Florida investor David Shapiro pays $9.2M to A.D. Real Estate for 17-unit walkup in Chelsea

UPDATED 6 a.m., September 7, 2025: David Shapiro of Brooklyn-based Grand & Co., through the entity Sixth 410 W 22nd St LLC, paid $9.2 million to A.D. Real Estate Investors through the entity 410 Holdings LLC for the 17-unit residential walkup building (C5) at 410 West 22nd Street in Chelsea, Manhattan. The expected use is cash flowing. Shapiro’s entity has an address in Florida.
The deal closed on August 22, 2025 and was recorded on September 4, 2025. The property has 7,980 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $1,159 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The seller bought the property on December 18, 2014, for $8.5 million. The signatory for A.D. Real Estate Investors was Abraham Daniels . The contract date was June 27, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer David Shapiro had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller A.D. Real Estate Investors had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Adam Daniels, head officer and Aaron Daniels, officer. The business entity is 410 West 22nd Street, Llc. The 7,980-square-foot property generated revenue of $635,502 or $80 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 17 residential units in Chelsea has 7,980 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 28 feet and is 72 feet deep with a total lot size of 2,050 square feet. The lot is irregular. The zoning is R7B which allows for up to 3 times floor area ratio (FAR) for residential. The property is in the Chelsea Historic District. The city-designated market value for the property in 2022 is $3.2 million. Valley National Bank on January 19, 2022 bought a loan with an original principal of from signed by Abraham Daniels, secured by 410 West 22nd Street, when owned by A.D. Real Estate Investors.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received one DOB violation, $2,500 in ECB penalties, and $3,100 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of 12 of the 26 commercial properties representing 151,369 square feet of the 235,669 square feet. The largest owner is Brodsky Organization, followed by Sky Management and then Westover Companies.
There are no active new building construction projects on this tax block.

The majority, or 49 percent of the 235,669 square feet of built space are walkup buildings, with elevator buildings next occupying 41 percent of the space.

CORRECTION: A prior version of this post incorrectly stated the number of residential units was 12, when in fact it’s 17. The post also added the company name Grand & Co.

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