Who Owns Newark's Rental Housing

Separate from the PILOT/abatement story, this page follows the taxable rental stock — the ordinary houses and apartment buildings people actually rent. Of Newark's 32,248 residential parcels ($5.25B assessed), 2,613 (8%) worth $693.7M (13% of the value) are owned from out of state. By count it's a minority; by dollars it's a meaningful slice — and it is overwhelmingly New York capital.Separate from the PILOT/tax-break story, this page follows the taxable rental stock — the ordinary houses and apartment buildings people actually rent. Of Newark's 32,248 residential parcels ($5.25B assessed), 2,613 (8%) worth $693.7M (13% of the value) are owned from out of state. By count that's a minority; by dollars it's a meaningful slice — and it is overwhelmingly New York money.

Where the out-of-state money comes from

New York is 88% of it. Within New York, the money splits into two very different pools:

The Rockland County cluster — the most legible network

The Rockland County pool ($131.7M / 346 parcels / 265 owners) is the one you can actually see: a tight-knit set of investors mailing from a few square miles around Spring Valley, New Square, Monsey and Pomona, holding small multifamily houses across Newark's South, Central and West wards. It behaves like a family- and community-scale enterprise — many single-purpose LLCs, nearby mailboxes, the occasional 30+ house portfolio.The Rockland County group ($131.7M / 346 parcels / 265 owners) is the one you can actually see: a tight-knit set of investors mailing from a few square miles around Spring Valley, New Square, Monsey and Pomona, holding small multifamily houses across Newark's South, Central and West wards. It works like a family- and community-scale business — many single-purpose LLCs, mailboxes near each other, and the occasional 30+ house portfolio.

The biggest out-of-state landlords

Organizations only — individual owners are withheld (see note). Values are assessed (which run well below market).

Two shapes of landlord. Some are single big buildings (PF Hallmark House, Brooklyn, $24M; Aspen Riverpark, Irvine CA, $15.3M). Others are scattered-house portfolios — the clearest being Miron 47 LLC, which holds 31 separate Newark houses from one Spring Valley mailbox. And at least one, Great Lake Funding I Trust (Minnesota), is a securitization trust — homes bundled into a financial instrument.Two shapes of landlord. Some own single big buildings (PF Hallmark House, Brooklyn, $24M; Aspen Riverpark, Irvine CA, $15.3M). Others hold scattered portfolios of houses — the clearest being Miron 47 LLC, with 31 separate Newark houses run from one Spring Valley mailbox. And at least one, Great Lake Funding I Trust (Minnesota), is a securitization trust — homes bundled into a financial product for investors.

Tracing one owner: the PO Box 605 network

Three of the entities in the table above don't just come from the same county — they mail from the same box: PO Box 605, Pomona, NY 10970. That box belongs to Yechiel Newhouse, a New York investor whose “RJ Block” portfolio is valued in industry databases at roughly $387M, concentrated in the Bronx and Manhattan. Recorded Essex County instruments place him personally behind all three Newark buildings:Three of the companies in the table above don't just come from the same county — they mail from the same box: PO Box 605, Pomona, NY 10970. That box belongs to Yechiel Newhouse, a New York investor whose “RJ Block” portfolio is valued in industry databases at roughly $387M, concentrated in the Bronx and Manhattan. Recorded Essex County documents place him personally behind all three Newark buildings:

Parkwood Place and NG Realty sit directly next door to each other, so together they put the entire 352–406 Mt Prospect Ave frontage under one operator. The point isn't one landlord: a single PO box, cross-checked against county deeds and mortgages, collapses three separately-named LLCs — and roughly $39M of the list above — toward one owner. Much of the out-of-state cluster is exactly this: single-purpose LLCs that look independent on the tax roll and aren't.Parkwood Place and NG Realty sit directly next door to each other, so together they put the entire 352–406 Mt Prospect Ave block face under one operator. The point isn't one landlord: a single PO box, cross-checked against county deeds and mortgages, collapses three separately-named LLCs — and roughly $39M of the list above — toward one owner. Much of the out-of-state cluster is exactly this: single-purpose LLCs that look independent on the tax roll and aren't.

