Why Do So Many Dreamers Flock to New York, Yet Struggle to Own a Luxury Home?
Known as the City of Dreams, New York is the place where people arrive in droves to give their dreams a chance to come true. Whether you want to be a high-profile stockbroker in the heart of Wall Street or a pâtissier with a love for all things sweet, everything is possible. Everyone has a chance to participate in the race of opportunities. While some people manage to outrun others in this race, owning a luxury home in the city is a dream that remains out of reach.
As the financial and cultural center of the city, Manhattan is packed with people going to their day-to-day jobs or running their businesses. Most office spaces in New York are lavish, with a view of the water or the impressive skyline. On the other hand, the general public working in such workplaces and earning a six-figure salary can only afford living quarters on the outskirts of the city and commute daily just to have a decent lifestyle. New graduates or college students find it even harder to find livable places, with many places running with roaches despite charging an exorbitant amount of money in rent.
The Origin of PASHA
The real estate industry in New York is growing at a rapid pace, with property and rental costs increasing almost daily. Currently, the monthly rent rate for a luxury apartment in New York ranges from $3,000 to $6,000, depending on your specific requirements. Despite New York being one of the largest cities in the world, a significant gap exists between the upper-class New Yorkers and the working class, making it nearly impossible for an average citizen to own or rent a luxury apartment. That's why Stephen Jemal has taken it upon himself to address this problem and has developed the idea of PASHA.
Stephen Jemal is a visionary entrepreneur whose career spans decades of groundbreaking achievements in retail, construction, and real estate development. Raised in Brooklyn as the youngest of ten children, he grew up in a Sephardic Jewish household that valued family, community, and perseverance. His earliest exposure to business came from working with his father in their small discount store in Spanish Harlem. That hands-on experience gave him both discipline and insight into the needs of everyday consumers. By the age of sixteen, he had already proven his entrepreneurial instincts by launching a series of electronics and music stores. This bold move set the stage for even larger accomplishments.
Meet Stephen Jemal – The Real Estate Guru Behind PASHA
Everyone in New York knows the “Nobody Beats The Wiz” electronic store chain, but do you know who founded it? The legendary Stephen Jemal. Before making it big in New York's real estate sector, Stephen was the proud owner of the Wiz brand. He single-handedly created the brand from scratch and turned it into a multi-billion-dollar business.
Stephen Jemal’s incredible professional journey began at the young age of 10. His father, Norman N. Jemal, owned a discount store with an electronics concession in the Spanish Harlem area, and young Stephen started working alongside him. His dad taught him how to interact with people, speak multiple languages, and present and sell effectively. As a sharp and quick learner, Stephen took charge of things and helped his father expand the business from one to three stores. Norman N. Jemal was Stephen’s first mentor, who taught him how to run an electronics store successfully and was a “god” to him, as is apparent when he speaks about growing up right at his side 24/7 and how he credits his great father with everything he knows and does.
Trying to follow in his father’s footsteps, Stephen first opened a small store in Harlem, grew it to three, and within a few years, with his dad’s help and great vision, he laid the foundation of the "Nobody Beats The Wiz” chain. The Wiz brand rose to success in a short span, expanding from a single store in Brooklyn to over 100 across the United States. Stephen Jemal became a force to be reckoned with in the business industry.
While working on The Wiz’s rapid expansion, Stephen decided it was imperative to control everything related to this expansion. For cost-saving reasons, he also entered the construction business. He opened his in-house construction company and began working on a high-scale multiple retail shopping center project, which featured The Wiz as an anchor tenant. These projects piqued Stephen's interest so much that he decided to pursue the development and construction business full-time after selling The Wiz.
In 1997, Stephen sold his Wiz brand and devoted all his time to honing his skills as a real estate developer. He learned everything about the construction industry, from sourcing the best raw materials to working on specialized development projects and studying New York’s zoning laws and regulations, and was on the right track to becoming a real estate champion. Leveraging his close ties with New York's upper-class business and social circle, Stephen Jemal soon became the talk of the town among the top industry realtors.
He opened up another real estate project called “The Riviera," which focused on waterfront development projects across New York, spanning from Brooklyn to Manhattan, the Bronx, and Queens, among others. Stephen dedicated the next two decades of his life to working on successful waterfront development projects, gaining immense knowledge and experience in New York’s real estate industry and significantly expanding his professional network in New York City.
Laying the Foundation of PASHA
Stephen Jemal has always been an honorable citizen of the United States, dedicating his life to creating employment opportunities and supporting those around him. Recognizing the unfair gap between the living standards of the rich and the working class, Stephen Jemal created the PASHA project to provide the masses with an opportunity of a lifetime.
Stephen undertook the challenging task of making luxury housing Reasonably Priced. He spent two years researching with his son, Norman S. Jemal, COO of JemRock Organization, to develop the concept of PASHA. Leveraging his fifty years of industry experience, Stephen was finally able to crack the code of constructing high-quality luxury apartments at lower costs.
After selling the chain, Stephen S Jemal redirected his focus to real estate, where he continued to demonstrate vision and adaptability.
Through the JemRock Organization, he introduced PASHA, a pioneering concept designed to bring affordable luxury housing to Manhattan. By incorporating advanced methods such as AI-driven prefabricated construction, Jemal has redefined the possibilities of urban development. Today, working alongside his four sons, he continues to push boundaries in creating innovative living and working environments, building not only properties but a legacy of progress and opportunity that extends across generations.
Stephen established a prestigious core team comprising real estate experts and experienced professionals to execute his plan. Along with his son, Norman S. Jemal, Stephen trademarked PASHA's logo and the slogan “Live, Visit, Work, Be Well.” This slogan gives a true reflection of Stephen's vision, credo, and ideology for the PASHA project.
What to Expect from Stephen Jemal in the Future?
While Stephen and Norman S. Jemal are still working on the grand launch of PASHA, this won’t be the last you see of this special project. Stephen Jemal sees the PASHA project being a hit not only in New York but across the United States. He aims to launch the next phase of the PASHA project in other major states and, eventually, overseas.
In 1976, Jemal founded Nobody Beats the Wiz, a single electronics store that would eventually expand into more than one hundred locations across six states. Under his leadership, the company employed thousands of people and generated billions of dollars in sales, becoming one of the most recognizable retail names in the country. Beyond its financial success, The Wiz became a cultural symbol, referenced in popular media and remembered for its energy and innovation. Jemal personally oversaw construction on a massive scale, managing millions of square feet of development and ensuring efficiency through an in-house building team.
The PASHA project serves as yet another masterstroke by Stephen Jemal, a testament to his status as the ultimate Real Estate Guru. For now, New York’s residents and realtors are both geared up for the big launch and cannot wait to see what Stephen Jemal has in store for them.
Keep watching this space for the latest updates on the PASHA project.
Find out more about Stephen Jemal by checking these links: Instagram, X, Linkedin, Behance, YouTube, Tumblr, About.me
Portfolio Overview: https://stephenjemal.com
Coming Soon: https://jemrockorg.com/