Delshah Capital, LLC,, a leading full-service commercial real estate investment and property management company, announced today the acquisition of a defaulted note encumbering the property located at 97 2nd Avenue. Shortly after acquiring the defaulted senior note, Delshah worked directly with the building’s now former owner to enable them to recoup their capital and to take possession of the property at 30 percent below market value. The building, located in Manhattan’s hip East Village neighborhood, is a six-story mixed-use walk up building featuring 10,948 total square feet with 2,245 square feet allotted to ground floor retail spaces and the rest occupied by ten predominantly renovated residences.
Acquiring the deed at 97 2nd Avenue, along with Delshah’s recent defaulted note purchase at 17 West 24th Street, is a continuation of Delshah Capital’s strategic interest and proven track record of acquiring distressed notes.
Opportunistic occasions such this are at the core of Delshah’s investment strategy. “Our primary focus has always been the acquisition of underutilized and undervalued assets,” stated Michael Shah, Principal and CEO of Delshah. “Our primary focus is to target and invest in real estate where assets or capital inefficiencies give us the opportunity to add significant value and achieve superior risk-adjusted returns “
Delshah has a long and successful track record of investing in distressed, New York City real estate assets. Since inception, Delshah has acquired over 30 distressed notes and been repaid full default interest or taken title on each, generating an IRR of over 45 percent.
About Delshah Capital
Delshah Capital is a full-service, vertically integrated commercial real estate investment firm specializing in acquiring, developing, and managing multi-family, retail, and office properties or CRE loans throughout New York City. Founded by Michael Shah in 2006, today the firm consists of over 40 professionals within its commercial real estate investment and property management groups. Delshah utilizes a fundamental, value-driven approach towards its investments and has expertise in identifying, structuring, and managing real estate investments on behalf of institutional clients and for its principal account.
Since its inception, the firm has grown its equity value from approximately $15MM to over $327MM, and currently owns a portfolio of over 2MM square feet valued more than $800MM, which is expected to grow to $975MM with projects under development. The current portfolio contains 17 real estate assets, composed of 1,200 residential rental units and 10 retail units across the five boroughs of NYC. For more information, please visit:www.delshahcapital.com
