Delshah pays $23.5M for retail condo north of Times Square

UPDATED 8:05 a.m., Feb. 26, 2021: Michael Shah’s Delshah Capital closed this month on the purchase of a retail condominium at 761 Seventh Avenue in Midtown just north of Times Square for $23.5 million, according to a filing with the Tel Aviv Stock Exchange.

The seller, which was not identified by name in the filing, is 761 Partnership, which has James Rosenzweig as an authorized signatory. The building 761 Seventh Avenue is a mixed-use condominium with retail, hotel and residential units, which is between 50th and 51st streets. There are two retail condo units at the building, but the sale involved just one.

The approximately 24,000-square-foot condo currently has a loan with a maximum principal of $29.3 million from Signature Bank, provided in 2016. The TASE filing says Delshah will get a $21.5 million loan from the current lender, but the document does not identify Signature by name.

The TASE filing says the net operating income is expected to be $1.4 million per year. It also says there are no current lease contracts.

The prior tenants included a TGI Fridays.

Correction: A prior version of the post said the sale was in contract. In fact the sale has closed.