From left: DDG Partners CEO Joe McMillan and the model unit at 41 Bond Street

The final remaining sponsor unit, a townhouse duplex at 41 Bond Street, a seven-unit, 10-story Noho condominium building developed by DDG Partners, has closed in a $5.1 million sale to DDG Partners, according to public records filed with the city yesterday.

DDG Partners, whose CEO is Joe McMillan, plans to convert the raw, 3,600-square-foot townhouse duplex – which comes with 14-foot ceilings, two fireplaces and heated floors, plus a private 2,000-square-foot backyard. When complete, the unit will have three bedrooms and 3.5 bathrooms, according to a spokesperson for the project. [more]

From left: the exterior of 41 Bond Street, a model apartment and Fred Gehring, CEO of Tommy Hilfiger

By Lauren Elkies and Adam Fusfeld
Fred Gehring, CEO at Tommy Hilfiger, has closed on the purchase of a 2,592-square-foot condominium unit at 41 Bond Street.
Gehring bought unit 7 from the developer, DDG Partners, for $7.07 million, in a deal that closed Dec. 13, according to public records filed with the city yesterday.
The floor-through three-bedroom, 3.5-bath home with private outdoor space and custom-designed fireplace is one of seven in the nine-story Noho building. [more]

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. [more]

All but one of the seven units at luxury condominium 41 Bond Street have been purchased since sales launched June 9, and with boom-time prices, a sign that Bond Street, one of the hottest streets for new city condos pre-recession, is heating back up. “We’ve sold the majority of units in the building at pricing comparable to 40 Bond in ’08,” Joe McMillan, chief executive of DDG Partners, which is marketing the building, told the Wall Street Journal. “The only thing is that I wish I had more of them.”

In 2007 and early 2008, units at developer Ian Schrager’s 40 Bond sold for an average of $2,500 a square foot, according to data from Streeteasy.com. The only other building in downtown Manhattan competing on rent was 40 Mercer. Once the downturn hit however, sales were slow on the street. [more]

41 Bond Street (click to see more photos)

Another condominium development along Bond Street in Noho began marketing units last week, and like its neighbors, 41 Bond Street is demanding more than $2,000 per square foot, according to the New York Post (see newly released photos above). The 10-story, seven-unit building with a bluestone exterior was designed and developed by DDG Partners and has two-floor units at the base of the building and the top of the building, each with more than 1,500 square feet of outdoor space. Meanwhile the remaining five units range from 2,600 to 5,400 square feet. “We’re priced in the mid-$2,000s per square foot,” DDG CEO Joe McMillan told the Post. “And we’re raising prices right now.” Comments

• Tweet

The CEO of DDG Partners, Joe McMillan, at 41 Bond Street, which is under construction.

From the January issue: A development team on Bond Street is placing a $34 million bet on the market.
The savvy new investment partnership is making the risky gamble
that by the time they are ready to sell, the condo units they are
building at 41 Bond Street will fetch at least around what comparable
apartments did at the top of the market in 2007. In one of the few high-profile land acquisitions of the downturn,
in September, DDG Partners bought the vacant land on which the firm is
now erecting a nine-story condo, for just over $9 million. The firm is
planning to spend approximately $25 million more on construction,
according to Joe McMillan, the CEO of DDG.
The project will add to the string of boutique buildings already
lining the street, including its most high-profile condo, 40 Bond
Street by Ian Schrager, along with the Deborah Berke-designed 48 Bond
and the stone-and-glass 25 Bond. more

[more]