Stellar signs $23M loan with Customers Bank for 154-unit rental in Park Slope

Stellar Management through the entity 341 10th Owner LLC as borrower signed a loan with lender Customers Bank  valued at $23 million for the 154-unit residential elevator building (D3) at 341 10th Street in Park Slope, Brooklyn.
The deal closed on July 15, 2025 and was recorded on July 23, 2025. The property has 165,367 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $139 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 .

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Smajlje Srdanovic, head officer and Besim Bescovic, officer. The business entity is Stellar 341 Llc. The 165,367-square-foot property generated revenue of $4.1 million or $25 per square foot, according to the most recent income and expense figures.

The property

The residential elevator building with 154 residential units in Park Slope has 165,367 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 245 feet and is 172 feet deep with a total lot size of 25,730 square feet. The lot is irregular. The city-designated market value for the property in 2022 is $17.1 million. The most recent loan totaled $22.7 million and was provided by New York Community Bank on October 13, 2020. The property has 116 rent regulated units according to city tax records from 2022.

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 41 housing violations and $6,200 in OATH penalties in the last year.

Development

On the lot, there is one active new building construction project, B00601179, for a three-unit, 1,513 square-foot R-2 building. The project was submitted by Lyle Kamesaki with plans filed October 14, 2021 and permitted May 19, 2022.

The block

On this tax block, PincusCo has identified the owners of two of the 12 commercial properties representing 231,922 square feet of the 279,597 square feet. The two identified owners are Stellar Management and Joseph Banda.
On the tax block, there was one new building construction project filed totaling 1,513 square feet. It is a three-unit, 1,513 square-foot residential (R-2) building submitted by Lyle Kamesaki with plans filed October 14, 2021 and permitted May 19, 2022.

The majority, or 83 percent of the 279,597 square feet of built space are elevator buildings, with mixed-use buildings next occupying 8 percent of the space.

The borrower

The PincusCo database currently indicates that Stellar Management owned at least 82 commercial properties with 7,763 residential units in New York City with 10,380,789 square feet and a city-determined market value of $1.5 billion. (Market value is typically about 50% of actual value.) The portfolio has $3.3 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 76 percent of the 10,380,789 square feet of built space are elevator properties, with office properties next occupying 10 percent of the space. The bulk, or 80 percent of the built space, is in Manhattan, with Bronx next at 12 percent of the space.

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