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Bonjour Capital Acquires Multifamily Asset From AvalonBay Communities For $74.5M In Sheepshead Bay

Property Image
SOLD
$74,500,000
Henry Hill
Michael (Mike) Collins
Daniel (Dan) O'Brien
+ 3

New York

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MultiFamily194,881 SF
Sold 09/30/2025
the dealplayerscompscontact
Property Image
SOLD

Bonjour Capital Acquires Multifamily Asset From AvalonBay Communities For $74.5M In Sheepshead Bay

1501 Voorhies Avenue

See Similar Deals
MultiFamily194,881 SF
Sold 09/30/2025
Henry Hill
Michael (Mike) Collins
Daniel (Dan) O'Brien
+ 3
the dealplayerscompscontact
Contact now

Summary

NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$382
Total Square Footage:194,881 SF
Transaction Type:Sale

The property asset involved in this transaction is a multifamily building located at 1501 Voorhies Avenue in Sheepshead Bay. The transaction was completed with a sale price of $74,500,000, encompassing a total of 180 units, which results in a per unit price of $413,888.

Summary of transaction details:

This transaction features key individuals from Newmark, who facilitated the deal. The brokerage team includes Adam Spies, Adam Doneger, Daniel O'Brien, Michael Collins, Caroline Hodes, and Henry Hill, representing both the buyer and seller throughout the process.

Players

Adam Doneger
Newmark
Adam Doneger
190 deals$50.2B volume(516) 317-7837
BROKER
Adam Spies
Newmark
Adam Spies
263 deals$71.8B volume(212) 841-7500
BROKER
Caroline Hodes
Newmark
Caroline Hodes
94 deals$1.8B volume(516) 263-9404
BROKER
Michael (Mike) Collins
Newmark
Michael Collins
22 deals$4.9B volume
BROKER
Henry Hill
Newmark
Henry Hill
28 deals$468M volume(212) 655-0695
BROKER
Daniel (Dan) O'Brien
Newmark
Daniel O'Brien
146 deals$4.7B volume(212) 698-5584
BROKER
BC
Bonjour Capital
BUYER
AvalonBay Communities
AvalonBay Communities
SELLER

Details

SOLD
IMAGE: Adam Spies, Michael Collins, Daniel O'Brien, Caroline Hodes, Adam Doneger & Henry Hill DATE: 9/30/2025 ADDRESS: 1501 Voorhies Avenue MARKET: Sheepshead Bay ASSET TYPE: Multifamily BUYER: Bonjour Capital SELLER: AvalonBay Communities (@AvalonBayCommunities) BROKERS: Adam Spies, Adam Doneger (@ADoneger), Daniel O'Brien, Michael Collins, Caroline Hodes (@CarolineHodes) & Henry Hill (@Henry_Hill_CRE) - Newmark (@Newmark) SALE PRICE: $74,500,000 UNITS: 180 ~ PPU: $413,888

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$3,973,333.33

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$264,682.77
Cash-on-Cash Return-1.27%
Monthly Debt Service$353,168.01
Annual Debt Service$4,238,016.10