Delshah Offloads 163 West 80th Street to Chinese Investors for $7.65M



Michael Shah’s Delshah Capital has sold 163 West 80th Street to Yu Far Realty, a group of Chinese investors, for $7.65 million, the company announced today.

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The seller acquired the five-story property in 2008 and converted the building’s existing ten residential units to five full-floor residences. A 1,400-square-foot penthouse unit in the building was listed for rent in February for $7,500 per month, according to StreetEasy.

163 West 80th Street (Delshah Capital)
163 West 80th Street (Delshah Capital)

“We purchased the building in 2008 prior to the recession, bought out all the rent stabilized tenants, and implemented an extensive renovation through a very difficult economic climate,” Mr. Shah, principal of Delshah Capital, said in a prepared statement.  “With the current favorable market conditions, we felt this was an ideal time to sell the property.”

Currently a free-market rental property, a condominium declaration has been filed to establish five residential condominiums in the building, according to a press release announcing the sale. The 9,624-square-foot building is located between Amsterdam and Columbus Avenues, two blocks from Central Park, and boasts a private roof deck on the top floor.

Howard Raber, Randy Modell and Scott Hirschfield of Ariel Property Advisors represented the seller in the transaction.