Anyone hoping to nab a piece of Moshe Silber’s massive portfolio will have to wait a few more weeks.
An auction for a Silber-owned company controlling 6,300 apartment units across the U.S., along with an office building in New Jersey, will now be held on May 20. The auction was previously scheduled for April 24 at the Rockland County sheriff’s office in New City, New York.
The sheriff postponed the auction, according to the creditor’s attorney Bernard D’Orazio.
Silber pleaded guilty last year to one count of conspiracy to commit wire fraud affecting a financial institution for his role in a mortgage fraud scheme. Silber and his co-conspirators Fred Schulman and Barry Drillman allegedly used a stolen identity to dupe Fannie Mae and JLL into providing a larger loan than they otherwise would have received for the Williamsburg of Cincinnati, a 976-unit apartment complex.
In March, Silber was sentenced to 30 months in prison.
At his sentencing, U.S. District Court Judge Robert Kirsch said he viewed it “as a significant fraud because of the layers and the labyrinth of chicanery and deceit.”
Silber amassed a massive portfolio of multifamily properties by his early 30s. The Suffern, New York, investor claimed his portfolio was worth $1.3 billion, according to a court filing. He also lived large, owning over $2 million in cars and jewelry.
A creditor tied to UBS Asset Management is seeking to auction off the 6,300-unit portfolio owned by a Silber-linked company, CBRM Realty.
The properties within that portfolio include the Slidell in Flint, Michigan; the Evergreen Regency in Flint, Michigan; the Covington Park in Jackson, Mississippi; Copper Ridge and Magnolia Trace in Baton Rouge, Louisiana; and 1,305 units of the Allegheny Housing Rehabilitation Corporation portfolio in Pittsburgh.
Silber took on about $20 million in loans from 2022 and 2023. Silber defaulted on the loans and in 2024 a judgment was issued against Silber. Spano Investor, which links back to UBS Asset Management, acquired the rights in the judgment.
Spano is also pursuing Silber for providing a guarantee on the loan.
Silber also used CBRM to secure bond financing. The bonds were only secured at a corporate level. After the DOJ announced criminal charges against Silber, bondholders hired real estate firm Lynd to manage the CBRM portfolio along with other units in Silber’s portfolio, totaling over 9,000 units.
Silber faces separate charges in Pennsylvania. A District Attorney in Pennsylvania leveled felony charges against Silber and Schulman related to their ownership of a housing complex outside of Pittsburgh and 11 other “nuisance properties.” They were also accused of stealing federal funds meant to fix up the properties.