Michael Shah Scoops up 138 Ludlow Street in Hell Square
Fresh off the failed bid to score a liquor license for Dos Cientos, news comes down the pike today about landlord Michael Shah acquiring a Hell Square walk-up building.
His DelShah Capital firm reportedly purchased 138-140 Ludlow Street under the shell company “DS 138 Ludlow LLC.” The sale just closed, so final price has yet to hit public records.
We had heard some chatter about the transaction over the last couple weeks, but it was finally confirmed by building residents yesterday. A mailing was distributed from their new landlord about the changeover.
Some are worried about what this means about leases and the prospect (or potential) of any future renovations.
In addition, word on the street is that DelShah’s nightlife arm, the Line Group, might also take over Local 138 on the ground floor. This bar is one of the last rock-and-roll haunts in the neighborhood, and has been around for some twenty years. Designer Dana Foley’s boutique is the other commercial tenant at this address.
Seller of record appears to be Michelle Goldstein of Arwen Equities/Luthien Group. It’s the third building sale for this local landlord since last summer, behind 151-153 Ludlow ($12.5 million) and 101 Stanton Street ($12.9 million).