The Real Deal New York

Medallion buys 142-unit Bronx rental for $25M

Toronto-based firm is new owner of 12-story rent-stabilized building on Bruckner Boulevard

September 28, 2016 07:00AM
By Mark Maurer Twitter_logo_blue copy

3555 Bruckner

3555 Bruckner Boulevard in the Bronx (inset: Medallion Corporation founder Abraham Bleeman, via YouTube)

Medallion Corporation, a Toronto-based multifamily development firm led by the Bleeman family, picked up a rent-stabilized rental building in the Bronx for $25 million, sources told The Real Deal.

The 112,000-square-foot, 12-story property at 3555 Bruckner Boulevard, located in the northeast Bronx’s Pelham Bay neighborhood, has 142 apartments.

The deal closed Tuesday for about $223 per square foot, sources said.

The seller, Abro Management, led by Richard Scharf, owned the building since 1996, when the Cedarhurst-based firm bought it for an undisclosed amount, records show. It was built in 1959.

Last year, State Senator Jeff Klein called on the New York state Attorney General’s office to investigate claims of tenant harassment at the building in the wake of tenant protests, according to the Bronx Times. Later in the year, Abro made several renovations to the run-down property.

Rosewood Realty Group’s TRData LogoTINY Aaron Jungreis, who brokered the deal, declined to comment. Neither the buyer nor the seller could be immediately reached.

Eli Bleeman, who runs Medallion’s New Jersey division Asden Properties, was among the investors who acquired a 13-building Bronx portfolio from JPMorgan Chase and Continental Properties for $90 million last year. New York City multifamily investor Isaac Kassirer, who is in contract to acquire the 47-building Dawnay Day portfolio for north of $350 million, was also one of the buyers.