{"id":701452,"date":"2026-04-03T07:17:24","date_gmt":"2026-04-03T07:17:24","guid":{"rendered":"https:\/\/www.europesays.com\/us\/701452\/"},"modified":"2026-04-03T07:17:24","modified_gmt":"2026-04-03T07:17:24","slug":"delshah-capital-pays-76m-to-acquire-lcors-34-berry-street-in-williamsburg-commercial-observer","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/us\/701452\/","title":{"rendered":"Delshah Capital Pays $76M to Acquire LCOR\u2019s 34 Berry Street in Williamsburg \u2013 Commercial Observer"},"content":{"rendered":"

Real estate private equity and asset management firm DelShah Capital<\/a><\/b> has struck a $76 million deal to acquire Brooklyn\u2019s 34 Berry Street <\/b>from real estate investment firm LCOR<\/a><\/b>, the buyer announced Thursday.<\/p>\n

The 142-unit, market-rate multifamily property in Williamsburg last traded to LCOR for $53 million in 2024, according to city records.\u00a0<\/p>\n

SEE ALSO: Stephen Ross Buys Broward County Office Campus for $37M<\/a><\/p>\n

The new acquisition, brokered by JLL<\/a><\/b>\u2019s investment sales and advisory team, is part of a continued portfolio expansion for Delshah.<\/p>\n

\u201cThis acquisition reflects where we are today as a company and the quality of assets that we pursue,\u201d Michael Shah<\/b>, founder and CEO of Delshah, said in a statement. \u201cWe\u2019ve taken the time to restructure our balance sheet and strengthen the business, and we are now in a position to grow again with discipline. Williamsburg is a market we believe in long term, and 34 Berry is exactly the type of asset we want to own.\u201d<\/p>\n

Built in 2010, 34 Berry Street is a Class A property at the corner of Berry and North 12th streets with 80 studio apartments, 47 one-bedrooms and 15 two-bedrooms. Amenities include a rooftop terrace, a resident lounge and a 24-hour attended lobby. Delshah recently announced planned capital improvements to the mid-rise building\u2019s lobby and common areas, as well as renovations to individual units.<\/p>\n

JLL\u2019s Jeffrey Julien<\/b>, Rob Hinckley<\/b>, Steven Rutman<\/b> and Ethan Stanton<\/b> represented LCOR in the deal. Michael Zaremski<\/b> and Clayton Ross<\/b> of JLL\u2019s purchaser advisory team advised Delshah in arranging $62.25 million in acquisition financing through institutional lender Ares<\/a><\/b>.\u00a0<\/p>\n

\u201cWilliamsburg continues to be one of the most sought-after multifamily submarkets in New York City, driven by its dynamic live-work-play environment and sustained renter demand,\u201d Julien told Commercial Observer. \u201c<\/b>This transaction highlights the depth of capital targeting well-located assets and underscores our ability to help clients maximize value through strategic positioning and execution.\u201d<\/p>\n

Delshah\u2019s multifamily portfolio also includes 30 Morningside Drive<\/b> in Manhattan\u2019s Morningside Heights and 22 Chapel Street<\/b> in Downtown Brooklyn. The firm recently made a bold entrance into the Class A office market space<\/a> by acquiring the 70-story CitySpire<\/b> on 156 West 56th Street<\/b>, which Delsha purchased along with A.M. Property Holding <\/b>from Tishman Speyer<\/b> and GIC<\/b>. The in-contract deal for the office and condo tower totals a reported $135.7 million.<\/p>\n

Delshah\u2019s deal-making and development across the city was furthered along in February by its $364.7 sale<\/a> of the Park Hill Apartments<\/b> complex on Staten Island.<\/p>\n

The purchase of 34 Berry Street was announced alongside the addition of Michael Bacon<\/b> to Delshah as executive managing director of its capital markets and acquisitions team. Bacon joins from Bhansali Equities<\/b>, a Dubai-based family office, where he held a leadership role for 15 years.\u00a0<\/p>\n

LCOR did not immediately respond to a request for comment on the deal.\u00a0<\/p>\n

Emily Davis can be reached at edavis@commercialobserver.com<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"Real estate private equity and asset management firm DelShah Capital has struck a $76 million deal to acquire…\n","protected":false},"author":3,"featured_media":701453,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[5122],"tags":[293019,5229,293020,93043,93049,293021,293022,293023,293024,405,403,5226,5225,5228,5227,293025,293026,293027,67,586,132,5230,68,2969],"class_list":["post-701452","post","type-post","status-publish","format-standard","has-post-thumbnail","category-new-york","tag-34-berry-street","tag-america","tag-clayton-ross","tag-ethan-stanton","tag-investments-sales","tag-jeffrey-julien","tag-michael-bacon","tag-michael-shah","tag-michael-zaremski","tag-new-york","tag-new-york-city","tag-newyork","tag-newyorkcity","tag-ny","tag-nyc","tag-park-hill-apartments","tag-rob-hinckley","tag-steven-rutman-channel","tag-united-states","tag-united-states-of-america","tag-unitedstates","tag-unitedstatesofamerica","tag-us","tag-usa"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@us\/116339556271113301","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/701452","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/comments?post=701452"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/701452\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media\/701453"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media?parent=701452"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/categories?post=701452"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/tags?post=701452"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}