Delshah, AM Property, REALM $130M purchase of Tishman, GIC’s CitySpire gets recorded

Delshah Capital , AM Property Holding , and REALM through the entity CitySpire JV LLC paid Tishman Speyer and the Singapore sovereign fund GIC through the entity CitySpire REIT, Inc., $130 million for the office and retail condominium unit of the CitySpire tower spanning 24 floors at 150 West 56th Street in Midtown West, Manhattan.

The Commercial Observer reported on the sale in February 2026. Prior news articles used a slightly higher price, but a representative from Delshah Capital said the $130 million figure was correct.
The deal closed on May 26, 2026 and was recorded on June 4, 2026. The property has 309,391 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $420 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
Michael Shah‘s Delshah Capital, AM Property Holding, and their investors form a group that owns a 50 percent stake in the venture, and is the managing member, while partner REALM owns the remaining 50 percent.

A news release from the buyers put the size of the acquired property at about 377,000 square feet, which is the rentable square feet under the city’s loss factor measurement method.

The property is 98 percent leased and recently underwent capital improvements totaling more than $20 million, the release said.

REALM, according to its website is, “an exclusive investment collective consisting of 100+ ultra-high-net-worth individuals, family offices, and foundations dedicated to direct real estate investing.”

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Delshah Capital purchased one property in one transaction for a total of $76 million and sold eight properties in eight transactions for a total of $403.5 million over the past 24 months.
The seller Tishman Speyer purchased one property in one transaction for a total of $105.5 million and sold one property in one transaction for a total of $10.9 million over the same time period. Commercial Observer reported on May 26, 2026 that Delshah Capital, A.M. Property Holding Corporation, and REALM borrowed $88 million from Affinius Capital for 156 West 56th Street, New York, NY. The borrower-side brokers were Jordan Roeschlaub, Christopher Kramer, Nick Scribani, and Tim Polglase of Newmark.

The property

The office condo in Midtown West has 309,391 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 309,391 square feet. The city-designated market value for the property in 2022 is $120.8 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has not received any significant violations in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on September 23, 2020. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Midtown West, The majority, or 75 percent of the 75.9 million square feet of commercial built space are office buildings, with hotel buildings next occupying 14 percent of the space. In sales, Midtown West has the 3rd highest sale turnover among other neighborhoods in the city with $4.4 billion in sales volume in the last two years. For development, Midtown West is the 2nd most active neighborhood among other neighborhoods. It had 37.8 million square feet of commercial and multi-family construction under development in the last two years, which represents 50 percent of the neighborhood’s built space. There were 218 pre-foreclosure suit filed among other office buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of seven of the eight commercial properties representing 1,275,201 square feet of the 1,456,704 square feet. The largest owner is Waterman Interests, followed by Extell Development and then Zucker Organization.
On the tax block, there were two new building construction projects totaling 289,115 square feet. The largest is a 208-unit, 214,032 square-foot hotel/dormitory/shelter (R-1) building submitted by Extell Development and filed by David Rothstein with plans filed April 14, 2023 and it has not been permitted yet. The second largest is a 75,083 square-foot business (B) building submitted by Savanna and filed by Eric Desimone with plans filed March 28, 2017 and permitted December 20, 2017.

The majority, or 43 percent of the 1.5 million square feet of built space are office buildings, with elevator buildings next occupying 28 percent of the space.

The seller

The PincusCo database currently indicates that Tishman Speyer owned at least 42 commercial properties with 2,693 residential units in New York City with 19,217,590 square feet and a PincusCo-determined asset value of $12.7 billion. The portfolio has $10.8 billion in debt, with top three lenders as Bank of America, Wells Fargo, and JPMorgan Chase respectively. Within the portfolio, the bulk, or 67 percent of the 19,217,590 square feet of built space are office properties, with condo properties next occupying 10 percent of the space. The bulk, or 79 percent of the built space, is in Manhattan, with Queens next at 14 percent of the space.

The buyer

The PincusCo database currently indicates that Delshah Capital owned at least 39 commercial properties with 909 residential units in New York City with 1,319,708 square feet and a PincusCo-determined asset value of $584.6 million. The portfolio has $691 million in debt, with top three lenders as Arbor Realty Trust, Apollo Global Management, and Signature Bank respectively. Within the portfolio, the bulk, or 43 percent of the 1,319,708 square feet of built space are elevator properties, with office properties next occupying 23 percent of the space. The bulk, or 55 percent of the built space, is in Manhattan, with Brooklyn next at 44 percent of the space.
The PincusCo database currently indicates that Am Property Holding owned at least 39 commercial properties with 909 residential units in New York City with 1,319,708 square feet and a PincusCo-determined asset value of $584.6 million. Within the portfolio, the bulk, or 43 percent of the 1,319,708 square feet of built space are elevator properties, with office properties next occupying 23 percent of the space. The bulk, or 55 percent of the built space, is in Manhattan, with Brooklyn next at 44 percent of the space.

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