DelShah Capital, LLC expands on Lower East Side with 205 Chrystie Street

Michael Shah, principal and CEO of DelShah Capital, LLC has expanded their holdings on the Lower East Side with the purchase of a 49% interest in 205 Chrystie St. DelShah's two million s/f commercial and residential real estate portfolio already includes 133 Essex St. DelShah Management will take over management of 205 Chrystie St. Recently, Shah, along with Matt Levine, of Brandsway Hospitality, celebrated the opening of "Sons of Essex," at 133 Essex St. The 4,219 s/f street level retail condo is in a classic neighborhood building located on one of the busiest blocks of the Lower East Side, Essex Street between Rivington and Stanton Sts. In June 2009, DelShah purchased the mortgage on 133 Essex St. from Chinatrust Bank for $1.5 million. After foreclosing on the previous owner they subsequently refinanced the asset upon gaining control of the deed in December 2010. DelShah next closed on the acquisition of a majority interest in the multi-family and retail property at 205 Chrystie St. They then restructured the property ownership while the lender was foreclosing on the building and a partnership dispute was taking place among the shareholders. Located on the corner of Chrystie St., with 67 feet of frontage, and Stanton St., with 25 feet of frontage, the five-story building has 13 residential units and a two level 2,500 s/f restaurant/bar space on the ground and sub-ground levels. It is directly opposite the Sara D. Roosevelt Park on Chrystie St. DelShah has also leased this retail space to Brandsway Hospitality. Brandsway will introduce a new restaurant and lounge concept at 205 Chrystie which is scheduled to open in February of 2012. Shah said, "205 Chrystie is a great example of how DelShah works with existing owners to lend legal, development, and leasing expertise, along with our capital, to jointly maximize the value of strategically well located assets in New York City. " "DelShah Capital absolutely loves the Lower East Side. As a neighborhood, it is further gentrifying and epitomizes the melting pot of New York City. The area is also home to some of the city's most interesting art galleries, fashion boutiques, new restaurants and leisure locations. It's no surprise that more and more people are moving here from all parts of the city - there is growing potential for commercial and residential real estate in this neighborhood," said Shah. 205 Chrystie St.'s 13 residential units include studios, one bedroom and two bedrooms with two exposures. The prices range from $1,750 for studios, to $2,400 for one bedrooms, and $2,800 for two bedrooms. For more information please contact, Distinct New York, DelShah's wholly owned subsidiary responsible for their residential brokerage and marketing, at [email protected], 917-373-5974 or www.distinctnyc.com.