Delshah Capital Buys 227 and 456 Grand Street in Williamsburg for $85M

Delshah Capital has purchased two mixed-use residential properties in Williamsburg, Brooklyn. The Michael Shah-led firm bought 227 Grand Street and 456 Grand Street — the latter of which comes with a 421-a tax abatement that doesn’t expire until 2030 — for a combined $85 million from Bronstein Properties, The Real Deal reported. Bronstein paid $43 million for 456 Grand in 2018, according to property records.

The property at 456 Grand, which has 52 apartments, two retail spots and 50 parking spaces, sold for $39.5 million. Meanwhile, 227 Grand, which features 41 apartments, 10 retail slots and 21 parking spaces, sold for $45.5 million. The two properties are located half a mile apart, separated by the Brooklyn-Queens Expressway and the onramps to the Williamsburg Bridge.

The purchase was financed with a $60.5 million loan from Prospect Ridge. It was unclear what the buyer’s plans for the properties are.

The building at 456 Grand was constructed in 2015 under New York City’s PlaNYC Brownfield Cleanup Program, while Bronstein previously acquired 227 Grand in a 2022 bankruptcy sale.

Rosewood Realty Group’s Aaron Jungreis, Ben Khakshoor, Alex Fuchs and Eli Shayestehpour brokered the transaction. JLL’s Michael Zaremski and Clayton Ross negotiated the acquisition on behalf of Delshah.