Stellar sells two Bronx rentals for $36.16M, marking 3 sales in month

Two entities registered at Michael Silberberg’s law firm Silberberg & Kirschner, paid a total of $36.16 million in two transactions for two Bronx rental buildings. There mark the second and third sales recorded so far this week.

In the larger of yesterday’s transactions, the entity Bruckner Flats, LLC, paid $20 million to Stellar Management through the entity Stellar 2020 LLC for the 331-unit residential elevator building (D3) at 2010 Bruckner Boulevard in Unionport, Bronx. The expected use is cash flowing.

The deal closed on November 20, 2025 and was recorded on December 3, 2025. The property has 359,556 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $55 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.)

In the smaller transaction yesterday, the Silberberg & Kirschner registered entity Janel Flats, LLC paid $16.1 million to Stellar Management through the entity Janel Towers LLC for the 230-unit residential elevator building (D3) at 801 Neill Avenue in Morris Park, Bronx. The expected use is cash flowing.

The deal closed on November 20, 2025 and was recorded on December 3, 2025. The property has 252,400 square feet of built space and 9,705 square feet of additional air rights for a total buildable of 262,039 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $63 and the price per buildable square foot is $61 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 seller bought the property on January 3, 2006, for $11.5 million.

For both transactions, the signatory for Stellar Management was Adam Roman . The signatory for the Silberberg & Kirschner registered entities was Simcha Kirschner . The contract date was November 12, 2025.

Michael Silberberg is a partner at Silberberg & Kirschner and is the owner the property investment company Berkley Properties.

Yesterday, PincusCo reported that 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.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Silberberg & Kirschner registered purchased one property in one transaction for a total of $17.9 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 five properties in five transactions for a total of $129.2 million over the same time period. 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 2020 Llc. The 359,556-square-foot property generated revenue of $5 million or $14 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 331 residential units in Unionport has 359,556 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 540 feet and is 780 feet deep with a total lot size of 133,625 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 $13.7 million. The property has 153 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 $1,250 in ECB penalties, 88 housing violations, $3,150 in OATH penalties, and two 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 owner of the one commercial property that spans that spans 359,556 square feet on the block.The identified owner is Stellar Management.
On the tax block, there were two new building construction projects totaling 160,596 square feet. The largest is a 128-unit, 88,702 square-foot residential (R-2) building submitted by Heights Advisors and filed by Math Roth with plans filed October 4, 2018 and it has not been permitted yet. The second largest is a 161-unit, 71,894 square-foot hotel/dormitory/shelter (R-1) building submitted by Heights Advisors and filed by Math Roth with plans filed October 4, 2018 and permitted March 4, 2022.

All properties are elevator.

The seller

The PincusCo database currently indicates that Stellar Management owned at least 83 commercial properties with 7,554 residential units in New York City with 10,226,836 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 Deutsche Bank respectively. Within the portfolio, the bulk, or 75 percent of the 10,226,836 square feet of built space are elevator properties, with office properties next occupying 10 percent of the space. The bulk, or 81 percent of the built space, is in Manhattan, with Bronx next at 10 percent of the space.

The buyer

The PincusCo database currently indicates that Silberberg & Kirschner Registered owned at least one commercial property with 209 residential units in New York City with 216,650 square feet and a city-determined market value of $9.4 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single elevator property. It is located in Bronx.

Direct link to Acris document. link
Direct link to Acris document. link