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NEW YORK, NY – April 22, 2014 – Ariel Property Advisors has announced the sale of 163 West 80th Street for $7.65 million.
The sales team of Howard Raber, Randy Modell and Scot Hirschfield represented the seller, Delshah Capital, LLC, a full-service real estate acquisition, development, and management company. The buyer was Yu Far Realty, consisting of a group of Chinese investors.
The five-story, 9,624-square-foot residential brownstone was converted by Delshah from ten units to five full-floor luxury residences. All five were subsequently rented at market rate. While currently operating as a free-market rental property, a condominium declaration has been filed establishing five single residential condominium units within the building.
“Luxury housing in Manhattan is in high demand as exemplified by the borough’s strong rents and rising condo prices,” said Howard Raber, vice president of Ariel Property Advisors. “With this property, the buyers can capitalize on both trends by either maintaining the building as a rental or selling off the individual units as condos.”
“We purchased the building in 2008 prior to the recession, bought out all the rent stabilized tenants, and implemented an extensive renovation through a very difficult economic climate,” stated Michael Shah, principal of DelShah Capital. “With the current favorable market conditions, we felt this was an ideal time to sell the property.”
Located on a tree-lined street between Amsterdam and Columbus and just two blocks from Central Park, 163 West 80th Street has an historic façade with a private roof deck on the fifth floor. Each unit features high ceilings, oversized windows, and high-end finishes including open kitchens with stainless steel appliances and modern bathrooms.
About Delshah Capital: Delshah Capital is a full-service, vertically integrated commercial real estate investment firm specializing in acquiring, developing and managing multi-family, retail and office properties throughout New York City. Founded in 2006 by Michael Shah, Delshah is comprised of over 40 professionals within its commercial real estate investment and property management groups. The firm utilizes a fundamental, value-driven approach to its investments and has expertise in identifying, financing, structuring and managing real estate investments on behalf of institutional clients and for its principal account. Delshah owns a portfolio of more than 2 million square feet valued in excess of $400 million, including recent acquisitions 58-60 Ninth Avenue, 69 Gansevoort Street and 55 Gansevoort in the Meatpacking District as well as 22 Renwick Street (Renwick Modern), 100 Christopher Street and 170 Mercer Street in Manhattan.
More information is available from the exclusive sales agents at 212-544-9500: Howard Raber, ext. 23, hraber@arielpa.com; Randy Modell, ext. 17, rmodell@arielpa.com; or Scot Hirschfield, ext. 16, shirschfield@arielpa.com.
Ariel Property Advisors is a commercial real estate services and advisory company located in New York City. The company covers all major commercial asset types throughout the NY metropolitan area, while maintaining a very sharp focus on multifamily, mixed-use and development properties. Ariel’s Research Division produces a variety of market reports that are referenced throughout the industry.
For press inquiries, please contact our Public Relations Department at 212.544.9500 ext. 19 or via mploc@arielpa.com
The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee the accuracy of any information provided herein. As an example, all zoning information, buildable footage estimates and indicated uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example, and does not necessarily relate to actual vacancy, if any. The value of this prospective investment is dependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. The prospective buyer should carefully verify each item of income, and all other information contained herein.
