Report: Michael Shah Acquires 149 Rivington Street as Part of $100M Portfolio Deal

Posted on: May 23rd, 2018 at 5:00 am by

April 2017

Delshah Capital, the real estate firm of controversial landlord Michael Shah, is close to closing on a “Brooklyn-centric” $100 million portfolio.

According to The Real Deal, the blockbuster deal includes 28 buildings spread across Williamsburg, Bedford-Stuyvesant, Carroll Gardens, and Bushwick, as well as two buildings on the Lower East Side. While the addresses aren’t clear, the publication confirms that 149 Rivington is part of the transaction.

It’s believed that the seller of record is Silvershore Properties.

This information comes courtesy of a purported filing on the Tel Aviv Stock Exchange. That paperwork cited additional details – Shah is reportedly paying a total of $100.7 million for the package, and plans to upgrade the buildings to “raise their collective net operating income by 31 percent from $4.8 million to $6.3 million in two years.” Seems the primary method to accomplish that feat would be an aggressive play against any potential rent-protected units.

Shah’s other current holdings on the Lower East Side include 130 Orchard Street (repositioned as luxury housing with Galerie Perrotin) and 138 Ludlow Street (acquired four months ago).

Recent Stories

‘Bowery Showroom’ is Gen Z Retail

Looks like a new concept store is setting up shop on the Lower East Side. Bowery Showroom, a New York-based designer vintage and lifestyle brand, is opening its first retail location this weekend. Not on the Bowery; in fact a few blocks off at 57 Stanton Street. What we gather from the PR babble is […]

Elected Officials Ignore Mom’s Plea to Stop the City from Destroying East River Park [OP-ED]

The following editorial was written by Kirsten Theodos, an East Village resident. There is a crisis right now in New York City. The limited green space we have is under attack, and even a global climate crisis and pandemic won’t stop the City from destroying it. I live near East River Park, the only meaningful green […]

Adam Schlesinger Virtual Tribute is in the Works

A virtual tribute to keep the late Adam Schlesinger’s memory shining on is in the works. The Fountains of Wayne co-founder and bassist passed away one year ago due to Covid complications. “This is a proper musical send-off for my soul brother with a bunch of talented and groovy guests that would make Adam wince,” […]

Tre on Ludlow Street Returns Next Month with New Chef

The following guest post was written by Bowery Boogie reader Colton Moore. Tre, the locals Italian restaurant on Ludlow Street, is set to reopen on Saturday, May 1. It’s the first time back open since the pandemic-related sidelining in December. Returning diners will be surprised (and treated) to a new menu; rather than offering full […]

Shakespeare in the Parking Lot Returns from COVID-19 Sidelines

All the world’s a stage… To honor what would be the Bard’s 457th birthday, the ever-so-popular Shakespeare in the Parking Lot is back for a two night affair. Being the first performance from the troupe since the pandemic sidelined it in 2020, the event promises evenings filled with scenes, songs, sonnets, and soliloquies from the […]