NEW YORK, NY, UNITED STATES, May 26, 2026 /EINPresswire.com/ — Delshah Capital announced the acquisition of the office condominium portion of CitySpire, the iconic mixed-use tower located at 156 West 56th Street in Manhattan’s Plaza District as of Thursday, May 21, 2026.
The transaction includes approximately 377,000 square feet of office, retail, and ancillary space spanning 24 floors of the Helmut Jahn-designed tower, one of Midtown Manhattan’s most recognizable postmodern skyscrapers.
The acquisition was completed in partnership with REALM and A.M. Property Holding Corp.
Currently 98% leased with a weighted average lease term approaching eight years, the property is anchored by a roster of long-term institutional and professional tenants including Windels Marx Lane & Mittendorf LLP, New York Road Runners, and Caleres. The building has also undergone an extensive capital improvement program in recent years, including significant lobby modernization, elevator upgrades, infrastructure improvements, and tenant-focused amenity enhancements.
The transaction reflects Delshah Capital’s continued conviction in well-located, institutionally relevant New York City office assets, particularly properties benefiting from strong tenancy, recent reinvestment, and basis advantages created during the market dislocation of recent years.
“This was a highly strategic acquisition for us,” said Michael Shah, Founder and Chief Executive Officer of Delshah Capital. “The combination of location, tenancy, capital improvements, and the structure of the transaction itself created a rare opportunity to acquire a premier Plaza District office asset at an exceptionally attractive basis. We continue to believe strongly in high-quality New York City office product that meets the evolving demands of today’s tenants.”
The property recently completed more than $20 million in capital improvements, including renovations to common areas, modernization of elevator systems, cooling tower replacements, and new pre-built office installations designed to compete with newer Class A inventory entering the market.
The acquisition also comes amid improving fundamentals across Midtown Manhattan office markets, particularly within the Plaza District, where demand for upgraded, amenitized office space has remained resilient as employers continue emphasizing in-person collaboration and flight-to-quality leasing strategies.
“Our focus has always been identifying opportunities where sophisticated structuring, operational execution, and long-term market conviction intersect,” said Shah. “We believe CitySpire represents exactly that type of opportunity.”
Michael Bacon, Executive Managing Director and Head of Capital Markets & Acquisitions at Delshah Capital, added: “This partnership reflects the continued evolution of Delshah’s investment platform and our ability to align with sophisticated family offices and institutional capital partners on larger and more complex transactions. We believe there is tremendous opportunity in today’s market for experienced operators with deep New York expertise, strong relationships, and the ability to identify value where others may still see uncertainty.”
“REALM and A.M. Property Holding Corp. were exceptional partners throughout this process, and we believe this transaction represents the type of strategic, relationship-driven acquisition platform we intend to continue expanding going forward,” Bacon added.
“REALM is excited to enter the New York City market at what we believe to be an opportune time and alongside experienced and trusted partners such as Delshah Capital and A.M. Properties,” said Travis King, Founder and CEO of REALM.
About Delshah Capital
Delshah Capital is a New York City-based vertically integrated real estate private equity and asset management firm focused on multifamily, office, retail, and hospitality investments throughout New York City. Founded in 2006, the firm currently owns and operates a portfolio totaling more than two million square feet across the five boroughs.
About REALM
REALM is an exclusive investment collective consisting of more than 130 family offices dedicated to direct real estate investing. An invite-only platform, REALM leverages the relationships, experience, and capital of its members to source and execute superior real estate investments.
With more than $6 billion of real estate transaction experience, REALM’s principals have invested across a variety of property types, geographies, and market cycles.
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