Tracing one owner: Lexington Property Group

The Miron 47 entry above — ~40 small Newark houses under one New Square, NY mailbox — is one arm of a larger, in-state-run operation. Recorded Essex County deeds show the Miron series is signed for by Shalom (“Sam”) Schwartz, co-founder (with Jacob Eisenbach) of Lexington Property Group — a firm that mails not from New York but from East Orange, NJ (198 Central Ave) and, in its own words, “acquires multi-unit properties and revitalizes them.” A 2017 mortgage on the firm's 832–836 Mt Prospect Ave building carries both co-founders' signatures.The Miron 47 entry above — about 40 small Newark houses under one New Square, NY mailbox — is one arm of a larger operation that's actually run from New Jersey. Recorded Essex County deeds show the Miron series is signed for by Shalom (“Sam”) Schwartz, co-founder (with Jacob Eisenbach) of Lexington Property Group — a firm that mails not from New York but from East Orange, NJ (198 Central Ave) and, in its own words, “acquires multi-unit properties and revitalizes them.” A 2017 mortgage on the firm's 832–836 Mt Prospect Ave building carries both co-founders' signatures.

Beyond Miron 47, roughly five dozen Newark-area parcels are held through similarly-named single-purpose LLCs (“[address] Associates / Holdings LLC”) mailing from that same East Orange office and a Brooklyn back office. The state's own sale-classification codes show much of the older core was picked up through foreclosure and sheriff's sales — a distressed, buy-and-rehab strategy, financed with hard money. So a “New York” mailing address on the tax roll can mask an operator working out of Essex County itself.Beyond Miron 47, roughly five dozen Newark-area parcels are held through similarly-named single-purpose LLCs (“[address] Associates / Holdings LLC”) mailing from that same East Orange office and a Brooklyn back office. The state's own sale codes show much of the older core was picked up through foreclosures and sheriff's sales — a buy-distressed-and-rehab strategy, financed with high-interest private loans. So a “New York” mailing address on the tax roll can hide an operator actually working out of Essex County.

Tracing one owner: PF Hallmark House — the biggest single building

Newark's single largest out-of-state-owned rental building — PF Hallmark House LLC (Brooklyn; $24.0M; top of the table above) — is managed by Chaim Puretz, principal of the Newark-based PF Holdings, per his signature as “Manager” on the building's recorded 2015 Amalgamated Bank mortgage (Inst. 15034959) and HUD's own filings. In 2024 HUD suspended him from federal housing programs and Fannie Mae blacklisted him; Indiana prosecutors charged him with stealing $1.6M in tenant utility payments — a charge later dropped after roughly $565K in restitution, with no conviction. He was not charged in his family's federal case, in which his brother Aron and nephew Eli Puretz were sentenced to prison in 2025 for a $40M+ mortgage-fraud scheme.Newark's biggest rental building owned from out of state is PF Hallmark House LLC (Brooklyn; $24.0M; first row of the table above). Its manager is Chaim Puretz, head of the Newark-based PF Holdings. We know this because he signed the building's 2015 Amalgamated Bank mortgage as “Manager” (Inst. 15034959), and HUD's own filings say the same. In 2024, HUD suspended him from federal housing programs and Fannie Mae blacklisted him. Prosecutors in Indiana charged him with stealing $1.6M in tenant utility payments; the charge was later dropped after he paid back about $565K, and he was never convicted. He also was not charged in his family's federal case — the one that sent his brother Aron and his nephew Eli Puretz to prison in 2025 for a mortgage-fraud scheme worth over $40M.

Name collision — read carefully. The nephew's legal first name is also Chaim: Chaim “Eli” Puretz, the one sentenced to federal prison in 2025. He and the PF Hallmark manager are two different people. The manager here — the uncle — has no criminal conviction; the HUD suspension (docket 24-AF-0274-DB-004) and Fannie Mae blacklisting are administrative actions, not criminal findings. He is named per this page's policy: only where public recorded instruments establish an individual as the manager or principal of a commercial rental entity.Careful — two people share this name. The nephew's legal first name is also Chaim: Chaim “Eli” Puretz, the one sent to federal prison in 2025. He is not the man who manages PF Hallmark. The manager here — the uncle — has no criminal conviction. His HUD suspension (docket 24-AF-0274-DB-004) and the Fannie Mae blacklisting are agency actions, not criminal findings. We name him only because public recorded documents show he manages a commercial rental company — the same rule this page applies to everyone.

On the city's list: Boomers Investment Group

The Boomers 103 Chancellor entry above is one of roughly 20 “Boomers” LLCs belonging to Boomers Investment Group, which the City of Newark placed on its Non-Compliant Landlord List (Mayoral Executive Order MEO-26-0001, February 2026), citing 77 code violations and active litigation. Per a recorded 2022 mortgage guaranty, the principal behind the Boomers entities is Aron Goldklang, a New Square / East Orange investor whose holdings are distressed class-4C apartment buildings across Newark's South and Central wards.The Boomers 103 Chancellor entry above is one of roughly 20 “Boomers” LLCs belonging to Boomers Investment Group, which the City of Newark put on its Non-Compliant Landlord List (Mayoral Executive Order MEO-26-0001, February 2026), citing 77 code violations and active litigation. According to a recorded 2022 mortgage guaranty, the person behind the Boomers entities is Aron Goldklang, a New Square / East Orange investor whose holdings are run-down class-4C apartment buildings across Newark's South and Central wards.

