The Real Deal New York

Delshah makes multifamily play in
East Village

The building, at 531-533 East 12th Street, was listed for north of $35 million
By Christian Bautista | November 05, 2018 05:45PM

531-533 East 12th Street and Michael Shah

Delshah Capital is making another multifamily play, buying an East Village rental property for $25.2 million.

The firm bought 531-533 East 12th Street, a seven-story residential building that sits between Avenue A and B, a source told The Real Deal. The 30,000-square-foot property contains 26 apartments and a 2,000-square foot office space, city records show.

The seller is Great Neck-based investment firm Zelman Properties. The company, headed by Robert Zelman, paid $16.6 million for the building in 2012.

The East 12th Street property was put on the market in 2015 for north of $35 million. According to Ackman-Ziff’s Marion Jones, who was part of the team that previously marketed the building, nearly half of the units in the property have private outdoor space.

Delshah, headed by Michael Shah, recently closed on its acquisition a 28-property apartment portfolio. The properties, most of which are in Brooklyn, changed hands in a $102 million deal. The company’s Manhattan holdings include 100 Christopher Street in the West Village and 138-140 Ludlow Street in the Lower East Side. Delshah is also building 22 Chapel Street, a 20-story Downtown Brooklyn residential development, with partner OTL Enterprises.

Capital Property Partners’ Daniel Rahmani represented both the buyer and the seller.