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]

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]

Real estate developers, brokers and attorneys are gathered for the third annual Massey Knakal Multi-family Summit for the tri-state area at the McGraw-Hill Conference Center on Sixth Avenue. The focus of this year’s summit is the acquisition, disposition, financing and management of multi-family properties in the greater New York City area, with a special emphasis on the political environment, trends in rents and operations, as well as a discussion of cap rates, financing and interest rates.

Bruce Beal, executive vice president of the Related Companies, talked about about the rental market and Related’s current projects.

“We’ve been doing everything from looking at distressed opportunities — projects that failed, retail projects that weren’t leased, half built condominium buildings — mostly in our core markets like New York, Boston, California,” he said. — Katherine Clarke [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

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Tribeca Five rendering

[Updated 3:33 p.m., with comment from the New York State Office of Alcoholism and Substance Abuse Services] Developer Brad Zackson is finalizing a deal to sell his stalled Tribeca Five condominium to Minnesota’s famed Hazelden center for drug and alcohol abuse, for as much as $10 million, The Real Deal has learned.

Hazelden beat out a number of condo developers for the six-story property at 283 West Broadway between Canal and Lispenard streets, which has been the subject of foreclosure proceedings since 2009 and was thrown into bankruptcy by developer Brad Zackson. The property is expected to be converted into a sober residential facility with multiple beds, along with some treatment, officials said.

A state Supreme Court judge in October appointed a receiver to oversee the six-story condominium at 283 West Broadway, which had been in bankruptcy proceedings since January 2010, before going back to state court. The developer owes about $14 million in delinquent loans, fees and other expenses related to the property. [more]

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]

Developer DDG Partners has acquired two vacant lots at 41-43 Bond
Street in the Noho Historic District, according to a press release from
the company. DDG plans to build a $35 million, 10-story luxury
condominium project, with construction slated to begin by early next
month. Prudential Douglas Elliman Managing Director Tamir Shemesh is
the lead broker on the project. DDG, which was formed in the spring of
this year, said it expects to close on several other properties through
the next year. TRD [more]