Note. Violations and litigation status are the City of Newark's own published designation — charges / enforcement in progress, not adjudicated findings; ownership is per recorded Essex County instruments.Note. The violations and litigation status come from the City of Newark's own published list — they are charges and enforcement in progress, not court-decided findings. Ownership comes from recorded Essex County documents.

On the city's list: Forest Hill Towers & Colonnade — the 10 Hill Street operator

Two of the four landlords on Newark's Non-Compliant List trace to a single Newark office at 10 Hill Street. Forest Hill Towers — the ~400-unit twin towers at 509–519 and 543–563 Mt Prospect Ave, cited for 55 code violations and active litigation — is owned by FHTDD, LP, which a recorded 2019 $59 million Fannie Mae mortgage shows is controlled by Boruch “Barry” Drillman as sole managing member of its general partner. The recorded deed lists FHTDD in the care of Apex Equity Group, LLC at 10 Hill Street. The same office — and the same principal — runs Colonnade NJ LLC, owner of the Colonnade Apartments (23–59 Clifton Ave), the list's most-cited landlord at 72 violations: a recorded 2020 $59.7 million Freddie Mac mortgage shows Colonnade NJ LLC is likewise controlled by Drillman. Colonnade NJ LLC took title in a recorded December 2020 deed for $10 — nominal consideration, the marker of a transfer between connected entities rather than an open-market sale — from PF Colonnade Apartment Homes LLC, whose deed Chaim Puretz of the PF Holdings network (PF Hallmark, above) signed as its Managing Member, listed at the same 10 Hill Street office. Between them, the two flagged towers carry more than $118 million in federally backed Fannie Mae and Freddie Mac mortgages — all to one principal. He signed the Forest Hill Towers loan in 2019; in 2025 Fannie Mae moved to foreclose on Forest Hill Towers, while the Colonnade's Freddie Mac loan remains active. Separately, in 2025 the energy supplier ENGIE won a ~$489,000 default judgment against the Colonnade's operating entities for unpaid bills.Two of the four landlords on Newark's Non-Compliant List lead back to one Newark office: 10 Hill Street. Forest Hill Towers — twin towers with about 400 units at 509–519 and 543–563 Mt Prospect Ave, cited for 55 code violations and active litigation — is owned by FHTDD, LP. A recorded 2019 mortgage for $59 million from Fannie Mae shows Boruch “Barry” Drillman controls it, as sole managing member of its general partner. The recorded deed puts FHTDD in the care of Apex Equity Group, LLC at 10 Hill Street. The same office — and the same man — runs Colonnade NJ LLC, owner of the Colonnade Apartments (23–59 Clifton Ave), the most-cited landlord on the list with 72 violations: a recorded 2020 mortgage for $59.7 million from Freddie Mac shows Drillman controls that company too. Colonnade NJ LLC got the building in December 2020 for just $10. A $10 price is the sign of a hand-off between connected companies, not a real sale. The seller was PF Colonnade Apartment Homes LLC — its deed was signed by Chaim Puretz of the PF Holdings network (PF Hallmark, above) as the company’s managing member — listed at the same 10 Hill Street office. Together, the two flagged towers carry more than $118 million in federally backed Fannie Mae and Freddie Mac loans — all tied to one man. In 2025 Fannie Mae moved to foreclose on Forest Hill Towers; the Colonnade's Freddie Mac loan is still active. Also in 2025, the energy company ENGIE won a default judgment of about $489,000 against the Colonnade's operating companies for unpaid bills.

Drillman was separately convicted in a federal mortgage-fraud conspiracy (sentenced 2025) involving apartment and commercial deals in Cincinnati and Troy, Michigan — not this Newark property.Drillman was separately convicted in a federal mortgage-fraud conspiracy (sentenced 2025) involving apartment and commercial deals in Cincinnati and Troy, Michigan — not this Newark property.

