Bonjour Capital pays $74.2M to AvalonBay for 180-unit rental in Sheepshead Bay

Bonjour Capital through the entity Sheepshead Bay 1524 LLC paid $74.2 million to AvalonBay Communities through the entity Sheepshead Bay Road Partner, LLC for the 180-unit rental condominium unit at 1501 Voorhies Avenue in Sheepshead Bay, Brooklyn. The expected use is cash flowing.
The deal closed on September 30, 2025 and was recorded on October 3, 2025. The property has 171,895 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $431 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for AvalonBay Communities was Patrick Gniadek . The signatory for Bonjour Capital was Charles B. Dayan . The contract date was June 26, 2025. The Commercial Observer reported previously.

Bonjour Capital financed the purchase with a $40 million loan from OceanFirst Bank.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Bonjour Capital had purchased any other properties and sold six properties in six transactions for a total of $109.5 million over the past 24 months.
The seller AvalonBay Communities had not purchased any other properties and had not sold any properties over the same time period.

The property

The rental condo with 180 residential units in Sheepshead Bay has 171,895 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 171,895 square feet. The property has a 421A exemption that started in 2020 and expires in 2035. The city-designated market value for the property in 2022 is $41.8 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has not received any significant violations in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot. On the tax lot, the most recent condominium plan was filed by MD SHEEPSHEAD BAY LLC to create 56 residential units in a building at 1501 Voorhies Avenue in Sheepshead Bay, Brooklyn, called 1 Brooklyn Bay Condominiumsthat has a $75.4 million sellout, according to an November 18, 2016 submission to the New York State Attorney General. The principals of the sponsor, MD SHEEPSHEAD BAY LLC, were Jason Muss and Joshua Muss.

The block

On this tax block, PincusCo has identified the owners of eight of the 41 commercial properties representing 88,874 square feet of the 340,703 square feet. The largest owner is David Winiarski, followed by Ofer Joe Levy and then Elliot Meisenberg.
There are no active new building construction projects on this tax block.

The majority, or 40 percent of the 340,703 square feet of built space are mixed-use buildings, with office buildings next occupying 36 percent of the space.

The seller

The PincusCo database currently indicates that Avalonbay Communities owned at least 10 commercial properties with 2,742 residential units in New York City with 3,016,179 square feet and a city-determined market value of $778.6 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are elevator properties. The bulk, or 43 percent of the built space, is in Manhattan, with Queens next at 36 percent of the space.

The buyer

The PincusCo database currently indicates that Bonjour Capital owned at least two commercial properties with 327 residential units in New York City with 345,424 square feet and a city-determined market value of $104.1 million. (Market value is typically about 50% of actual value.) The portfolio has $198.7 million in debt, borrowed from Greystone & Co. and NewPoint Real Estate Capital. Within the portfolio, all identified are elevator properties. The bulk, or 81 percent of the built space, is in Manhattan, with Brooklyn next at 19 percent of the space.

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