DelShah to Take 22 Renwick to Completion

DelShah Capital LLC has acquired the mortgage debt at 22 Renwick St., a 19-unit condo property with one floor of commercial space.

New York—DelShah Capital LLC has acquired the mortgage debt at 22 Renwick St., a 19-unit condo property with one floor of commercial space. The building is located between Spring and Canal Streets near the entrance to the Holland Tunnel in lower Manhattan.

The building was originally developed by Orange Management and designed by the noted firm Philip Johnson/Alan Ritchie Architects. It consists mainly of two-bedroom units, but also offers full-floor, three-plus bedroom penthouses with outdoor space and city views.

The property went into foreclosure following the economic meltdown of 2008, as did a number of notable Manhattan condo projects at the time. This summer, Eastern Consolidated brokers Davis Schechtman and Alan Miller began marketing the property for sale for nearly $25 million, with DelShah winning the auction and closing the deal last week.

DelShah will finance completion of the remaining construction of the 24,200-square-foot property, investing in necessary upgrades and improvements. Shlomi Reuveni of Brown Harris Stevens Select will market 22 Renwick, which is expected to be ready in early 2013.

According to DelShah, OTL Enterprises has been brought on to contribute equity to complete the build-out of 22 Renwick. OTL is no stranger to the area; its partners Angelo Cosentini and John Carson have developed over 1 million square feet of residential, commercial, and mixed-use developments in the city, most notably the Atalanta Building in TriBeCa, and Bernard Tschumi’s BLUE Condo on the Lower East Side.