Note. Violations and litigation status are the City of Newark's own published designation — enforcement in progress, not adjudicated findings. Ownership, control, and foreclosure are per recorded Essex County instruments (Forest Hill Towers: Deed Inst. 2019110239, Mortgage Inst. 2019110240, JLL→Fannie Mae Assignment Inst. 2019110241, Lis Pendens Inst. 2025044770; Colonnade: Deed Inst. 2021007093, Mortgage Inst. 2021059928, ENGIE default judgment Inst. 2025040331 / Docket ESX-L-005768-23). Mr. Drillman's federal conviction concerns separate properties in Ohio and Michigan; no allegation of fraud has been made regarding the Forest Hill Towers loan (which is in ordinary foreclosure), the Colonnade loan, or the $10 Colonnade transfer. The $10 deed's grantor identification is per the county grantor index; the deed's signature page has not been independently reviewed.Note. The violation counts and litigation status come from the City of Newark's own published list. They mean enforcement is in progress — they are not final court findings. Ownership, control, and the foreclosure come from recorded Essex County documents (Forest Hill Towers: Deed Inst. 2019110239, Mortgage Inst. 2019110240, JLL→Fannie Mae Assignment Inst. 2019110241, Lis Pendens Inst. 2025044770; Colonnade: Deed Inst. 2021007093, Mortgage Inst. 2021059928, ENGIE default judgment Inst. 2025040331 / Docket ESX-L-005768-23). Mr. Drillman's federal conviction was about different properties in Ohio and Michigan. No one has alleged fraud in the Forest Hill Towers loan (a normal foreclosure), the Colonnade loan, or the $10 Colonnade transfer. The $10 deed's seller name comes from the county's grantor index; we have not reviewed the deed's own signature page.

When the leverage fails: the Great Lake Funding foreclosures

The Great Lake Funding I Trust entry above — a Minnesota securitization trust — isn't an ordinary landlord: it took three Newark apartment buildings in 2025 after the borrowers defaulted — 18 Jay St, 295 Fairmount Ave, and the 308–320 South 11th St complex (the last via sheriff's sale). All three had been bought 2020–2022 by single-purpose LLCs tied to Velvel Grunwald (a partner of Aron Goldklang, above), on private A&S Capital loans that were later bundled into securitizations. When the loans defaulted, the trust foreclosed — the end state of an over-leveraged, distressed-apartment strategy.The Great Lake Funding I Trust entry above — a Minnesota financial trust — isn't an ordinary landlord: it took three Newark apartment buildings in 2025 after the borrowers stopped paying their loans — 18 Jay St, 295 Fairmount Ave, and the 308–320 South 11th St complex (that last one through a sheriff's sale). All three had been bought 2020–2022 by single-purpose LLCs tied to Velvel Grunwald (a partner of Aron Goldklang, above), using private A&S Capital loans that were later bundled into investment products. When the loans went bad, the trust foreclosed — the end of the road for an over-borrowed, distressed-apartment strategy.

Note. Default, foreclosure, and ownership are per recorded Essex County instruments and Superior Court foreclosure judgments. Occupants named in the foreclosures are not listed here.Note. The default, foreclosure, and ownership facts come from recorded Essex County documents and Superior Court foreclosure judgments. People living in the buildings who are named in the foreclosure papers are not listed here.

Method & privacy. Newark parcels (PamsPin 0714) in assessor classes 2 (1–4 family) and 4C (apartments) from the Essex County tax parquet; the redundant _BLDG land record is dropped before summing. “Out-of-state” is the owner's mailing state. Only organizations are named; the ~886 individually-owned out-of-state parcels are aggregated, never listed. Assessed values understate market value. An individual is named only where public recorded instruments (deeds, mortgages) establish them as the principal, guarantor, or managing signatory of a commercial rental entity — as with Yechiel Newhouse, Shalom Schwartz, Aron Goldklang, Velvel Grunwald, Chaim Puretz, and Boruch Drillman above; ordinary individually-owned homes stay aggregated and are never listed. Building occupants and tenants are never named. Point-in-time snapshot. See PILOTs for the abated-property companion analysis.Method & privacy. We count Newark parcels (PamsPin 0714) in assessor classes 2 (houses for 1–4 families) and 4C (apartment buildings), from the Essex County tax data. A duplicate “_BLDG” land record is removed before adding things up. “Out-of-state” means the owner's mailing address is outside New Jersey. Only organizations are named; the ~886 out-of-state parcels owned by individual people are counted in the totals but never listed by name. Assessed values run well below market prices. We name an individual only when public recorded documents (deeds, mortgages) show they are the principal, guarantor, or managing signer of a commercial rental company — as with Yechiel Newhouse, Shalom Schwartz, Aron Goldklang, Velvel Grunwald, Chaim Puretz, and Boruch Drillman above. Ordinary homes owned by individuals stay in the totals and are never listed. Building occupants and tenants are never named. This is a snapshot in time. See PILOTs for the companion analysis of tax-abated properties.