New York City – DelShah Capital, LLC, a full-service real estate debt acquisition,and management company, today announced the sale of 195 Steuben Street and 231 Steuben Street in Staten Island to The Arker Companies for $27 million. The seven-story, 98,700-square-foot rental buildings are each comprised of 99 apartments (for a total of 197,400 square feet and 198 units), with a private parking lot behind both.
Heidi Burkhart of Dane Professional Consulting Group represented the buyer, and DelShah Capital represented itself in the transaction. Arker Companies, an affordable housing preservation buyer, purchased 195 and 231 Steuben Street from DelShah as part of a tax-exempt bond financing.
“We are pleased to sell 195 and 231 Steuben Street to The Arker Companies, one of the leading developers, owners and managers of affordable housing in New York,” states Michael Shah, Principal of DelShah Capital.
DelShah Capital, LLC is a full-service real estate debt acquisition, development and management company. DelShah owns and operates 1,750 multifamily units as part of its 2 million square foot commercial real estate portfolio spread throughout New York City. The company has expertise in identifying, financing, managing and exiting investments on behalf of institutional clients and for its own portfolio. It specializes in the purchase and foreclosure of non-performing commercial mortgages, including resolving bankruptcies and complex litigation in addition to traditional asset repositioning. The company integrates rigorous financial and legal structuring with professional real estate asset management.
DelShah’s recent acquisitions include 22 Renwick Street, 55 Gansevoort Street, and 11 East 36th Street in Manhattan. For more information, please call 212-213-8777 or visit www.delshah.com. About The Arker Companies: The Arker Companies has been building projects in New York City for more than 30 years. Located in Floral Park on Long Island, the development company contracts, owns, and manages multi-family and single-family housing, and retail and office projects. It is one of the leading developers of affordable housing in New York in its building of more than 4,000 units, for rent and for sale. Arker also develops market-rate, commercial and mixed-used projects. Company principals are Sol, Allan and Alex Arker and Daniel Moritz.