Silvershore continues to divest NYC portfolio
Michael Shah’s Delshah Capital has closed on its acquisition of a 28-building multi-family portfolio from Silvershore Properties for $102 million. The portfolio consists of 26 buildings in Brooklyn and two in the Lower East Side.
Dig Deeper: The buildings span approximately 200,000 square feet, and contain 210 apartments, plus 12 retail units. The deal traded at a 4.7 cap, according to TASE documents.
Sound Smart: Most of the properties are classified as 2a or 2b for tax purposes because they contain between four and 10 units. This limits the increase (upto 30 percent) in a property’s ‘Assessed Value’ over a period of five years.