DelShah Capital Portfolio Grows on Lower East Side with 133 Essex Street and 205 Chrystie Street

NEW YORK, Feb. 23, 2012 /PRNewswire/ -- Michael Shah, principal and chief executive officer of DelShah Capital, LLC (DelShah), the real estate investment, debt acquisition, development and management company, has expanded their holdings on the Lower East Side with the purchase of a 49% interest in 205 Chrystie Street. DelShah's two-million square foot commercial and residential real estate portfolio already includes 133 Essex Street on the Lower East Side. DelShah Management will take over of 205 Chrystie Street.

Recently, Michael Shah, along with Matt Levine, of Brandsway Hospitality, celebrated the opening of "Sons of Essex", at 133 Essex Street. The 4,219 square foot street level retail condominium is in a classic neighborhood building located on one of the busiest blocks of the Lower East Side, Essex Street between Rivington and Stanton Streets. In June 2009, DelShah purchased the mortgage on 133 Essex Street from Chinatrust Bank for $1.5 million. After foreclosing on the previous owner they subsequently refinanced the asset upon gaining control of the deed in December 2010.  

DelShah next closed on the acquisition of a majority interest in the multi-family and retail property at 205 Chrystie Street. They then restructured the property ownership while the lender was foreclosing on the building and a partnership dispute was taking place among the shareholders.

Located on the corner of Chrystie Street, with 67 feet of frontage, and Stanton Street, with 25 feet of frontage, the 5-story building has 13 residential units and a two level 2,500 square foot restaurant/bar space on the ground and sub-ground levels. It is centrally located between the New Museum on Bowery, Whole foods on East Houston and Sara D. Roosevelt Park on Chrystie Street.

DelShah has also leased this retail space to Brandsway Hospitality. Brandsway will introduce a new restaurant and lounge concept at 205 Chrystie which is scheduled to open in Spring of 2012. 

Michael Shah stated, "205 Chrystie is a great example of how DelShah works with existing owners to lend legal, development, and leasing expertise, along with our capital, to jointly maximize the value of strategically well located assets in New York City."

He continued, "DelShah Capital absolutely loves the Lower East Side. As a neighborhood, it is further gentrifying and epitomizes the melting pot of New York City. The area is also home to some of the city's most interesting art galleries, fashion boutiques, new restaurants and leisure locations. It's no surprise that more and more people are moving here from all parts of the city – there is growing potential for commercial and residential real estate in this neighborhood."

205 Chrystie Street's 13 residential units include studios, 1 bedroom and 2 bedrooms with two exposures.  The prices range from $1,750 for studios, to $2,400 for 1 bedrooms, and $2,800 for 2 bedrooms. For more information please contact, Distinct New York, DelShah's wholly owned subsidiary responsible for their residential brokerage and marketing, at [email protected], 917-373-5974 or www.distinctnyc.com.

About DelShah Capital, LLC

DelShah Capital is a full-service real estate and CRE debt acquisition, development and management company that owns and operates 1,750 multifamily units as a part of its 2-million square foot commercial and residential real estate portfolio that is spread through the five boroughs of New York City. DelShah has been very active in purchasing non-performing CRE loans in the New York region, having completed $40 million in acquisitions since the recession began. The company has expertise in identifying, financing, managing, rebranding and exiting those investments on behalf of institutional clients and for its own portfolio.

DelShah specializes in the purchase and foreclosure of non-performing commercial mortgages, including resolving bankruptcies and complex litigation on the acquisition side. The firm integrates rigorous financial and legal structuring with professional real estate asset management. This combination of disciplines makes DelShah Capital a unique operating partner. For more information on DelShah's capabilities please contact, 212-213-8777 or visit www.delshah.com

About Distinct New York

Distinct New York is a residential and commercial real estate marketing, sales and leasing company that provides clients with individualized comprehensive market research, positioning and marketing for new developments and existing properties. Their superior sales force then implements these plans to realize maximum return for clients. Distinct's specialty is in developing branding and repositioning strategies for existing assets to grow sales or rental revenue. Distinct New York offers access to the most desired apartments, lofts, and town houses in New York City. Clients benefit from their discipline, professional integrity, and trust their results.  Please contact 917-388-1562, www.distinctnyc.com.

RUBENSTEIN PUBLIC RELATIONS
Press contact: Eve McGrath, Telephone: 212-843-8490
Email: [email protected]

SOURCE DelShah Capital