Bond Street heats up, once again 

New York /
Jul.July 08, 2011 01:52 PM

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.

All of the units at 41 Bond, except the townhouse, are in contract, according to the developer. The penthouse sold for $8.4 million, or $3,100 a square foot. The lower-floors sold for $2,500 a foot on average.

A few steps away, the nine-unit 25 Bond Street was completed in late 2008. The units remain primarily in the hands of the original investing partners, though some are available for rent, the Journal said.

Bond Street has also seen a retail boom in the area. Luxury clothing stores Billy Reid and Rogan have retail premises on the street.

Retail Space On Bond Street is hard to come by. Matt Kliegman, co-owner Smile, a restaurant at 26 Bond Street,Said The Street feels more exclusive because the new residential developments don’t include retail space. “There are natural barriers to entry,” he said. [WSJ]


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