DelShah Capital Completes a $26.8M Buy in NYC’s West Village
- Oct 16, 2013
Mike Ratliff, Senior Associate Editor
New York—When it comes to apartment submarkets in Manhattan, few are hotter than the West Village. That was a main driver behind DelShah Capital’s recent acquisition of 100-102 Christopher Street, a 37-unit apartment asset that carried at $26.8 million price tag.
“The West Village, in our view, is one of the strongest residential submarkets in New York City, and it’s only getting stronger,” Michael Shah, president of DelShah Capital, tells MHN. “This particular property, located on Christopher Street just off the intersection of Bleecker, presented great upside both on the retail as well as the residential.”
The 21,849-square-foot, five-story building contains three ground floor retail store spaces that are occupied by high-end clothing company Rag & Bone. The seller, Jeffrey Kaye and Robert Morgenstern of Stone Street Properties, acquired 100-102 Christopher Street back in 2011. Recent work includes the renovation of the lobby, boiler and common hallways. Half of the fee units in the building were renovated, and DelShah Capital plans to follow through and bring the remaining units up to speed with hardwood floors, dark wood cabinets, stone countertops and stainless steel appliances. That is, after all, what the targeted demographic is after.
“We are targeting young professionals who want to live in the West Village,” Shah adds. “A lot of the apartments are converted into three- and four-bedroom units, so there are people who have roommate situations, but still want to live in that market near all the culture and restaurants.”
September median rents in the West Village stood at $4,178 a month, according to Citi Habitats. There are only four submarkets with higher median rents in Manhattan—Chelsea ($4,392); Wall Street ($4,394); Gramercy/Flatiron ($4,502); and Soho/Tribeca ($5,371).
When it comes to the firm’s next moves, DelShah Capital is looking into the East Village and SoHo, and is currently bidding on two assets in Hell’s Kitchen.