More Than $600K-Per-Apartment for 138 Ludlow St

Delshah Capital paid $18.9 million for 138 Ludlow St., an early 1900s, six-story walk-up building with 27 apartments and two retail spaces on Manhattan’s Lower East Side. That works out to a purchase price of well more than $600,000 per apartment.

“Despite its good bones and excellent location, this building hasn’t yet been positioned to realize its full potential for value,” said Michael Shah, founder of Delshah, which plans renovations including a new roof and common area improvements.

In the building’s market-rate and vacant apartments, Delshah will upgrade kitchen appliances; add washers, dryers and wine chillers; refurbish bathrooms, and install new flooring. The building also includes several rent-stabilized apartments.

Michael DeCheser of Cushman Wakefield, represented both the buyer and seller (Trikupa Realty) in the commercial real estate transaction.

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