DelShah Purchases Non-Performing Mortgage Note in Brooklyn
- Oct 20, 2011
New York—DelShah Capital LLC, a New York-based real estate and CRE debt acquisition, development and management company, purchased a non-performing mortgage note in Brooklyn, N.Y. This is the company’s first endeavor in Brooklyn.
“We were drawn to this building because it is hard to find a large multi-story building in Williamsburg,” Michael Shah, principal and CEO, DelShah, tells MHN.
According to Shah, the debtor’s exclusivity period ends November 30.
“We will be proposing a plan, that we anticipate will have the support of junior creditors, which will take the property to auction,” Shah says.
The company, if it takes possession of the deed at the bankruptcy auction, says it will work to revitalize the building, including upgrading the amenities.
“If we are the successful bidder at auction, we plan to upgrade the property, using finishes similar to what we have at our buildings at 1356 First Avenue and 321 Lenox Avenue,” Shah says. “This is a typical DelShah deal. A great asset in a good location, mired in creditor litigation, neglect and a messy bankruptcy. We are parallel tracking to resolve the litigation and positioning the asset to fully unlock its value.”