Residents of a 180-unit rental building in Sheepshead Bay will soon be saying hello to a new owner: Bonjour Capital.
The privately held real estate investment firm acquired the apartment portion of 1501 Voorhies Avenue in the Brooklyn neighborhood for $75 million, the Commercial Observer reported. The seller was the prominent multifamily real estate investment trust AvalonBay Communities.
A Newmark team including Adam Spies, Dan O’Brien and Adam Doneger represented AvalonBay in the deal, which worked out to $417,000 per unit. Both buyer and seller did not respond to the outlet’s request for comment.
AvalonBay and Muss Development filed plans more than a decade ago for a 30-story building on the site, towering over the rest of the neighborhood and setting the stage for the tallest post-war development in Sheepshead Bay. The partners bought the property in April 2014 for $16.2 million.
The development site, an empty lot several blocks from the bay, was completely flooded during Superstorm Sandy.
In 2016, the venture filed a “test the market” application for 56 units in the building to be condominiums, rather than rentals. Months later, an official offering plan emerged with a $63 million projected sellout. AvalonBay ultimately lent $49 million for the project the following year.
Completed in 2017, the building includes 250,000 square feet of residential space and nearly 34,000 square feet of amenities, including a fitness center, resident lounge, children’s playroom, outdoor pool, barbecues, a bocce court and a pool table.
The 12,000-square-foot retail and office portion of the site, listed with an alternative address of 1600 Sheepshead Bay Road, counts Citibank and Starbucks among its tenants.
Over the summer, Bonjour Capital sold five apartment buildings — 601, 605, 607, 609 and 611 West 137th Street — to Janusz Sendowski for $62 million.
Meanwhile, Virginia-based AvalonBay recently bought a 270-unit apartment complex in Coconut Creek, Florida for $98.3 million.
— Holden Walter-Warner
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