Billionaire family office BNF in contract to pay Delshah $21M for Meatpacking retail

The UK-based investment firm and family office BNF Capital through the entity Ninthview LP, signed a contract to pay $21 million for the retail building 58-60 Ninth Avenue in the Meatpacking District, Manhattan, from Michael Shah’s Delshah Capital through a structured bankruptcy process, according to court filings. The contact date was January 23, 2025. The closing is set for October.
Once closed, this will be BNF Capital’s second major purchase in Manhattan over the past year. The firm, headquartered in London, manages the multi-billion dollar holdings of the French-English Perrodo family. It purchased 43 Crosby Street in SoHo last year for $20.8 million.
PincusCo reported last week that Delshah Capital had placed 58-60 Ninth Avenue and 69 Gansevoort Street in bankruptcy with the consent of the special servicer for a $28 million loan that had fallen into default in part because of the impact of Covid and a general decline in retail values making a refinancing difficult.
This sale, once it closes, will pay down a portion of the $35.2 million Delshah estimates it owes on the debt which covers both 58-60 Ninth Avenue and 69 Gansevoort Street, according the bankruptcy filings. 69 Gansevoort Street is also in contract, to a different buyer, for $9.25 million.
Nic Fallows, BNF Capital CFO, signed for the buyer. Michael Shah signed for the seller.

<h2>The property</h2>

The mixed-use building with two retail units and three residential units in Chelsea has 7,719 square feet of built space and 12,832 square feet of additional air rights for a total buildable of 20,546 square feet according to a PincusCo analysis of city data. The parcel has two buildings with frontage of 34 feet and is 100 feet deep with a total lot size of 3,413 square feet. The zoning is C6-2A which allows for up to 6 times floor area ratio (FAR) for commercial and up to 6.02 times FAR for residential with inclusionary housing. The property is in the Gansevoort Market Historic District. The city-designated market value for the property in 2022 is $6.9 million.

The two retail units are vacant and unrented and two of three residential units are rented.

Motion to sell 58-60 9th pdf
Case 25-10950-pb LINK

Delshah Capital bought 69 Gansevoort Street, located between Washington Street and Ninth Avenue, for $8.6 million in August 2012, and eight months later bought 58-60 Ninth Avenue for $18.2 million in April 2013.

Then on August 4, 2017, Cantor Commercial Real Estate lent Delshah Capital $28 million secured by these properties, after which the loan was securitized. In addition, 60 Ninth Avenue was the subject of a state, then federal civil action related to nonpayment of rent during Covid by Free People, a subsidiary of Urban Outfitters. As part of the bankruptcy, Delshah Capital will retain an approximately $7 million judgment against Free People.

Direct link to the property’s 58-60 Ninth Avenue ACRIS page
Direct link to the property’s 69 Gansevoort Street ACRIS page