The Real Deal New York

Closings begin at 41 Bond

December 05, 2011 02:59PM
By Katherine Clarke

  • Print

Closings have begun at 41 Bond Street, DDG Partners’ seven-unit condominium building in Noho that quickly sold out after hitting the market in June, Joe McMillan, CEO of DDG, told The Real Deal today.

The first unit to close, a second-floor pad, sold for $5.5 million, or $2,100 per square foot, according to public records filed with the city today. All in all, apartments in the building will close for an average of $2,500 per square foot, McMillan said. A second unit has already closed, but not yet appeared in city records, and two more are scheduled to close soon, McMillan said.

“We always anticipated the building would sell very well,” McMillan said. “Our belief was based on the dynamics of the neighborhood and the idea that large, family-size units would sell better than smaller commodity apartments.”

The building is on the same block as boom-time blockbusters like 40 Bond Street, 48 Bond Street and 25 Bond Street. 

“This block is a very unique situation,” McMillan said. “[Judging by] comparable projects, it has defied the broader market. That’s hard to replicate.”

The lot where 41 Bond now sits once had two four-story buildings that were demolished by owner Bond Street kingpin Adam Gordon, who bought the property in 2007. But the owners abandoned the project during the recession, and public records show DDG purchased it for $9.05 million in 2009. Corcoran Sunshine Marketing Group handled sales at the project.

As The Real Deal previously reported, it appears DDG spent just over $1,400 a square foot on the project.  

Meanwhile, McMillan said DDG is currently busy working towards its next project, a retail and 40-unit condo development at 345 West 14th Street, the site where Jay-Z and Andre Balazs recently failed to erect a hotel. DDG recently received a $26 million construction loan for a building at the site, according to news reports.

Jay-Z reached a settlement with his lenders over the site of the planned hotel last year and deeded the property back to them for the value of the senior mortgage.

MENU