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).

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