Joel Weiss, Isaac Silberstein pay $8.5M for 29-unit rental in Highbridge

Joel Weiss and Isaac Silberstein through the entity Edward Sunshine LLC paid $8.5 million to Robert Kahen through the entity ELG Holdings LLC for the 29-unit residential elevator building (D1) at 1285 Edward L. Grant Highway in Highbridge, Bronx. The expected use is cash flowing.
The deal closed on March 31, 2026 and was recorded on May 1, 2026. The property has 27,066 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $314 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 Robert Kahen was Robert Kahen. The contract date was July 11, 2025.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Joel Weiss purchased seven properties in five transactions for a total of $17.4 million and sold two properties in two transactions for a total of $3.8 million over the past 24 months.
The seller Robert Kahen purchased two properties in one transaction for a total of $2.7 million and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Robert Kahen, head officer and Eli Fisher, agent. The business entity is Elg Holdings Llc. The 27,066-square-foot property generated revenue of $795,470 or $29 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 29 residential units in Highbridge has 27,066 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 100 feet deep with a total lot size of 5,001 square feet. The zoning is R7-1 which allows for up to 3.44 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $3.8 million. The property has 29 rent regulated units according to city tax records from 2024.

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, seven housing violations, and $18,575 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on October 27, 2023. 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 18 of the 32 commercial properties representing 621,034 square feet of the 835,803 square feet. The largest owner is Seungho Kim, followed by Shimon Greisman and then Isaac Herskovitz.
On the tax block, there were three new building construction projects totaling 43,968 square feet. The largest is a 39-unit, 30,128 square-foot hotel/dormitory/shelter (R-1) building submitted by Anthony Milohnic and filed by Anthony Milohnic with plans filed February 28, 2022 and permitted June 10, 2022. The second largest is a 13-unit, 8,959 square-foot residential (R-2) building submitted by Ardit Dekaj with plans filed June 28, 2019 and permitted August 26, 2024.

The majority, or 71 percent of the 835,803 square feet of built space are elevator buildings, with development buildings next occupying 10 percent of the space.

The seller

The PincusCo database currently indicates that Robert Kahen owned at least five commercial properties with 90 residential units in New York City with 72,507 square feet and a PincusCo-determined asset value of $69.5 million. The portfolio has $20.2 million in debt, borrowed from Merchants Capital and JLL. Within the portfolio, all identified are elevator properties. The bulk, or 57 percent of the built space, is in Brooklyn, with Bronx next at 42 percent of the space.

The buyer

The PincusCo database currently indicates that Joel Weiss owned at least 14 commercial properties with 77 residential units in New York City with 85,074 square feet and a PincusCo-determined asset value of $57 million. The portfolio has $36.5 million in debt, with top three lenders as Popular Bank, Parke Bank, and Ridgewood Savings Bank respectively. Within the portfolio, the bulk, or 43 percent of the 85,074 square feet of built space are elevator properties, with walkup properties next occupying 33 percent of the space. The bulk, or 54 percent of the built space, is in Bronx, with Brooklyn next at 40 percent of the space.
The PincusCo database currently indicates that Isaac Silberstein owned at least 14 commercial properties with 77 residential units in New York City with 85,074 square feet and a PincusCo-determined asset value of $57 million. Within the portfolio, the bulk, or 43 percent of the 85,074 square feet of built space are elevator properties, with walkup properties next occupying 33 percent of the space. The bulk, or 54 percent of the built space, is in Bronx, with Brooklyn next at 40 percent of the space.

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