August 1, 2017 Comments Off on East Village Apartments Bought Out of Default Views: 736 Downtown New York, New York News

East Village Apartments Bought Out of Default

Delshah Capital paid 30% less than the market value to take possession of 97 2nd Ave., an apartment building in Manhattan’s East Village neighborhood.

The senior loan on the property had gone into default. Delshah bought the defaulted note, and then worked with the borrower and now-former-owner of the six-story walk-up building to recoup its capital and take possession of the building.

“Our primary focus has always been the acquisition of underutilized and undervalued assets,” stated Michael Shah, principal and CEO of Delshah. Since inception, Delshah has acquired over 30 distressed notes and been repaid full default interest or taken title on each, generating an IRR of over 45%.

The 10,948-square-foot building includes 10 large apartments with an average monthly rent of $5,299, according to StreetEasy. The building also includes 2,245 square feet of ground floor retail space.

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