Another day, another Lower East Side building changes hands. This transaction actually took place in August, when Silvershore Properties purchased 101 Delancey Street for $7 million. The six-story building on the southeast corner of Delancey and Ludlow streets includes 20 apartments and five ground floor retail spaces.
The new owner is managing the building under a different name, Dolphin Equities. According to its web site, “Dolphin Equities is considered to be the most active buyer of investment properties in New York City,” having purchased more than 30 buildings in Manhattan and Brooklyn since the middle of 2010.
At least one commercial tenant received an eviction notice shortly after the sale was completed August 2. A “transition” specialist has been on site in recent weeks to deal with tenants who have agreed to move out of their apartments in exchange for cash settlements. Once rent regulated apartments are emptied out, building owners are free to convert them to market rate units.