September 18, 2025

Yechiel Newhouse Acquires Major Bronx Real Estate Portfolio

News Summary

Yechiel Newhouse has purchased a rent-stabilized portfolio in the South Bronx, acquiring nine buildings and 249 units for $19.6 million. This notable investment is part of an upward trend in multifamily property sales, with financing obtained through a loan from JPMorgan Chase. The portfolio originated from Arthur Leeds Associates and contains both residential and commercial units, amidst rising interest in Bronx real estate.

Bronx, New York

Yechiel Newhouse, known as Jay, has finalized the acquisition of a rent-stabilized portfolio comprising nine buildings and 249 units in the South Bronx for a total of $19.6 million. The transaction, which was registered in city deeds on Wednesday, marks a significant investment in the local real estate market.

Newhouse signed the contract for the deal on June 16 and successfully closed it on September 4. The properties involved are five-story prewar buildings located strategically between the Bruckner Expressway and St. Mary’s Park. Financing for the acquisition was secured through a loan amounting to $14.7 million from JPMorgan Chase & Co.

The seller of the portfolio is Arthur Leeds Associates, a real estate entity founded by the late Arthur Leeds, which is currently overseen by his daughter, Stacey Shurgin. The buildings in this portfolio cover a total area of approximately 163,000 square feet and consist entirely of rent-stabilized units, as confirmed by state housing records for the current year.

Details of the Portfolio

The portfolio includes several specific properties located at the following addresses:

Wales Avenue: Nos. 632, 636, 640, and 644
East 152nd Street: Nos. 786, 790, and 792
East 151st Street: Nos. 785 and 795

In total, the portfolio consists of 237 residential units and 12 commercial units. Notably, around 25% of the residential units feature preferential rents. Current retail tenants include a laundromat, barbershop, and several bodegas, providing essential services to the local community.

Market Context

This acquisition by Newhouse occurs amidst a trend where numerous landlords of rent-stabilized properties are divesting at a loss. The strict pro-renter laws have made it challenging for property owners to raise rents, contributing to this shift in the market dynamics. Newhouse’s strategy comes in light of his previous real estate investments, including a 238-unit complex at 1500 Noble Ave. in Parkchester, which he purchased for $26 million in 2024, and a property located at 1514 Sedgwick Ave. for $22.5 million in 2022.

Investment sales in the Bronx are showing a notable increase, with multifamily asset sales in the first half of 2025 totaling $565.22 million. This figure represents an impressive 106% increase compared to the previous year, indicating robust interest in Bronx real estate. Currently, the Bronx accounts for 74% of all transactions citywide related to rent-stabilized properties.

Background on Arthur Leeds Associates

Arthur Leeds Associates, the original owner of the properties, has a long-standing history in real estate dating back to the early 1960s when Arthur Leeds and his brother Morton began purchasing properties. Over the years, they expanded their holdings into areas such as the Upper West Side. Today, the Leeds family continues to operate a mixed-use property located at 475 Columbus Ave.

In addition to her role in managing the family business, Stacey Shurgin also oversees a large cannabis farm in Ancram and owns a dispensary named Hudson Valley Jane located in Beacon, showcasing the family’s diversified investments.

The contact for this property transaction was RJ Block Properties, owned by Rodney Jackson, indicating a collaborative venture in Bronx real estate developments.

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Author: STAFF HERE NEW YORK WRITER

NEW YORK STAFF WRITER The NEW YORK STAFF WRITER represents the experienced team at HERENewYork.com, your go-to source for actionable local news and information in New York, the five boroughs, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as New York Fashion Week, Macy's Thanksgiving Day Parade, and Tribeca Film Festival. Our coverage extends to key organizations like the Greater New York Chamber of Commerce and United Way of New York, plus leading businesses in finance and media that power the local economy such as JPMorgan Chase, Goldman Sachs, and Bloomberg. As part of the broader HERE network, including HEREBuffalo.com, we provide comprehensive, credible insights into New York's dynamic landscape.

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