The Bronx has been garnering recent interest lately due its prices in the real estate sector. Recently, the Medallion Corporation, which is based in Toronto, purchased 1511-1521 Sheridan Avenue from Brooklyn landlord Benzion Kohn. As reported by the Real Deal, Medallion paid $38 million for the 222 unit rental property. Kohn purchased the building for $34.7 million back in February of 2016 from Black Spruce management.
The building is rent stabilized and is in the Claremont neighborhood of the the Bronx. The financing of the building has not yet been reported. Medallion purchased a 142-unit rental building on Bruckner Boulevard for $25 million back in September. Medallion also was among the investors who purchased a 13-building Bronx portfolio for $90 million in 2015.
Medallion has been building up their portfolio in the Bronx. Daniel Parker of Hodges Ward Elliot explained that many real estate firms have been looking to do the same as the prices in the Bronx are much lower compared to the other boroughs. The prices of other boroughs have skyrocketed due to income increases and changes among the subway system. According to Trulia, the average ppsf for Brooklyn is $667 while the Bronx is at $278. From here we can see why the Bronx has been such an attractive market.