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Delshah Capital has expanded its presence in Williamsburg with the acquisition of 34 Berry St., a market-rate multifamily property totaling 142 units. The asset was purchased from LCOR in a transaction valued at $76 million, adding another rental community to Delshah’s holdings in what the firm describes as one of New York City’s strongest rental markets.
The transaction underscores Delshah’s stated strategy of returning to active growth after a period of balance sheet restructuring. In announcing the deal, the company positioned the acquisition as part of a broader effort to grow its multifamily portfolio with what it characterizes as disciplined deployment of capital. The purchase is described as a continuation of its expansion in Williamsburg and as aligned with Delshah’s focus on higher-quality assets.
JLL Capital Markets brokered the sale, with an investment sales and advisory team representing the seller. The team was led by Jeffrey Julien, Rob Hinckley, Steven Rutman, and Ethan Stanton. On the buy side, JLL also advised Delshah Capital, with a purchaser advisory team led by Michael Zaremski and Clayton Ross. That team arranged $62.25 million in acquisition financing through Ares, providing debt capital in conjunction with the equity deployed for the purchase.
Delshah Capital founder and CEO Michael Shah said the transaction is indicative of where the company is in its current business cycle and the type of multifamily properties it is targeting. He noted that the firm has focused on restructuring its balance sheet and strengthening the business, and that it now views itself as positioned to resume growth while maintaining discipline. Shah characterized Williamsburg as a market the company believes in over the long term and described 34 Berry as the kind of multifamily asset it aims to own.
Shah also framed 34 Berry as complementary to other Delshah properties, citing 30 Morningside Dr. and 22 Chapel St. as part of what he called best-in-class multifamily offerings in the portfolio. By adding 142 market-rate units at 34 Berry St., Delshah is expanding its exposure to a rental market it views as durable while working with established capital markets intermediaries and lenders to finance that growth.
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