Delshah Capital refis $23.5M at Midtown West retail, including $18M with Longline Holdings

Delshah Capital through the entity DS 761 Seventh Avenue LLC as borrower signed a refi loan with lender Longline Holdings through the entity Longline Financial Agent, LLC valued at $18 million for the retail condo at 761 Seventh Avenue in Midtown West, Manhattan.
The deal closed on December 31, 2024 and was recorded on January 21, 2025. The property has 24,995 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $720 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 February 16, 2021, for $24.3 million. The signatory for Delshah Capital was Michael Shah. The signatory for Longline Holdings was Philip Russ. PincusCo reported on the $24.3 million acquisition and the acquisition loan in 2021. In July 2024 the condo board of the building filed a suit in Manhattan State Supreme Court alleging $91,751.57 in condo lien arrears. Simultaneously with this $18 million loan, Delshah Capital signed a $5.5 million loan with an entity in care of Delshah Capital’s offices.

The property

The retail condo in Midtown West has 24,995 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 24,995 square feet. The city-designated market value for the property in 2022 is $15.4 million. The most recent loan totaled $23.5 million and was provided by Signature Bank on February 16, 2021.

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 August 23, 2013. 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 $2.5 billion in sales volume in the last two years. For development, Midtown West is the most active neighborhood among other neighborhoods. It had 30.6 million square feet of commercial and multi-family construction under development in the last two years, which represents 40 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of two of the two commercial properties representing 2,828,659 square feet of the 2,828,659 square feet. The two identified owners are Rockefeller Group and Thakkar Developers.
There are no active new building construction projects on this tax block.

All properties are office.

The borrower

The PincusCo database currently indicates that Delshah Capital owned at least 36 commercial properties with 584 residential units in New York City with 674,408 square feet and a city-determined market value of $147.7 million. (Market value is typically about 50% of actual value.) The portfolio has $517.7 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 674,408 square feet of built space are walkup properties, with elevator properties next occupying 39 percent of the space. The bulk, or 60 percent of the built space, is in Manhattan, with Brooklyn next at 40 percent of the space.

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