By Dees Stribling, Contributing Editor
New York—DelShah Capital LLC is putting two affordable housing properties in the Bronx on the market in a move that it says is part of refocusing its business. The properties are a non-rent controlled building on Seward Ave. in Castle Hill, and a rent-stabilized, mixed-use property on Seneca Ave. in Hunts Point.
The 154-unit 2025 Seward, whose asking price is $23.5 million, spans half an entire block between Pugsley and Olmstead and includes an 83-car parking lot. The units are a mix of one- to four-bedrooms, and approval is in place for the construction of 25 more units on the ground floor.
1314 Seneca Avenue has 60 units, as well as a street-level retail a convenience store and a laundromat. The asking price for the residential at 1314 Seneca is $5.35 million, but with the retail spaces the gross asking price is $6.25 million.
Since acquiring the Seward Ave. building in 2006, DelShah says it’s removed over 90 percent of its violations, upgraded all major systems, implemented a weatherization program, renovated over half of the units, and improved collections and profitability. In January 2013, J51 tax abatement benefits will take effect at the Seneca property due to more than $730,000 of renovations undertaken over the past five years, and that will generate annual tax savings of $32,000 or more.
According to DelShah, the disposition will allow the company to focus on its primary business, which is buying first mortgages and acquiring mixed-use value-add properties (mainly) in Manhattan. The company has retained Ariel Property Advisors and Besen Associates to market the properties.