Delshah Capital has made two residential buys in Brooklyn's Williamsburg market for a combined $85.3 million. The deal involves properties at 456 Grand Street and 227 Grand Street, purchased at $39.5 million and $43 million, respectively, according to a report from The Real Deal.
Prospect Ridge provided a $60.5 million loan to support the transaction.
Bronstein Properties was listed as the seller of 456 Grand, which bought the property for $43 million in 2018, a small discount compared to what Delshah paid. Meanwhile, 227 Grand, developed by Toby Moskovits, was sold in a 2022 bankruptcy auction, the news outlet noted.
456 Grand Street offers 52 apartments, two retail spaces and a parking garage with 50 spots across 75,000 total square feet. The other 41-apartment asset features 21 parking spots and 10 retail spaces.
Both mixed-use residential properties fit the firm's strategy of acquiring high-quality assets in well-located neighborhoods, Delshah founder Michael Shah said in a statement, according to The Real Deal.
During the first quarter, median rents across New York City accelerated by 6.2 percent year-over-year to $3,616, according to a report from Realtor. Brooklyn's gain was on the stronger side compared with the other areas in the city, with the borough enjoying 3.9 percent growth.
But what's on every multifamily landlord's mind today in NYC is the possibility of a rent freeze, a core campaign promise from Mayor Zohran Mamdani. The Rent Guidelines Board is set to make a final decision on that front at the end of the month.
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