By D.C. Stribling
Delshah Capital has purchased 138 Ludlow St., a 1920-vintage, six-story walk-up apartment building on the Lower East Side of Manhattan. The investor paid $18.9 million for the property, which includes 27 rental apartments as well as street-level retail space with about 45 feet of frontage on Ludlow Street.
The seller was Trikupa Realty, a Florida-based investment group. Michael DeCheser, senior managing director, Cushman & Wakefield, represented both parties in the transaction.
At the intersection of Ludlow and Rivington streets, 138 Ludlow St. includes a mix of one-, two- and three-bedroom layouts, and the retail space is currently occupied by two tenants. Delshah’s business plan for the property is reposition it to mirror its other properties, including nearby 130 Orchard St., which the company recently repositioned.
New Owners Plan to Revamp Property
According to Delshah, the building’s renovation will include infrastructure improvements, such as upgrading the new roof and making common-area improvements. In the building’s market-rate and vacant apartments, Delshah will upgrade kitchen appliances; add washers, dryers and wine chillers; refurbish bathrooms, and install new flooring.
“Despite its good bones and excellent location, this building hasn’t yet been positioned to realize its full potential,” said Michael Shah, Delshah’s founder and managing partner. “We will deliver the next ‘newest and nicest’ building to the Lower East Side.”
In addition to 130 Orchard, Delshah has also repositioned 100 Christopher St., 101 West 126th St. and 1356 1st Ave. Other transactions for the firm over the last year include the purchase and conversion of 30 Morningside Dr., as well as the delivery of 16,763 square feet to Galerie Perrotin for the relocation of its flagship New York City gallery from Madison Avenue to 130 Orchard St.