515 West 27th Street
This transaction at 515 West 27th Street presents a notably low price per square foot of $325 relative to comparable Chelsea multifamily sales, which range from $380 to over $1,600 PPSF, strongly suggesting the asset is either rent-stabilized with significant regulatory constraints or being marketed primarily as a development/repositioning play given its High Line adjacency. The broker note referencing it as 'one of the last remaining High Line adjacent development sites' and the former Bungalow 8 nightclub space implies the multifamily classification may understate the redevelopment optionality, but also signals current income is depressed. The embedded calculator data shows a DSCR of 0.94x and negative cash-on-cash return at -1.27%, confirming the deal does not cash-flow at current leverage assumptions, which is a material underwriting concern for a conventional lender. The seller (Grieco Family) and broker team (Meridian's Schechtman-led group with $1.8B+ in volume) are credible and experienced parties, reducing execution and counterparty risk. However, the absence of a disclosed buyer, the below-market PPSF, and sub-1.0x DSCR make this a speculative value-add or development play rather than a stabilized income investment, warranting elevated caution from a debt perspective.
Deal Stats
Parties
Seller / Landlord
Grieco Family
The Grieco Family appears to be a private family ownership group with long-term holdings in Manhattan multifamily real estate, consistent with legacy owner-operator profiles common in Chelsea and West Side neighborhoods. Their engagement of a top-tier brokerage team at Meridian Capital Group suggests sophistication and a structured disposition process.
Score Analysis
How to improve
The following actions could meaningfully improve this deal's Homage score. Each suggestion is based on the deal's profile, asset type, and current rating — addressing them before approaching a lender can increase approval likelihood and lower borrowing costs.
Resolve outstanding violations or liens
Active violations significantly depress the score; clearing them has high impact.
Provide sponsor financial statements
Documented liquidity and net worth reduce lender risk perception.
Submit a detailed business plan
A clear repositioning or hold strategy demonstrates deal viability.
Identify institutional co-lenders or equity partners
Reputable co-investors signal deal quality to underwriters.
Raw Deal Textclick to expand
Submit Growing Financial Partnerships For Over 30 Years. Get Started Deals New York Multifamily Sale 515 West 27th Street Grieco Family Sells Multifamily Asset At 515 West 27th Street For $4.025M SOLD $4,025,000 MultiFamily 12,347 SF Sold 2 weeks ago the deal players comps contact related Summary NEW YORK Asset Type: Price Per Square Foot: $326 Total Square Footage: Transaction Type: The asset involved in this transaction is a multifamily property located at 515 West 27th Street in Chelsea, Manhattan. The sale price of the property was $4,025,000, and it has a total square footage of 12,347, resulting in a price per square foot of $325. Summary of transaction details: Property Type: Multifamily Transaction Amount: $4,025,000 Address: 515 West 27th Street Market: Chelsea, Manhattan Seller: Grieco Family Sale Date: 5/5/2026 Broker Representation: David Schechtman, Jonathan Schwartz & Henry Barnathan - Meridian Capital Group Meridian Capital Group facilitated the transaction, representing the seller, Grieco Family. The brokers involved in this deal were David Schechtman, Jonathan Schwartz, and Henry Barnathan, who are acknowledged in the promotion of the property's successful sale. Players All Brokers David Schechtman 68 deals $1.8B volume BROKER Jonathan Schwartz 12 deals $108M volume Henry Barnathan 6 deals $64.4M volume (212) 468-5994 Details Deal Summary IMAGE: Jonathan Schwartz, David Schechtman & Henry Barnathan DATE: 5/5/2026 ADDRESS: 515 West 27th Street MARKET: Chelsea, Manhattan ASSET TYPE: Multifamily SELLER: Grieco Family BROKERS: David Schechtman (@Team.Schechtman), Jonathan Schwartz & Henry Barnathan - Meridian Capital Group (@Meridian.Capital.Group) SALE PRICE: $4,025,000 SF: 12,347 ~ PPSF: $325 NOTE FROM BROKER: Meridian is pleased to announce the sale of The former Bungalow 8 space which is one of the last remaining high line adjacent development sites. Email New York | @tradedny Comps 10 These are similar deals based on proximity and similarity to the subject deal. R.A.Cohen & Associates Acquires Multifamily Property In Chelsea For $3.35M New York | MultiFamily | PPSF: $827 + 2 04/25/2022 Jessica Eker Acquires Multifamily Property In Chelsea, Manhattan For $5.3M New York | MultiFamily | PPSF: $1644 04/28/2022 Ezra Nasser Purchases Multifamily Property At 402 West 22nd Street From Glenn Sullivan For $4.81M New York | MultiFamily | PPSF: $1004 01/03/2025 Avison Young Sells Multifamily Asset In New York City For $5M New York | MultiFamily | PPSF: $2659 + 3 05/11/2023 Griffin Ventures Acquires Norwood Multifamily For $4.7M From Abraham Hercman New York | MultiFamily | PPSF: $158 YW 06/06/2023 Myles Horn Acquires Multifamily Property In Chelsea For $3.1M New York | MultiFamily | PPSF: $649 09/24/2021 Yve Yang Acquires Multifamily Asset At 443 West 19th Street From Patrick H Horrigan For $4.999M New York | MultiFamily | PPSF: $1025 09/10/2025 Two Kings Real Estate Acquires Property From Third Old New York LLC For $4.7M New York | MultiFamily | PPSF: $587 01/19/2021 Manish Shah Acquires Multifamily Property In Chelsea For $4.7M 12/31/2020 The Sabet Group Acquires Multifamily Property In Chelsea For $3.4M New York | MultiFamily | PPSF: $380 07/01/2020 Contact Get in touch with the broker you want Select Brokers Jonathan (Jon) Schwartz, David Schechtman, Henry Barnathan Name Phone (optional) Message I'm an agent These are similar buyers of MultiFamily properties in this MP Mike Pitman $25M Volume 8 Closed Deals Jonathan Wiener $166M Volume 23 Closed Deals JI John Ilibassi $21M Volume 5 Closed Deals Upgrade to unlock RT Richard Thypin $9M Volume 3 Closed Deals Max Padway $94M Volume Unlock All Profiles Unlimited deal views Access investor profiles & contacts Exclusive comps & market data These are similar brokers based on this deal Adam Lobel 136 Closed Deals (314) 920-8639 Alan Stenson 20 Closed Deals (646) 288-4757 Brandon Thomas 13 Closed Deals (516) 680-5777 Brock Emmetsberger 27 Closed Deals (646) 933-2620 Charles Chang (646) 330-5802 Top Markets for Multifamily Investment Report Fall 2025 Download Report Enter any address to instantly view nearby comps, investors, brokers, lenders, and a visual map. 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Deal Type SALE LOAN LEASE Purchase Price Loan-to-Value (%) Interest Rate (%) Amortization Period 30 years Loan Term 10 years Operating Income Gross Potential Rent (Annual) Vacancy Rate (%) Operating Expenses (Annual) Property Tax Insurance Maintenance Utilities Management Reserves Reset Net Operating Income (NOI) $214,666.67 Debt Service Coverage Ratio (DSCR) 0.94x DSCR below 1.0x - deal does not cover debt service Cap Rate 5.33% Cash Flow (Annual) -$14,299.97 Cash-on-Cash Return -1.27% Monthly Debt Service $19,080.55 Annual Debt Service $228,966.64 Is there something missing? Send suggestions We are telling CRE's story Traded is the #1 source for cutting edge CRE transactions & insights. 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