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DelShah Capital Purchases Debt on Sunrise Terrace Condos

NEW YORK CITY-Principal Michael Shah tells GlobeSt.com that the company purchased the first mortgage on 31-32 Union St. in Flushing and worked through a foreclosure litigation here.

By Jacqueline Hlavenka | Updated on September 28, 2011

NEW YORK CITY-Real estate investment firm DelShah Capital LLC has completed the purchasing transaction for the 17 remaining unsold residential  and seven commercial units in the Sunrise Terrace luxury condominium complex at 31-32 Union Street, Flushing, Queens, which has a total of  32 residential units. DelShah’s principal Michael Shah tells GlobeSt.com that the company purchased the first mortgage on the mixed-use building from China Trust Bank for $5.4 million, and then worked through a foreclosure litigation against previous owner Paramount Management Corp. and five junior creditors, including Grand Pacific USA, private lender Golden Eagle and other private investors in the Flushing community.

The motivation here, Shah says, was the quality of the property. “The building was beautifully built and it was one of the better developed buildings in the area,” he says. DelShah won the foreclosure auction at $3.7 million dollars and is now marketing the residential and commercial units with Distinct New York and Prudential Douglas Elliman. “Number two, we were in at a very good basis, about $190 per buildable square foot, and number three, there was a complicated legal fight going on, and that’s what we are really, really good at resolving.”

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