The Real Deal New York

BOND creates “elite” broker floor at Midtown HQ

Brokerage expands at 1776 Broadway but sets production minimum for new desks

August 23, 2013 06:00PM
By Guelda Voien

From left: BOND founders Bruno Ricciotti and Noah Freedman and 1776 Broadway

From left: BOND founders Bruno Ricciotti and Noah Freedman and 1776 Broadway

BOND New York, one of the city’s largest brokerages, has taken an additional floor at its headquarters building at 1776 Broadway and, in an unconventional move, plans to set aside the space for brokers who meet a certain productivity threshold.

The office on the 23rd floor – which spans 4,400 square feet overlooking the Hudson River and Central Park – will function as a type of reward for highest grossing agents, Noah Freedman, co-founder of BOND, told The Real Deal. Only agents who gross at least $1 million in commissions will be able to work there.

“We wanted to create a really elite space,” Freedman said, adding that BOND has been growing and that previously some agents were crammed two to a desk on other floors.

BOND also has space on the second and 19th floors of the building, between 57th and 58th streets in Midtown. The 24-story building, owned by Illertissen Holding, according to PropertyShark, is also home to Mann Realty Associates.

While Freedman wouldn’t comment on which agents or brokers will move up, the BOND agents with the priciest listings, per a review of the company’s website, are Michael Chen and Pawel Ciecwierz, both of whom are listing $25 million properties — one a commercial space on the Lower East Side, the other a five-bedroom townhouse in the West Village.

The new floor will accommodate approximately 40 people.

Freedman declined to comment on rents but the asking rents on the 18th floor are $60 per square foot, according to real estate data service CoStar Group.

This just months after Bank of America sued BOND, after the brokerage allegedly defaulted on $750,000 in loans. StreetEasy, the listings provider, also sued the firm earlier this year, claiming it failed to pay a hefty advertising bill.

BOND has four other offices in New York City, in Chelsea, Greenwich Village, Tribeca and on the Upper East Side.

BOND is moving the agents up to the new office next week, Freedman said.

  • Bill

    Pathetic.

  • fortunate agent

    “This just months after Bank of America sued BOND,
    after the brokerage allegedly defaulted on $750,000 in loans.
    StreetEasy, the listings provider, also sued the firm earlier this year,
    claiming it failed to pay a hefty advertising bill.”

    Definitely a company agents would want to work for, right? I hope their agents see this report and understand the type of separation they are creating among their workforce. This is the stupidest thing I’ve ever heard of a brokerage doing. It shows they only value the major players in the company and do not see everyone as an equal part.

    • How Could you

      Why would they see their power brokers as equal to you? That would be a dumb move. You are not talking race here but money.

  • JTC

    smh

  • Desirable Property

    Ridiculous! I work at Bond and I only found this article because a group of other agents were sitting around a computer discussing how insulting this was to the rest of the company. We were also wondering how they were going to manage to fill the new “elite” office when they probably have no more than one or two agents company wide – if that – who were grossing a million dollars in commissions. The fact that the owners don’t seem to care if “some agents were crammed two to a desk” and that the management go around hiring just about any one with a warm pulse to the constant dismay of their hard working agents is a joke. Last laugh will be on Noah and Bruno as they watch their harder working agents walk out the door to a place where they will be more appreciated!

  • RAZ

    So rewarding top earners is a bad thing now? Grow up guys, there’s nothing wrong with giving perks to the agents who keep te company running.

  • donationguru

    This is like the poor door method. I like it

    • Bill

      Wait til they downsize your ass and you’ll be using the poor door.

  • biff rocko

    So lets do the math. 40 X $1M = $40M. Seriously? Bond does not even do that in five years let alone one.

    • michael

      you are so right.
      look top agent Mark Ski just left, I guess they have to leave the office vacant for a very long time.

  • michael

    This is so ridiculous, bond is a lier. Bond’s average closing price is only around $500,000-$600,000 the most, lets assume they have 5 closings a day, base on 3% of the commission share, do the math. Bond can’t even afford to pay for streesteasy, the must have website for NYC selling, soon they can’t afford to pay for the agents.

  • http://tomazz1.wordpress.com/2014/03/08/tax-planning-for-pfics-and-cfcs-and-fatca/ Thomas Azzara

    “Mitt Romney’s former firm Bain Capital – $70 billion AUM http://www.baincapital.com – has at least 138 funds (called Passive Foreign Investment Companies and QEFs by the tax code) organized in the Cayman Islands, and Romney himself has personal interests in at least 12, worth as much as $30 million, hidden behind ..” http://www.vanityfair.com/politics/2012/08/investigating-mitt-romney-offshore-accounts ….

    HOW does he organize this? http://tomazz1.wordpress.com/2014/03/08/tax-planning-for-pfics-and-cfcs-and-fatca/

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