Tal Alexander tapped to sell long-delayed new development condo in Noho
Prices at the six-unit building, where sales first launched five years ago, will range from $8.5M to $18M
Sales are re-launching today at 22 Bond Street — for real this time.
Douglas Elliman’s Tal Alexander, Jared Schwadron and Marc Riedel are taking over the five remaining condos at the luxury NoHo development, where asking prices range from $8.5 million to $18 million.
The 12-story building, co-developed by Louis Greco’s Second Development Services and the Richport Group, has been plagued by false starts for nearly a decade. Its lone buyer to date is Jamie Reuben, son of British billionaire David Reuben, who purchased a unit for $7.8 million in 2019, according to the New York Post.
“This is some of the first new development to be delivered on Bond Street in almost 10 years,” Alexander said. “The market is really tight, especially for new construction, especially for boutique developments in what is a prime location.”
SDS acquired the thin lot just off of Lafayette Street in 2007 for $8.5 million. Initial plans for a hotel were scuttled, and a condo offering plan first surfaced seven years later in 2014, by which point The Real Deal was already describing the project as “long-delayed.” Prices for the six condos were to range from $9.3 million to $19.9 million.
The developers had reportedly planned to complete construction the following year, but after falling behind schedule they secured $28 million from Glacier Global Partners to refinance an earlier acquisition and construction loan provided by Starwood Capital Group.
Sales officially launched in 2016, the New York Times reported. But when the city’s condo market slowed in the years that followed, SDS and Richport negotiated with their new lender, Madison Realty Capital, to extend the construction loan’s maturity date and infuse additional equity into the project.
Madison’s Josh Zegen told TRD at the time his firm restructured the loan “to give more term and a little bit more money to complete the job.”
Zegen could not immediately be reached for comment Monday.
Leslie J. Garfield’s Ravi Kantha and Matthew Lesser had previously handled sales in the building, according to listings, including the unit purchased by Reuben in 2019.
Each of the five remaining condos, which range from 2,900 to 3,900 square feet, includes private outdoor space, while the building also has a landscaped communal garden. Ceiling heights climb up to 22 feet, and units’ “gallery-ready” walls are designed to protect and display artwork, according to the listings.
“This is right up our alley in terms of our clientele and the pool of buyers we speak to,” Alexander said. “We think it’ll sell pretty quickly.”