The principal of DelShah Capital, Michael Shah, has announced that the firm has purchased 1356 First Avenue. It is a mixed use, multi-family and retail property, located in Manhattan's Upper East Side neighborhood on the north east corner of 73rd Street and First Avenue, and was sold in a transaction worth $9.125 million.
There are 26 residential one bedroom condo units and a ground floor Italian restaurant Petaluma, which has been a neighborhood favorite for over 25 years. The transaction was somewhat complex as the building was converted into a condominium in the 90s, and since then had been run as a rental building. This meant DelShah had to close on each individual unit.
Shah said "On a basic level, this was attractive because we see excellent upside potential for the residential units. There are also significant air rights that will allow us to add two floors to this corner building." Apparently the building is 19,840 ft.², but has another 25,216 ft.² of air rights.
DelShah intends to invest in the property in order to realise new potentials and maximise rents during the coming years. Distinct New York, an affiliate of DelShah, is the exclusive marketing agency for 1356 First Avenue.
DelShah Capital, LLC is a full-service real estate and seniority debt acquisition, development and management company. It currently owns and operates 1750 multi-family units which form part of its 2,000,000 ft.² commercial real estate portfolio. The company has property spread throughout the five boroughs of New York City and has extensive expertise in identifying, financing and managing investments on behalf of institutional clients, as well as for its own portfolio. One of its specialties is the purchase of foreclosure on non-performing commercial mortgages which includes resolving bankruptcy and complex litigation.
Distinct New York is a residential and commercial real estate marketing, sales and leasing company who is able to provide clients with individualized comprehensive market research for new developments and existing properties. It's highly experienced sales force is able to implement this research to realise maximum return for clients. The firm's specialty is developing branding and repositioning strategies for existing assets to grow rental revenue or sales.