Residents of a 180-unit rental building in Sheepshead Bay, Brooklyn, will soon have a new landlord. Bonjour Capital has purchased the apartment portion of 1501 Voorhies Avenue for $75 million, according to the Commercial Observer. The seller is AvalonBay Communities, a well-known multifamily real estate investment trust.
The sale price breaks down to approximately $417,000 per unit. Newmark brokers Adam Spies, Dan O’Brien and Adam Doneger represented AvalonBay in the transaction. Neither party responded to requests for comment from the outlet.
AvalonBay and Muss Development first filed plans for a 30-story tower at this site more than ten years ago. The project was notable for being the tallest post-war development in Sheepshead Bay. The partners acquired the property in April 2014 for $16.2 million.
The lot was vacant and located several blocks from Sheepshead Bay when it was flooded during Superstorm Sandy.
In 2016, developers submitted an application to market-test converting 56 units into condominiums instead of rentals. Later that year, they filed an official offering plan with a projected sellout of $63 million. In 2017, AvalonBay provided $49 million in financing for the project.
Construction finished in 2017. The building now features about 250,000 square feet of residential space and nearly 34,000 square feet dedicated to amenities such as a fitness center, lounge, children’s playroom, outdoor pool, barbecues, bocce court and pool table.
A separate retail and office section at the site—listed as 1600 Sheepshead Bay Road—spans about 12,000 square feet and includes tenants like Citibank and Starbucks.
Bonjour Capital recently sold five buildings on West 137th Street for $62 million to Janusz Sendowski. Meanwhile, AvalonBay has been active elsewhere as well; it recently acquired a 270-unit apartment complex in Coconut Creek, Florida for $98.3 million.
