Originally Published in The Real Deal
Written by Mark Maurer
Real estate investment firm DelShah Capital bought a six-story commercial building in Chelsea for $26.4 million, according to property records filed with the city today.The 38,710-square-foot property at 221-225 West 17th Street between Seventh and Eighth avenues hit the market for $29.5 million in August. Brokers Brock Emmetsberger and Hall Oster of Massey Knakal Realty Services had the listing.
Doreen Interiors, a manufacturer of upholstery and window treatments, occupies the 5,000-square-foot ground-floor space and has owned the building for more than 20 years. The rest of the structure holds office space.
DelShah plans to redevelop the site into a 10-story luxury residential condominium with ground floor retail space, according to a spokesperson for the developer.
Last year, DelShah, led by Michael Shah, picked up a three-story property at 58 Ninth Avenue in the Meatpacking District for $18.2 million from Icon Realty Management, as previously reported.
Donovan LLP represented the Seller in connection with this transaction.