207 West 28th Street sits at the intersection of Chelsea and NoMad — one of Manhattan's most supply-constrained residential corridors. The 6-story, ~57,414 SF building (built 1925, Walk Score 99) is being converted from commercial/office use into a two-phase luxury residential project.
Phase 1 — Luxury Condos: The top 50,000 SF is developed into high-end condominiums targeting $2,150/SF at sellout, supported by comparable sales averaging over $2,000/SF in the immediate submarket. Projected gross sellout: $95,450,000.
Phase 2 — Luxury Rentals: The bottom 50,000 SF is renovated into luxury rental apartments. A separate entrance on 29th Street and proximity to the Fashion Institute of Technology (FIT) drive consistent demand from professionals, families, and FIT students with out-of-state guarantors — enhancing tenant bankability in a low-vacancy market.
Key Financials:
Total Project Cost: $137,740,846
Acquisition Price: $50,880,000
Total Equity Required: $41,322,254
Debt Financing: $96,418,592
Projected Gross Condo Sellout: $95,450,000
Pre-Closing Capital Requirement: $5,401,404
Sponsorship:
Grant Shapolsky — Lead Sponsor/Developer. 3rd-generation investor, 25 years in Prime Manhattan, 2M+ SF developed across loft, office, and distressed assets.
Ace Jonas — Co-Sponsor. 20 years across commercial debt brokerage and principal development.
Anthony Rinaldi — Construction Principal & Guarantor. President/CEO, The Rinaldi Group ($2.2B+ portfolio, Ritz Carlton Residences, Trump Tower). GMP contract provides cost certainty.
Architect: Kutnicki Bernstein Architects — design ethos: calm. clarity. comfort.
Why Now: As-of-right renovation (no rezoning required), condo sellout provides immediate liquidity, and Phase 2 rental conversion aligns with the city's housing supply mandate — positioning this project as a solution, not a target, regardless of political headwinds.
This listing is for informational purposes only. All investments involve risk. Transactions occur solely on issuer-operated platforms. Accredited investors only.
Related articles:
Crain's New York Business (December 2025)
https://www.crainsnewyork.com/real-estate/grant-shapolsky-prime-manhattan-development-buy-chelsea-office-building
NY Real Estate Journal — Jafri Capital / PMD Partnership
https://nyrej.com/jafri-capital-forms-partnership-with-pmd-and-choi-architects
Prime Manhattan Development — About Page
https://www.primemanhattandev.com/about
Commercial Observer — 229 West 28th Street Conversion (Lexin Capital)
https://commercialobserver.com/2025/12/lexin-capital-conversion-229-west-28th-street/
YIMBY Forums — Residential Conversions Thread
https://forum.newyorkyimby.com/t/new-york-residential-conversions/24537/41
