Yechiel Newhouse bought the Bronx property from Stellar management for $24.4 which is situated at 1240 Morrison Avenue in the Soundview neighborhood of the Bronx.
The deal marks the second recent acquisition for Newhouse after an entity tied to purchase a portfolio of 407 units of mostly rent-stabilized buildings in Harlem for $118 million in late 2019.
Broker Aron Jungreis of Rosewood Realty Group made the deal for Newhouse and Stellar Management.
In early 2007, Stellar purchased the property for an unknown amount. The 1240 Morrison avenue has 12-story and 154 units which were originally built in 1968.