Delshah Capital Buys 227 and 456 Grand Street in Williamsburg for $85M

DelShah Capital has purchased two mixed-use residential properties in Williamsburg, Brooklyn.

The Michael Shah-led firm bought 227 Grand Street and 456 Grand Street — the latter of which comes with a 421-a tax abatement that doesn’t expire until 2030 — for a combined $85 million from Bronstein Properties, The Real Deal reported.

Bronstein paid $43 million for 456 Grand in 2018, according to property records.

456 Grand, which has 52 apartments, two retail spots and 50 parking spaces, sold for $39.5 million, while 227 Grand, which has 41 apartments, 10 retail slots and 21 spaces for parking, sold for $45.5 million, according to TRD. The two properties are half a mile apart, but separated by the Brooklyn-Queens Expressway and the onramps to the Williamsburg Bridge.

“Bronstein Properties is a three-generation, family-owned business that has owned and operated multifamily housing in New York City for more than 60 years,” a spokesperson for Bronstein said in a statement. “We were pleased to own and operate 456 Grand Street since 2018 and, after careful consideration, determined that this transaction was appropriate as part of our ongoing portfolio management strategy.”

Delshah did not immediately respond to a request for comment.

Aaron Jungreis, Ben Khakshoor, Alex Fuchs, and Eli Shayestehpour of Rosewood Realty Group negotiated the sale on behalf of both the buyer and the seller.

The purchase was financed with a $60.5 million loan from Prospect Ridge. It was unclear what the buyer’s plans for the property are. Prospect Ridge did not immediately respond to a request for comment.

JLL‘s Michael Zaremski and Clayton Ross arranged the acquisition financing on behalf of Delshah.

The building at 456 Grand was constructed in 2015 under New York City’s PlaNYC Brownfield Cleanup Program. Bronstein acquired 227 Grand in a 2022 bankruptcy sale.

Mark Hallum can be reached at mhallum@commercialobserver.com.