Medallion buys 222-unit Bronx rental for $38M

200K sf building has sold three times in two years

1511 Sheridan Avenue in the Bronx (inset: Medallion Corporation founder Abraham Bleeman, via YouTube, and Westwood Realty Associates' Steven Vegh)
1511 Sheridan Avenue in the Bronx (inset: Medallion Corporation founder Abraham Bleeman, via YouTube, and Westwood Realty Associates' Steven Vegh)

Medallion Corporation, a Toronto-based multifamily development firm led by the Bleeman family, is adding to its Bronx holdings with the purchase of a 222-unit rental building for about $38 million, sources told The Real Deal.

The sale marks the third trade in two years for the eight-story, 202,400-square-foot rent-stabilized property at 1511-1521 Sheridan Avenue in the Bronx’s Claremont neighborhood. The seller, Brooklyn landlord Benzion Kohn, held onto the property for just over a year, having paid $34.7 million for it in February 2016.

In 2007, Normandy Real Estate Partners paid $15.2 million for the building, and sold it for $24 million in 2015 to Josh Gotlib’s Black Spruce Management as part of a seven-building trade.

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Westwood Realty Associates’ Steven Vegh brokered the deal. Vegh, as well as representatives for Medallion and Kohn, could not be reached for comment.

Kohn is also in contract to sell a 182-unit rental building at 975 Walton Avenue to Thor Equities for $42.5 million. That deal is slated to close later this month, sources said.

Medallion bought a 142-unit Bronx rental on Bruckner Boulevard for $25 million in September. And Eli Bleeman, who runs Medallion’s New Jersey-focused division Asden Properties, was among the investors who acquired a 13-building Bronx portfolio from JPMorgan Chase and Continental Properties for $90 million in 2015.