DelShah unloads two SI buildings that earned him bad rap
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