Delshah Capital Pays $76M to Acquire LCOR’s 34 Berry Street in Williamsburg

Real estate private equity and asset management firm DelShah Capital has struck a $76 million deal to acquire Brooklyn’s 34 Berry Street from real estate investment firm LCOR, the buyer announced Thursday.

The 142-unit, market-rate multifamily property in Williamsburg last traded to LCOR for $53 million in 2024, according to city records. 

The new acquisition, brokered by JLL’s investment sales and advisory team, is part of a continued portfolio expansion for Delshah.

“This acquisition reflects where we are today as a company and the quality of assets that we pursue,” Michael Shah, founder and CEO of Delshah, said in a statement. “We’ve 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.”

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’s lobby and common areas, as well as renovations to individual units.

JLL’s Jeffrey Julien, Rob Hinckley, Steven Rutman and Ethan Stanton represented LCOR in the deal. Michael Zaremski and Clayton Ross of JLL’s purchaser advisory team advised Delshah in arranging $62.25 million in acquisition financing through institutional lender Ares. 

“Williamsburg 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,” Julien told Commercial Observer. “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.”

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

Delshah’s deal-making and development across the city was furthered along in February by its $364.7 sale of the Park Hill Apartments complex on Staten Island.

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

LCOR did not immediately respond to a request for comment on the deal. 

Emily Davis can be reached at edavis@commercialobserver.com.