Yechiel Newhouse pays $19.6M to Leeds Associates for nine walkups in Longwood

Yechiel Newhouse through the entity Tinton Wales LLC paid $19.6 million to Leeds Associates through the entity Tegford Realty, LLC for the 24-unit residential walkup building (C7) at 644 Wales Avenue in Longwood, Bronx, 28-unit residential walkup building (C7) at 786 East 152nd Street in Longwood, Bronx, and 30-unit residential walkup building (C7) at 790 East 152nd Street in Longwood, Bronx. The expected use is cash flowing.
The deal closed on September 4, 2025 and was recorded on September 17, 2025. The nine properties have 163,428 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $120 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 Leeds Associates was Stacey Shurgin . The signatory for Yechiel Newhouse was Yechiel Newhouse. The contract date was June 16, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Yechiel Newhouse purchased 10 properties in five transactions for a total of $93.1 million and has no record it sold any properties over the past 24 months.
The seller Leeds Associates had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Stacey Shurgin, head officer and Susan Leeds, officer. The business entity is Tegford Realty Llc. The nine properties with a total of 163,428 square feet of built space generated revenue of $3.8 million per year or $23 per square foot. The sale price per square foot was $120.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received 48 housing violations and $1,665 in OATH penalties 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 the tax block of 632 Wales Avenue, PincusCo has identified the owners of 12 of the 15 commercial properties representing 173,978 square feet of the 257,267 square feet. The largest owner is Leeds Associates, followed by Haimo Zhong and then Paulin Durgaj.
On the tax block, there were two new building construction projects totaling 57,692 square feet. The largest is a 51-unit, 30,318 square-foot residential (R-2) building submitted by Durgaj Properties and filed by Paul Durgaj with plans filed October 26, 2023 and permitted December 5, 2023. The second largest is a 35-unit, 27,374 square-foot residential (R-2) building submitted by Galaxy General Contracting and filed by Steve Zervoudis with plans filed January 28, 2020 and it has not been permitted yet.

The majority, or 75 percent of the 257,267 square feet of built space are walkup buildings, with specialty buildings next occupying 21 percent of the space.

The seller

The PincusCo database currently indicates that Leeds Associates owned at least 31 commercial properties with 933 residential units in New York City with 604,353 square feet and a city-determined market value of $119.6 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 52 percent of the 604,353 square feet of built space are walkup properties, with elevator properties next occupying 48 percent of the space. The bulk, or 73 percent of the built space, is in Manhattan, with Bronx next at 27 percent of the space.

The buyer

The PincusCo database currently indicates that Yechiel Newhouse owned at least 41 commercial properties with 1,541 residential units in New York City with 1,568,573 square feet and a city-determined market value of $108.5 million. (Market value is typically about 50% of actual value.) The portfolio has $236.6 million in debt, with top three lenders as New York Community Bank, Santander Bank, and JPMorgan Chase respectively. Within the portfolio, the bulk, or 63 percent of the 1,568,573 square feet of built space are elevator properties, with walkup properties next occupying 37 percent of the space. The bulk, or 65 percent of the built space, is in Bronx, with Manhattan next at 35 percent of the space.

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