Delshah Capital pays $8.5M to Shimon Avadi for property in Lower East Side

Delshah Capital through the entity Griffon Q, LLC paid Shimon Avadi’s 119 Orchard Property Inc. $8.5 million for 119 Orchard Street on the Lower East Side. The deal closed on April 8, 2021 and was recorded on April 21, 2021. The transaction consists of 1 parcel including the tax class boutique hotel 10-100 rooms (HB). The properties have a total of 66,316 square feet of built space. The parcel(s) have total development potential of 66,316 square feet.
The average sale price per square foot is $128.

The contract date was January 8, 2021. The last time the property sold was June 26, 2008 for $2,050,000.
Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000.

Direct link to Acris document. link
The signatory for the buyer was Michael Shah.