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Deals & Dealmakers

Bonjour Capital sells Crescent Club apartments for $97 million.

Charles Dayan’s Bonjour Capital has sold the Crescent Club apartment building in Long Island City for $97 million.

Sources told Real Estate Weekly the buyer was Crescent Club LLC, an entity controlled by the Weiss Family, which recently sold 40 Exchange Place to Jeff Gural’s Newmark Holdings for $115 million.

Bonjour Capital upgraded the property's common areas.
Bonjour Capital upgraded the property’s common areas.

Located at 41-17 Crescent Street in LIC, the 17-story building was originally developed as a luxury condo in 2010. It has been operating as a rental since being bought out of default by Simon Development, who sold it to Bonjour for $85 million in 2013.

The Crescent Club has 130 apartments and 10,000 s/f of retail space.  It has a fitness center, landscaped backyard with outdoor pool, business center, lounge, sky club lounge, cold and dry grocery storage and Wifi in amenity areas as well as bike storage, storage units and parking.

Bonjour Capital hired Durukan Design to redesign the building’s common spaces and renovate amenities. Dayan said the property was “run like a hotel. It was kept pristine with a keen eye on tenants needs.” He said the sale was a strategic move. “We plan on reinvesting the capital into New York City real estate,” added Dayan, the CEO of Bonjour Capital.

Lipa Lieberman from Meridian Capital, represented the buyer.

 

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