Stellar Management sells 209-unit rental in Soundview for $17.9M

The entity Underhill Flats, LLC, in care of Michael Silberberg’s law firm Silberberg & Kirschner, paid $17.9 million to Stellar Management through the entity Stellar Bruckner LLC for the 209-unit residential elevator building (D3) at 950 Underhill Avenue in Soundview, Bronx. The expected use is cash flowing.
The deal closed on November 20, 2025 and was recorded on December 2, 2025. The property has 216,650 square feet of built space and 4,560 square feet of additional air rights for a total buildable of 221,642 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $82 and the price per buildable square foot is $80 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 Silberberg & Kirschner registered was Simcha Kirschner . The contract date was November 12, 2025. Simcha Kirschner is a partner with Michael Silberberg at Silberberg & Kirschner. Michael Silberberg owns Berkley Properties and is affiliated with 601W Companies.

Prior sales and revenue

The seller Stellar Management had not purchased any other properties and sold four properties in four transactions for a total of $111.3 million over the past two years. The former owners according to the Department of Housing Preservation and Development includes Smajlje Srdanovic, head officer and Damir Srdanovic, officer. The business entity is Stellar Bruckner Llc. The 216,650-square-foot property generated revenue of $3.7 million or $17 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 209 residential units in Soundview has 216,650 square feet of built space and 4,560 square feet of additional air rights for a total buildable of 221,642 square feet according to a PincusCo analysis of city data. The parcel has frontage of 464 feet and is 199 feet deep with a total lot size of 91,211 square feet. The lot is irregular. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $103,000. The property has 209 rent regulated units according to city tax records from 2023.

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 $500 in ECB penalties, 20 housing violations, $1,500 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 one of the two commercial properties representing 216,650 square feet of the 216,650 square feet. The identified owner is Stellar Management.
There are no active new building construction projects on this tax block.

The majority, or 100 percent of the 216,650 square feet of built space are elevator buildings, with development buildings next occupying 0 percent of the space.

The seller

The PincusCo database currently indicates that Stellar Management owned at least 84 commercial properties with 7,763 residential units in New York City with 10,443,486 square feet and a city-determined market value of $1.5 billion. (Market value is typically about 50% of actual value.) The portfolio has $3.4 billion in debt, with top three lenders as New York Community Bank, Goldman Sachs, and Bank of America respectively. Within the portfolio, the bulk, or 75 percent of the 10,443,486 square feet of built space are elevator properties, with office properties next occupying 10 percent of the space. The bulk, or 79 percent of the built space, is in Manhattan, with Bronx next at 12 percent of the space.

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