Delshah Capital pays $76M to LCOR for 142-unit rental in Williamsburg

Delshah Capital through the entity Ds 34 Berry III LLC paid $76 million to LCOR through the entity 34 Berry Apartments LLC for the 142-unit residential elevator building (D3) at 34 Berry Street in Williamsburg, Brooklyn. The expected use is cash flowing.
The deal closed on March 31, 2026 and was recorded on April 9, 2026. The property has 149,425 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $508 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.)
The seller bought the property on February 21, 2024, for $53 million. The signatory for LCOR was Kieran Bryers . The signatory for Delshah Capital was Michael Shah . The contract date was February 2, 2026.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has no record that the buyer Delshah Capital had purchased any other properties and sold eight properties in eight transactions for a total of $403.5 million over the past 24 months.
The seller LCOR had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes David Sigman, head officer and Colin Mayers, officer. The business entities are LCOR Asset Management Limited and 34 Berry Apartments Llc. The 149,425-square-foot property generated revenue of $6.4 million or $43 per square foot, according to the most recent income and expense figures.
Commercial Observer reported on April 2, 2026 that Delshah Capital paid $76 million to LCOR for 34 Berry Street, Brooklyn, NY. The buy-side brokers were Michael Zaremski and Clayton Ross of JLL, and the sell-side brokers were Jeffrey Julien, Rob Hinckley, Steven Rutman, and Ethan Stanton of JLL, according to the report.

The property

The residential elevator building with 142 residential units in Williamsburg has 149,425 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 119 feet and is 225 feet deep with a total lot size of 36,000 square feet. The lot is irregular. The zoning is M1-2/R6A which allows for up to 2 times floor area ratio (FAR) for manufacturing and up to 3 times FAR for residential with inclusionary housing. The property has a 421A exemption that started in 2012 and expires in 2027. The city-designated market value for the property in 2022 is $31.7 million. The property has 142 rent regulated units according to city tax records from 2024.

Transaction Participants

Jordan Mautner at Wachtel Missry LLP participated in the transaction on behalf of the buyer.

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 July 12, 2012. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of one of the three commercial properties representing 149,425 square feet of the 196,232 square feet. The identified owner is LCOR.
There are no active new building construction projects on this tax block.

The majority, or 76 percent of the 196,232 square feet of built space are elevator buildings, with industrial buildings next occupying 24 percent of the space.

The seller

The PincusCo database currently indicates that LCOR owned at least five commercial properties with 471 residential units in New York City with 159,165 square feet and a city-determined market value of $38 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 94 percent of the 159,165 square feet of built space are elevator properties, with mixed-use properties next occupying 6 percent of the space. They are all located in Brooklyn.

The buyer

The PincusCo database currently indicates that Delshah Capital owned at least 34 commercial properties with 755 residential units in New York City with 824,641 square feet and a city-determined market value of $164.7 million. (Market value is typically about 50% of actual value.) The portfolio has $621.8 million in debt, with top three lenders as Arbor Realty Trust, Apollo Global Management, and Signature Bank respectively. Within the portfolio, the bulk, or 52 percent of the 824,641 square feet of built space are elevator properties, with walkup properties next occupying 34 percent of the space. The bulk, or 52 percent of the built space, is in Brooklyn, with Manhattan next at 48 percent of the space.

Direct link to Acris document. link