Real Estate
Home›Real Estate›Industry›Delshah Capital CEO Michael Shah closes nearly $400M i…
Delshah Capital CEO Michael Shah closes nearly $400M in deals
The acquisitions mark a reversal from Delshah Capital’s 2023 distress, when Shah sought to sell a Meatpacking District hotel and repay $59M in Israeli bonds due in September.
Delshah Capital CEO Michael Shah has completed an acquisition binge, closing nearly $400M in deals over six months, according to an account by Bisnow. The report frames the activity as a comeback from bankruptcy-related distress that began less than three years earlier.
In 2023, Shah was focused on $59M in Israeli bonds coming due in September and planned to sell 55 Gansevoort St., a boutique hotel in Manhattan’s Meatpacking District, to repay the debt. Bisnow reports that although Delshah reached a contract with a buyer months earlier, the buyer later backed out, leaving the firm’s financial outlook in question.
Bisnow also says the crisis extended beyond Delshah’s balance sheet. Shah described the death of Chad Roberson, the firm’s then-head of capital markets, who took his own life in 2024.
The article further notes Shah’s network during the downturn, including early calls to LIHC Investment Group principal Charlie Gendron and Ziel Feldman, founder of the now-defunct HFZ Capital Group. Bisnow adds that Feldman was not implicated in an $86M fraud scheme involving HFZ partner Nir Meir, who has pleaded not guilty and is scheduled to face trial in October.