R.E. Property Group, Gorjian pay $2.6M to Stellar for 24-unit rental in Harlem

R.E. Property Group and Gorjian Real Estate Group through the entity Point 504 Realty LLC paid $2.6 million to Stellar Management through the entity 504 W. 143rd Associates, L.L.C. for the 24-unit residential elevator building (D1) at 504 West 143rd Street in Harlem, Manhattan. The expected use is cash flowing.
The deal closed on December 29, 2025 and was recorded on January 8, 2026. The property has 22,980 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $112 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 contract date was October 16, 2025. Larry Gluck, the late founder of Stellar Management, bought this building June 2, 1993, from Freddie Mac in a lender REO sale, after the former owner Moishe Bodner lost the property in foreclosure to Freddie Mac in January 1992.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer R.E. Property Group purchased one property in one transaction for a total of $2.2 million 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 seven properties in seven transactions for a total of $165.4 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Cobby Gorjian, head officer and Jimmy Beal, site manager. The business entity is Point 504 Realty Llc. The 22,980-square-foot property generated revenue of $530,406 or $23 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 24 residential units in Harlem has 22,980 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 99 feet deep with a total lot size of 5,000 square feet. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.6 million. The property has 16 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 eight housing violations, $300 in OATH penalties, and one housing litigation 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 10 of the 17 commercial properties representing 306,201 square feet of the 412,813 square feet. The largest owner is Stellar Management, followed by West Harlem Group Assistance and then Kraus Organization.
There are no active new building construction projects on this tax block.

The majority, or 83 percent of the 412,813 square feet of built space are elevator buildings, with walkup buildings next occupying 17 percent of the space.

The seller

The PincusCo database currently indicates that Stellar Management owned at least 81 commercial properties with 6,993 residential units in New York City with 9,614,880 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 Wells Fargo respectively. Within the portfolio, the bulk, or 73 percent of the 9,614,880 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 Gorjian Real Estate Group owned at least 13 commercial properties with 148 residential units in New York City with 276,192 square feet and a city-determined market value of $87.1 million. (Market value is typically about 50% of actual value.) The portfolio has $12 million in debt, borrowed from Citibank. Within the portfolio, the bulk, or 45 percent of the 276,192 square feet of built space are office properties, with walkup properties next occupying 36 percent of the space. They are all located in Manhattan.
The PincusCo database currently indicates that R.E. Property Group owned at least five commercial properties with 48 residential units in New York City with 49,892 square feet and a city-determined market value of $5.8 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 85 percent of the 49,892 square feet of built space are walkup properties, with mixed-use properties next occupying 15 percent of the space. The bulk, or 85 percent of the built space, is in Bronx, with Manhattan next at 15 percent of the space.

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