London-Based BNF Capital Set to Buy 58-60 Ninth Avenue for $21M
By Isabelle Durso May 12, 2025 4:58 pm
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London-based investment firm BNF Capital is in contract to buy a three-story mixed-use building in the Meatpacking District for $21 million, according to court records filed in the Southern District of New York last week.
BNF is set to purchase 58-60 Ninth Avenue, which comprises two retail units and three residential units, from DelShah Capital through a structured bankruptcy process, records show.
Nic Fallows, chief financial officer at BNF, signed for the buyer, while Delshah CEO Michael Shah and Chief Financial Officer Patrick McCann signed for the seller, according to records.
Spokespeople for Delshah and BNF did not immediately respond to requests for comment.
After buying the property in 2013 for $18.2 million, Delshah filed a bankruptcy petition last week for 58-60 Ninth Avenue, as well as a related property at 69 Gansevoort Street. Delshah defaulted on a $28 million loan on the properties, according to PincusCo, which first reported the news.
Once approved, BNF’s purchase of the building on Ninth Avenue between West 14th and West 15th streets will cover a portion of the $35.2 million Delshah owes in debt on the two properties, PincusCo reported.
A different buyer is in contract to buy 69 Gansevoort for $9.25 million, according to PincusCo.
BNF’s new Meatpacking property was once the subject of a federal civil action related to women’s clothing retailer Free People, which was ordered in August 2022 to pay $13 million in skipped rent payments for its four-year stay at 58-60 Ninth Avenue, as Commercial Observer previously reported.
As part of the bankruptcy process, Delshah will keep a $6.7 million judgment against Free People, records show.
Both retail units at the base of the property, as well as the retail space at 69 Gansevoort, are currently vacant, Crain’s New York Business reported.
And it seems like BNF is looking to establish a presence in New York City, as the investment firm also bought the retail building at 43 Crosby Street in SoHo in October for $20.8 million, as CO previously reported.
Isabelle Durso can be reached at idurso@commercialobserver.com.
