interview: New York’s climate chief on reshaping the city
From left: Gov. Kathy Hochul, Mayor Bill de Blasio, Public Advocate Jumaane Williams, and Rep. Lee Zeldin
Here’s where the top contenders for NY governor stand on real estate
Here’s where the top contenders for NY governor stand on real estate
Council members Margaret Chin and Carlina Rivera (Getty, iStock)
City Council tweaks Soho rezoning, assuring its passage
City Council tweaks Soho rezoning, assuring its passage
Douglas Development's Jeffrey Levine, Toll Brothers' David Von Spreckelsen and Mayor Bill de Blasio (Getty, Toll Brothers)
De Blasio defied warning that he stop asking developers for donations
De Blasio defied warning that he stop asking developers for donations
The City Council reached a deal on a bill that will require new buildings with fewer than seven stories to go electric in 2024, and then will apply to buildings taller than that in 2027.
New buildings must go electric under City Council deal
New buildings must go electric under City Council deal
Interactive Map of Projects Planned Under Gowanus Rezoning
Here they come: Map shows projects planned in rezoned Gowanus
Here they come: Map shows projects planned in rezoned Gowanus
arrow_forward_ios

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

Loading...