Greenstone Realty Group pays $4M for 62-unit dev site in Chelsea

Rodney Sani ‘s Greenstone Realty Group through the entity 515 West 27th Street LLC paid $4 million to Grieco family through the entity Star Realty 515 LLC for the 62-unit development site now occupied by a retail building (K1) at 515 West 27th Street in Chelsea, Manhattan. The expected use is ground up development.

On the lot, there is one active new building construction project, M01352841, for a 62-unit, 17,804 square-foot residential (R-2) building. The project was submitted by Rodney Sani on March 11, 2026 and it has not been permitted yet.
The sale closed on May 5, 2026 and was recorded on June 15, 2026. The property has 2,465 square feet of built space and 16,097 square feet of additional air rights for a total buildable of 18,566 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,632 and the price per buildable square foot is $216 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 signatory for the Grieco family was Edward J. Bullard Jr. . The contract date was January 16, 2026.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has no record that the buyer Greenstone Realty Group had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Grieco family had not purchased any other properties and had not sold any properties over the same time period. The 2,465-square-foot property generated revenue of $320,610 or $130 per square foot, according to the most recent income and expense figures.

The property

The retail building in Chelsea has 2,465 square feet of built space and 16,097 square feet of additional air rights for a total buildable of 18,566 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 98 feet deep with a total lot size of 2,469 square feet. The zoning is C6-3 which allows for up to 6 times floor area ratio (FAR) for commercial and up to 7.52 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $2.3 million.

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 not received any significant violations in the last year.

The neighborhood

In Chelsea, The bulk, or 35 percent of the 52.5 million square feet of commercial built space are office buildings, with elevator buildings next occupying 28 percent of the space. In sales, Chelsea has the 8th highest sale turnover among other neighborhoods in the city with $1.7 billion in sales volume in the last two years. For development, Chelsea has 2 times the average amount of major developments relative to other neighborhoods and is the 13th highest in Manhattan. It had 3.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of nine of the 14 commercial properties representing 300,505 square feet of the 410,898 square feet. The largest owner is Atlantic Development Group , followed by Jame Y.A. Pastreich and then Kamran Hakim.
On the tax block, there were two new building construction projects totaling 94,754 square feet. The largest is a 60-unit, 76,949 square-foot residential (R-2) building submitted by Silvera Properties and filed by David Silvera with plans filed December 11, 2024 and it has not been permitted yet. The second largest is a 62-unit, 17,804 square-foot residential (R-2) building submitted by Rodney Sani and filed by Rodney Sani with plans filed March 11, 2026 and it has not been permitted yet.

The majority, or 37 percent of the 410,898 square feet of built space are retail buildings, with elevator buildings next occupying 33 percent of the space.

The buyer

The PincusCo database currently indicates that Greenstone Realty Group owned at least two commercial properties with three residential units in New York City with 4,928 square feet and a PincusCo-determined asset value of $7.2 million. Within the portfolio, the bulk, or 59 percent of the 4,928 square feet of built space are C0 properties, with retail properties next occupying 40 percent of the space.

Direct link to Acris document. link