Landlord Michael Shah Nabs Sago Hotel on Orchard Street for $8.5M
Controversial landlord Michael Shah has a new Lower East Side property in his proverbial quiver. This time it’s a Hell Square hotel.
Shah purchased the Sago Hotel at 120 Allen Street back in April for $8.5 million, city records show. With the acquisition, the owner-developer (DelShah Capital) now boasts two properties across from one another on the block (the other being the Beckenstein at 130 Orchard).
The lodge allows Shah to add another nightlife establishment to his portfolio with the dining room on the basement level, previously a kosher eatery. To that end, his company is on the July docket for the SLA subcommittee of Community Board 3. A full liquor license is in the crosshairs.
The Sago hotel debuted five years ago by the hand of Shimon Avadi; a onetime zombie project, it reanimated eight years after groundbreak. News of this sale follows one year after it was reported that hotelier Morad Kalimian of the Allen Hotel next door was to take over.