“We are going to renovate floors three, four and five as boutique office spaces, and most likely put them up for lease through Jones Lang LaSalle,” he says. “It’s not final yet, but we’ve been working with Scott Panzer throughout the entire transaction.”

Shah says the tenant mix will most likely be tech, hedge fund or art-related, mainly due to the fact that the $700 million Whitney Museum Development is down the road. “There may be Whitney service providers that need office space in close proximity, but tech is sort of the natural first guess,” he says. “But I can see a hedge fund that just wants to entertain clients and walk downstairs and have all of these options."

The building is also home to two restaurants: Villa Pacri and La Gazetta, as well as nightclub Gun Bar. Currently, DelShah is in negotiations and restructuring the lease with Villa Pacri LLC, which runs the food and entertainment sites. The company is also submitting plans to the city’s Landmarks Preservation Commission for approval of an outdoor rooftop space.

Overall, Shah says the pricing on transaction -- $30 million -- is a sign that the New York market is “very much” back. “This was a very messy situation,” he says. “In addition to the senior liens, there were four other creditors that we needed to bring to the table as well the debtor, but we were able to come up with a solution that everybody was happy with and left us the building at a very good basis.”