Delshah Capital Buys 142-Unit Williamsburg Rental Building from LCOR for $76M

Delshah Capital, led by CEO Michael Shah, acquired 34 Berry Street-a 142-unit, Class A market-rate multifamily building in Williamsburg, Brooklyn-from LCOR for $76 million, equating to $535,000 per unit. LCOR realized a significant premium on the deal, having purchased the property two years prior for $53 million. Ares Management provided $62.25 million in acquisition financing. The purchase signals Delshah's return to active acquisitions following a balance sheet restructuring, and is part of a broader portfolio expansion that also includes the firm's in-contract purchase of the CitySpire office tower at 156 West 56th Street for $135.7 million. - Delshah Capital: New York-based real estate private equity and asset management firm; CEO Michael Shah has led the company's restructuring and renewed acquisition push. The firm recently sold the Park Hill Apartments on Staten Island for $364.7 million. - LCOR: Multifamily developer and investor with 10,000+ units nationally; sold at a premium two years after acquisition and will reinvest capital in its Pacific Park development pipeline. - Ares Management: Provided $62.25 million of acquisition financing through its real estate lending platform. $62.25 million acquisition loan from Ares Management; approximately $13.75 million in equity from Delshah Capital.