The Real Deal New York

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)

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.

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.