Yechiel Newhouse’s RJ Block Properties acquires interest from Maddd Equities valued at $28.6M for three properties in East Morrisania

Yechiel Newhouse’s RJ Block Properties through the entity LNJ Bronx, LLC acquired an interest from Maddd Equities (and others) valued at $28.6 million for 84-unit rental condominium building at 870 Jennings Street in East Morrisania, Bronx.
The deal closed on December 23, 2025 and was recorded on January 8, 2026. The property has 108,050 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $264 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.)

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 870 Jennings Street.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has no record that the buyer RJ Block Properties had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Maddd Equities purchased seven properties in five transactions for a total of $86.7 million and had not sold any properties over the same time period.

The property

The rental condo with 84 residential units in East Morrisania has 108,050 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 78,715 square feet. The property has a 421A exemption that started in 2012 and expires in 2037. The city-designated market value for the property in 2022 is $5.5 million.

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 not received any significant violations in the last year.

Development

For the tax lot buildings, one out of the three buildings received a initial certificate of occupancy in the last ten years. 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 870 Jennings Street, PincusCo has identified the owners of five of the 12 commercial properties representing 384,162 square feet of the 483,930 square feet. The largest owner is Whedco, followed by MBD Community Housing Corp and then New Destiny Housing Corporation.
On the tax block, there were two new building construction projects totaling 46,752 square feet. The largest is a 31-unit, 34,363 square-foot residential (R-2) building submitted by Norberto Velazquez with plans filed June 19, 2017 and permitted June 29, 2018. The second largest is a 15-unit, 12,389 square-foot residential (R-2) building submitted by Westbridge Realty Group and filed by Steven Westreich with plans filed March 6, 2025 and permitted December 5, 2025.

The majority, or 94 percent of the 483,930 square feet of built space are elevator buildings, with mixed-use buildings next occupying 4 percent of the space.

The seller

The PincusCo database currently indicates that Maddd Equities owned at least 29 commercial properties with 1,098 residential units in New York City with 1,091,915 square feet and a city-determined market value of $222.7 million. (Market value is typically about 50% of actual value.) The portfolio has $349.6 million in debt, with top three lenders as NYC Housing Development Corporation, Sterling National Bank, and Metropolitan Commercial Bank respectively. Within the portfolio, the bulk, or 32 percent of the 1,091,915 square feet of built space are office properties, with retail properties next occupying 18 percent of the space. The bulk, or 70 percent of the built space, is in Bronx, with Manhattan next at 20 percent of the space.

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