Black Spruce Management Flips 220-Unit Bronx Property for $10M Profit
Liam La Guerre Feb. 25, 2016, 12:48 p.m.
Midtown-based investment company and property manager Black Spruce Management has sold its 220-unit apartment building at 1511-1521 Sheridan Avenue in the Bronx for $34.7 million, according to property records released today.
The buyer of the eight-story apartment building between East 172nd Street and Mt. Eden Parkway in the Claremont section of the Bronx is Brooklyn-based investor Benzion Kohn with 1521 Sheridan Avenue LLC, public records show.
Black Spruce picked up the 200,000-square-foot property last March for $24 million, city records indicate. When reached by phone, a receptionist for Black Spruce said the company declined to comment on the deal.
Black Spruce bought the Bronx property along with six other in-borough residential rental buildings from Normandy Real Estate Partners for a combined $58 million, as The Real Deal reported at the time.
Mr. Kohn, who did not immediately return a phone call seeking comment, is not new to the Bronx. He also purchased the apartment building at 975 Walton Avenue in the Bronx last year for $30 million.