Michael Shah Spent $19M on this Hell Square Tenement Building
On Wednesday, we reported that Michael Shah (Delshah Capital) picked up the Hell Square tenement at 138 Ludlow Street. With the transaction now public, it appears the controversial landlord paid $19 million for the property.
Spending that kind of coin on a pre-war walkup means one thing. The requisite upscaling to luxury living.
“Despite its good bones and excellent location, this building hasn’t yet been positioned to realize its full potential for value,” Michael Shah told the Commercial Observer. “We are sitting on a gem, and with our proven ability to transform properties and streetscapes we are excited to deliver the next ‘newest and nicest’ building to the Lower East Side.”
If past is precedent around here, realizing this dream of the “newest and nicest” 138 Ludlow Street could potentially result in some sort of showdown with the rent stabilized tenants.