Cedarbridge Management pays $3.2M to Stellar for 41-unit rental in Washington Heights

Cedarbridge Management through the entity 65 Fw Owner LLC paid $3.2 million to Stellar Management through the entity Fort Washington Intercontinental Associates, L.L.C for the 41-unit residential elevator building (D7) at 65 Ft Washington Avenue in Washington Heights, Manhattan. The expected use is cash flowing.
The deal closed on March 9, 2026 and was recorded on April 14, 2026. The property has 60,072 square feet of built space and 200 square feet of additional air rights for a total buildable of 60,272 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $54 and the price per buildable square foot is $53 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 Stellar Management was Adam Roman . The signatory for Cedarbridge Management was Moshe Greenzweig . The contract date was January 26, 2026.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has no record that the buyer Cedarbridge Management had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Stellar Management had not purchased any other properties and sold nine properties in nine transactions for a total of $170.9 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Smajlje Srdanovic, head officer and Ramses Capellan, officer. The business entity is Fort Washington Intercontinental Assoc Llc. The 60,072-square-foot property generated revenue of $781,194 or $13 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 41 residential units in Washington Heights has 60,072 square feet of built space and 200 square feet of additional air rights for a total buildable of 60,272 square feet according to a PincusCo analysis of city data. The parcel has frontage of 102 feet and is 140 feet deep with a total lot size of 10,012 square feet. The lot is irregular. The zoning is R8 which allows for up to 6.02 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $2.4 million. The property has 34 rent regulated units according to city tax records from 2024.

Transaction Participants

David Ornstein at Jeffrey Zwick & Associates, P.C. participated in the transaction on behalf of the buyer.

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 $2,500 in ECB penalties, 173 housing violations, $5,430 in OATH penalties, and three housing litigations 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 24 of the 40 commercial properties representing 2,038,550 square feet of the 2,800,066 square feet. The largest owner is Newyork-Presbyterian Hospital, followed by New York City Housing Authority and then Empire Management.
There are no active new building construction projects on this tax block.

The majority, or 72 percent of the 2.8 million square feet of built space are elevator buildings, with industrial buildings next occupying 21 percent of the space.

The seller

The PincusCo database currently indicates that stellar management owned at least 79 commercial properties with 6,949 residential units in New York City with 9,570,575 square feet and a city-determined market value of $1.5 billion. (Market value is typically about 50% of actual value.) The portfolio has $3.5 billion in debt, with top three lenders as Goldman Sachs, New York Community Bank, and Deutsche Bank respectively. Within the portfolio, the bulk, or 73 percent of the 9,570,575 square feet of built space are elevator properties, with office properties next occupying 11 percent of the space. The bulk, or 86 percent of the built space, is in Manhattan, with Brooklyn next at 6 percent of the space.

The buyer

The PincusCo database currently indicates that cedarbridge management owned at least five commercial properties with 108 residential units in New York City with 105,491 square feet and a city-determined market value of $9.5 million. (Market value is typically about 50% of actual value.) The portfolio has $17.8 million in debt, borrowed from Signature Bank and IceCap Group. Within the portfolio, the bulk, or 73 percent of the 105,491 square feet of built space are elevator properties, with walkup properties next occupying 24 percent of the space. The bulk, or 97 percent of the built space, is in Manhattan, with Brooklyn next at 3 percent of the space.

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