THE CONDO BOOK PROJECT

22 Bond Street Condominium

22 Bond Street, Manhattan, NY 10012

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Overview

Units
6 residential · 1 commercial
Subway
2 min walk to Broadway-Lafayette St/Bleecker St 6 B D F M8 St-NYU R W, 5 min
Developer
Richport Group LLC
Principals
Louis V. Greco, Jr., Husein Sonara, Tom Rosen
Average $/sf
$3,971Homes in Schedule A, as first offered
Common charges
$6,022–$8,273 a monthSponsor's first-year estimate in Schedule A, October 1, 2015 - September 30, 2016
Offering price
$80.8 million total $76.2 million when first offered

The sponsor of record is 22 Bndo LLC, represented by Marans Weisz & Newman LLC. The offering plan runs 279 pages. The sponsor has filed 13 amendments, the latest in July 2023. The nearest other condo plan on file is 40 Bond Street Condominium, next door.

Plan CD140265 · New · accepted Jan 7, 2015 · AG record ↗

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FigureThis building1347 Bowery25 units · 0.1 miaccepted 201534 Prince37 units · 0.3 miaccepted 2015
Common ChargesPer Square Foot / Month$2.08Highest$0.99$1.77
Average Offering PricePer Apartment$13.01MHighest$9.35M$10.1M
Average PricePer Square Foot$3,971Highest$3,219$2,964
Property TaxesPer Square Foot / Month$1.22In line$1.13$1.34
Average Unit SizeSquare Feet3,275 SFIn line2,905 SF3,408 SF

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Unit mix, closings, budgets, finishes and the team, against 347 Bowery and 34 Prince, cited to the offering plans. No credit card required.

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How We Got This
  • Comps: the closest Manhattan plans on size, $/SF and launch date, within 2 miles when possible.
  • Figures: each building's own offering plan, filed with the NY Attorney General. Nothing is estimated.
  • Checked: a price list publishes only when its math adds up, and building pages cite the plan pages.
  • Labels: In line is between the comps; Below/Above peers is past both by up to 15%; Lowest/Highest by more.

Closings Pro

Homes closed100% of the homes in Schedule A6 of 6
Closing prices vs. Schedule A6 homes: $53,307,700 at closing against $78,032,500 in Schedule A (p. 24)−31.7%
Average closing price6 homes, on their Schedule A square feet$2,713 / SF
Closingsfirst and latest recordedAug 29, 2019 – Jul 25, 2024

Sales recorded with the Department of Finance (ACRIS) through Nov 30, 2024: deeds, or transfer tax filings for a building on leased land, of $10,000 or more. A home's first sale since the plan was filed is the sponsor's closing; resales aren't counted. Closing prices are compared with the same home's Schedule A price, as first offered; a deed covering more than one home isn't compared. Amendments often change prices before a home closes, and a deed that includes parking or storage counts its full price. ACRIS records a sale weeks after closing, so recent contracts don't appear yet. Every building's sales.

All 6 closings
HomeRecordedClosing priceSchedule ADifference
CAug 29, 2019$7,757,700$10,422,000 p. 24−25.6%
PH 2Jan 24, 2023$16,500,000$19,885,000 p. 24−17%
PH 1Dec 4, 2023$10,400,000$14,782,500 p. 24−29.6%
ADec 29, 2023$6,300,000$9,843,000 p. 24−36%
DMar 22, 2024$7,000,000$11,880,000 p. 24−41.1%
BJul 25, 2024$5,350,000$11,220,000 p. 24−52.3%

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Every home's recorded closing price against its Schedule A price, with the ACRIS document and the plan page.

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Budget

From our research: The Sponsor's Condo-Creation Fee in NYC · NYC Condo Insurance Costs Are Rising · Condo Supplies Cost per Unit, by Size

Team

Sponsor
22 Bndo LLC
Developer
Richport Group LLC
Principals
Louis V. Greco, Jr., Husein Sonara, Tom Rosen
Tax estimate
Lawrence J. Berger, P.C.Prepared the first-year real estate tax projection
Construction lender
SPT TLB BB Holdings

From our research: Do NYC Developers Rehire the Same Firms?

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