Delshah Capital just wrote a $76 million check for 34 Berry Street, a 142-unit market-rate apartment building in the heart of Williamsburg, signaling what the buyer is calling a clear return to active growth after a stretch of balance-sheet cleanup. The mid-rise sits at the corner of Berry and North 12th streets and offers studio, one-bedroom and two-bedroom units, all bundled with a full amenity package.
Deal details
Delshah bought the property from LCOR for $76 million, according to Commercial Observer. JLL’s offering materials describe 34 Berry as a 142-unit, Class A building with a rooftop terrace, resident lounge and a 24-hour attended lobby. JLL teams brokered the sale on both sides of the table, representing Delshah as buyer and LCOR as seller.
Money and brokers
JLL’s purchaser advisory team, led by Michael Zaremski and Clayton Ross, guided Delshah, while a seller advisory group headed by Jeffrey Julien, Rob Hinckley, Steven Rutman and Ethan Stanton represented LCOR, according to ConnectCRE. Delshah lined up roughly $62.25 million in acquisition financing from institutional lender Ares, per the same report. Those numbers highlight that major lenders still have plenty of appetite for well-located New York multifamily deals.
What Delshah says
“This acquisition reflects where we are today as a company,” Michael Shah said in a statement, noting that Delshah has restructured its balance sheet and is now positioned to grow with discipline, according to ConnectCRE. Shah cast 34 Berry as a natural fit with Delshah’s existing New York holdings. The announcement arrived alongside senior hires aimed at beefing up the firm’s capital-markets capabilities.
Where it fits
On paper, 34 Berry sits neatly alongside properties listed on Delshah’s site, including 30 Morningside Drive and 22 Chapel Street, underscoring the company’s focus on Manhattan and Brooklyn cores, per Delshah Capital. The Williamsburg buy follows a major portfolio reshuffle that included the Park Hill Apartments transfer, which closed late last year and involved a reported $364.7 million sale and planned rehab work, according to the Park Hill Apartments transfer. Taken together, the moves show Delshah reallocating capital across different asset types around the city.
Market context
Brokers say the 34 Berry trade points to persistent renter demand in Williamsburg and a deep pool of capital chasing top-located assets, a theme JLL highlighted in market commentary cited by Commercial Observer. JLL’s materials also flag a 15-year 421-a tax abatement that runs through June 2026, creating a near-term decision point for owners weighing renovation plans and rent economics. That mix of strong local demand and ticking abatement clock likely influenced both the financing structure and the purchase price.
What’s next
For now, Delshah is focused on folding 34 Berry into its New York portfolio while it maps out strategy ahead of the abatement’s expiration. The deal is a snapshot of how buyers are still playing the city’s micro-markets even as broader capital markets recalibrate. The open question is whether Delshah opts for visible capital improvements at the property or sticks with a steadier long-term hold.
