Delshah Capital and REALM buy CitySpire office condo in Midtown Manhattan

By AI, Created 5:45 AM UTC, May 26, 2026, /AGP/ – Delshah Capital, REALM and A.M. Property Holding Corp. acquired the office condominium portion of CitySpire at 156 West 56th Street in Manhattan’s Plaza District on May 21. The deal adds a nearly fully leased, recently upgraded office asset with about 377,000 square feet across 24 floors to Delshah’s New York City portfolio.

Why it matters: - The CitySpire purchase gives Delshah Capital and REALM a large Plaza District office asset with strong occupancy and long lease duration. - The deal reflects continued investor interest in upgraded Midtown Manhattan office buildings with institutional tenants and recent capital improvements. - The acquisition also shows how buyers are still willing to trade for well-located office properties at discounted bases after the recent market dislocation.

What happened: - Delshah Capital acquired the office condominium portion of CitySpire on Thursday, May 21, 2026. - The property is at 156 West 56th Street in Manhattan’s Plaza District. - Delshah Capital completed the acquisition in partnership with REALM and A.M. Property Holding Corp. - The transaction covers about 377,000 square feet of office, retail and ancillary space across 24 floors. - CitySpire is a mixed-use tower designed by Helmut Jahn.

The details: - CitySpire is 98% leased. - The weighted average lease term is approaching eight years. - Tenants include Windels Marx Lane & Mittendorf LLP, New York Road Runners and Caleres. - The building has completed more than $20 million in capital improvements. - Recent work included lobby renovations, elevator modernization, cooling tower replacements, infrastructure upgrades and new pre-built office installations. - Delshah said the property’s location, tenancy, capital improvements and transaction structure created a rare chance to buy a premier Plaza District office asset at an attractive basis. - Michael Shah, founder and CEO of Delshah Capital, said the firm remains confident in high-quality New York City office product that fits changing tenant demand.

Between the lines: - Midtown Manhattan office fundamentals are improving, especially in the Plaza District, where demand for upgraded and amenitized space has held up. - Employers are still prioritizing in-person collaboration and flight-to-quality leasing, which favors recently invested-in buildings. - Michael Bacon, Delshah’s head of capital markets and acquisitions, said the transaction fits the firm’s push to work with family offices and institutional capital on larger, more complex deals. - Travis King, founder and CEO of REALM, said the acquisition marks REALM’s entry into New York City at what he views as an opportune time.

What’s next: - Delshah Capital plans to keep expanding a relationship-driven acquisition platform for larger transactions. - REALM and Delshah Capital are likely to keep pursuing additional opportunities in New York City office and other real estate sectors. - The CitySpire deal could serve as a template for more acquisitions of well-located, upgraded office assets with stable tenancy.

The bottom line: - The CitySpire deal is a bet that top-tier Midtown office properties with strong leasing and recent upgrades can still win capital in a cautious market.