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 Bill de Blasio (Getty)
City expands free legal services for tenants, fearing eviction rush
City expands free legal services for tenants, fearing eviction rush
The reopening of NYC has created a surge of demand for apartments. (Getty)
Reopening sparks signs of a real estate rush
Reopening sparks signs of a real estate rush
Mayor Bill de Blasio (Getty)
City rent board missing landlord rep ahead of preliminary vote
City rent board missing landlord rep ahead of preliminary vote
Mayor Bill de Blasio (Getty, iStock)
Lawsuit seeks to halt Soho rezoning
Lawsuit seeks to halt Soho rezoning
The Plaza Hotel, St. Regis Hotel, and Waldorf Astoria (iStock)
Outlook for hotels improves — from awful to merely bad
Outlook for hotels improves — from awful to merely bad
(iStock)
Landlords seek up to 5% rent hike on stabilized apartments
Landlords seek up to 5% rent hike on stabilized apartments
Gov. Andrew Cuomo and Mayor Bill de Blasio (Getty)
De Blasio and Cuomo clash over reopening the city
De Blasio and Cuomo clash over reopening the city
Mayor Bill de Blasio (iStock, Getty)
De Blasio’s own staff says his hotel plan could cost NYC $7B
De Blasio’s own staff says his hotel plan could cost NYC $7B
arrow_forward_ios

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

Loading...