From learning the ins and outs of business at his father’s Spanish Harlem discount store to building a $2.2 billion retail empire, Stephen Jemal’s journey is a true American success story. As the mastermind behind Nobody Beats The Wiz and its 110-store dominance, Jemal made technology accessible to everyday consumers.
Now, Jemal is tackling one of Manhattan’s most urgent challenges: reasonably priced urban living for working professionals. With luxury apartment rents soaring from $4,000 to over $10,000 a month, the City’s backbone, working-class professionals, are being priced out of the neighborhoods where they work. He is changing that.
As the visionary behind PASHA, a multi-building residential project in central Manhattan, Jemal is reimagining luxury spaces not just for the wealthy but for the people who keep New York moving. “We’re giving people the opportunity to live, work, and thrive in the heart of the city,” said Jemal.
From Retail Empire to Real Estate Visionary
The youngest of 10 children to immigrant parents, Jemal worked alongside his father, his mentor, from an early age. By 16, he had opened three successful electronics and music stores, which eventually led to his brainchild: The Wiz. With a focus on value and efficiency, Jemal eventually took over the construction of the stores, streamlining costs from concept to completion. That experience propelled him into real estate, where he launched SSJ Development and “The Riviera,” a trademarked brand focused on revitalizing waterfronts across Manhattan, Brooklyn, Queens, the Bronx, and New Jersey.
Luxury Living with a Purpose
Growing up in Brooklyn, Jemal witnessed the gap between those who lived in Manhattan and those who couldn’t afford to. That divide only widened over time, fueling his drive. “I knew what it felt like to be on the outside looking in,” Jemal shared. “Now I want to open the doors for others like me.”
With his four sons, Jemal founded JemRock Organization and launched the PASHA initiative. Behind PASHA is the mission: Live, Visit, Work, Be Well—a vision to make luxury living accessible for six-figure earners, without compromising on quality or experience.
PASHA properties will include co-working spaces, fitness and yoga studios, wellness cafés, and rooftop amenities. The goal is not only to house people at reasonable prices but to build vibrant, sustainable communities. “We’re converting magnificent existing buildings into residential spaces that support personal wellness, career growth, and community,” said Jemal.
Beyond housing, PASHA promises to have an economic and social impact, including job creation, neighborhood revitalization, and increased opportunities.
After taking on Manhattan, Jemal and his sons plan to expand into other key U.S. cities and eventually go global, bringing amenity-rich living to hardworking individuals everywhere, at a price they can afford.
