Michael Shah’s Delshah Capital acquired a historic mixed-use rental building on the Lower East Side for $28 million, The Real Deal has learned.
Delshah bought the six-story prewar building at 130 Orchard Street, located between Delancey and Rivington streets, in an off-market transaction from Soho-based Midway Investors, which owns multifamily properties across the country.
The 28,000-square-foot building houses 18 residential units and 5,000 square feet of ground-floor retail space that is being delivered vacant, with the property set for a retail reposition that will “lead the way for a transformation” of Orchard Street, according to a statement from Delshah.
The 18 free-market residential units are sized up to 1,700 square feet, with four units on each of the second through fifth floors and two penthouses on the top floor. Delshah is exploring the possibility of either luxury rentals or condos at the building.
The building houses an elevator, outdoor space, private and common terraces and ceilings up to 20 feet high. The Orchard Street property’s façade still bears the distinctive signage of fabric and interior decorating company S. Beckenstein, which occupied the building from 1920 through the early 2000s.
Joseph Koicim and Peter Von Der Ahe of Marcus & Millichap represented Delshah in the deal. A representative for Midway Investors could not be reached for comment.
Delshah recently beat out Macy’s to close on the purchase of a Herald Square retail building for $14 million, The Real Deal reported. The developer also recently rolled out pricing and renderings for its new Dorian luxury condo development at 221 West 17th Street in Chelsea.