Delshah Capital signs $14.1M refi with Peapack for 27-unit walkup in Lower East Side

Delshah Capital through the entity Ds 138 Ludlow LLC as borrower signed a refi loan with lender Peapack Private Bank & Trust valued at $14.1 million for the 27-unit residential walkup building (C7) at 138 Ludlow Street in Lower East Side, Manhattan.
The deal closed on March 5, 2026 and was recorded on March 16, 2026. The prior lender was Amherst Group which held debt that had an original loan amount of $17.7 million.The property has 18,180 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $775 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 owner bought the property on January 16, 2018, for $18.9 million. The signatory for Delshah Capital was Michael K. Shah . The signatory for Peapack Private Bank & Trust was Zachary Bermudez .

Prior sales, articles and revenue

The owners according to the Department of Housing Preservation and Development includes Michael Shah, head officer and Bonni Lippman, agent. The business entities are Ds 138 Ludlow Llc and 138 Ludlow Llc. The 18,180-square-foot property generated revenue of $1.6 million or $89 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 27 residential units in Lower East Side has 18,180 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 47 feet and is 89 feet deep with a total lot size of 4,235 square feet. The zoning is C4-4A which allows for up to 4 times floor area ratio (FAR) for commercial and up to 4 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $8.4 million. Peapack Private Bank & Trust on March 5, 2026 bought a loan with an original principal of $17.7M from Amherst Group signed by Jason Rottinger , secured by 138 Ludlow Street, when owned by Delshah Capital . The property has 7 rent regulated units according to city tax records from 2024.

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 received one DOB violation, 49 housing violations, and $450 in OATH penalties in the last year.

Development

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 13 of the 50 commercial properties representing 169,476 square feet of the 515,045 square feet. The largest owner is Hubb Nyc, followed by Akelius and then Slate Property Group.
There are no active new building construction projects on this tax block.

The majority, or 50 percent of the 515,045 square feet of built space are walkup buildings, with elevator buildings next occupying 23 percent of the space.

The borrower

The PincusCo database currently indicates that Delshah Capital owned at least 33 commercial properties with 575 residential units in New York City with 660,082 square feet and a city-determined market value of $135.1 million. (Market value is typically about 50% of actual value.) The portfolio has $541.2 million in debt, with top three lenders as Arbor Realty Trust, Apollo Global Management, and Signature Bank respectively. Within the portfolio, the bulk, or 42 percent of the 660,082 square feet of built space are walkup properties, with elevator properties next occupying 40 percent of the space. The bulk, or 59 percent of the built space, is in Manhattan, with Brooklyn next at 41 percent of the space.

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