The Real Deal New York

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

Michael Shah plans to upgrade buildings, increase collective rent 31% in two years
By Christian Bautista | October 19, 2018 06:44PM

Michael Shah and 149 Rivington Street (Credit: Google Maps)

Delshah Capital has closed on its acquisition of a Brooklyn-centric 28-property package from Silvershore Properties for $102 million, according to records filed with the city today.

The properties included in the deal are 149 Rivington Street and 41 Henry Street in the Lower East Side and 1038 Bedford Avenue, 137 and 148-150 Patchen Avenue, 142 Grove Street, 1446-1452 Myrtle Avenue, 623 Halsey Street, 590 Bushwick Avenue, 308 Kosciuszko Street, 552 Gates Avenue, 371 Irving Avenue, 236 Howard Avenue, 208 Hoyt Street41 Henry Street, 124 Jefferson Avenue, 166 Bleecker Street, 161-165A Howard Avenue, 149 Rivington Street, 415 Myrtle Avenue, 167 Waverly Avenue, 193 Sackett Street, 219 13th Street, 278 Dean Street372 Baltic Street415 Myrtle Avenue and 802-808 Prospect Avenue in Brooklyn.

The buildings, most of which sold for under $4 million, collectively span about 200,000 square feet, with 210 apartments and 12 commercial units. The most expensive building in the package is the 13th Street property, which sold for $11 million.

Michael Shah, the head of Delshah Capital, previously revealed in a filing with the Tel Aviv Stock Exchange that he plans to upgrade the buildings to raise the collective rent by 31 percent in two years

Delshah’s portfolio residential portfolio includes the Parkhill Apartments in Staten Island, 130 Orchard Street in the Lower East Side and 110 Christopher Street in Greenwich Village. Delshah is also converting five buildings in Morningside Heights into 205 high-end rentals, with a projected cost of $250 million. The firm did not immediately respond to requests for comment.