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

Street Art Duo ASVP Completes 8-Story Mural at Essex Crossing

ASVP just put the final touches on arguably its most ambitious mural. The eight-story treatment on the backside of 145 Clinton Street. The duo spent nearly six months painting the expansive artwork, which is dubbed “Figure No. 6.” This past Sunday saw some of the final brush strokes, so to speak. Despite the COVID-19 quarantine. […]

Legendary Little Italy Butcher Moe Albanese Battling COVID-19

Moe Albanese, longtime Little Italy butcher and fixture of Elizabeth Street, is fighting for his life. The nonagenarian is struggling due to complications from COVID-19 infection, according to his granddaughter. “As I write this now, my grandfather is at the hospital due to complications from covid-19,” his granddaughter Jennifer Prezioso wrote on Instagram. “Moe is […]

Parks Department Locks Coleman Skatepark Amidst COVID-19 Crisis

Kids will be kids, rebelling against the authority. In this case, skateboarders who defied “social distancing” mandates to grind it out at Coleman Skatepark. The popular skater haunt – situated on Monroe Street beneath the Manhattan Bridge – remained so despite the COVID-19 outbreak. Even after the city closed the adjacent field and playground last […]

Another Show of Love for City First Responders Now Hangs Above the FDR

The Delancey Street foot bridge over the FDR is a popular place to make a statement. Many a banner has hung from this chain-link fencing. And now, it’s adoration for the city’s first responders during the COVID-19 outbreak. Yesterday morning, a handwritten sheet appeared on the bridge with the message – “NYC loves RNs + […]

Local Small Businesses Fundraising Meals for First Responders in COVID-19 Crisis

Lower East Side businesses are pooling resources to send meals to first responders during the COVID-19 crisis. For the next month, several small businesses tapped by the Lower East Side Partnership are sending meals to first responders (NYPD, FDNY, EMS) And the business improvement district is raising money to fund it. So far, Williamsburg Pizza, […]