THE CONDO BOOK PROJECT

40 Bond Street Condominium

40 Bond Street, Manhattan, NY 10012

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Overview

Units
27 residential · 27 storage
Subway
2 min walk to Broadway-Lafayette St/Bleecker St 6 B D F M2 Av F, 5 min
Developers
Bond Street Holding LLC, Hotels JV Holding Company LLC, Northstar Hospitality LLC, R&F Bond Street LLC, RFR Holding LLC, S/A Bond Street LLC
Principals
Ian Schrager, Aby Rosen, Michael Fuchs
Average $/sf
$2,058Homes in Schedule A, as first offered
Common charges
$2,133–$6,378 a monthSponsor's first-year estimate in Schedule A, January 1,2007 - December 31,2007
Offering price
$149.4 million total

The sponsor of record is 40 Bond Street Partners LLC, represented by Starr Associates LLP. The offering plan runs 406 pages. The sponsor has filed 13 amendments, the latest in December 2009. The nearest other condo plan on file is 41 Great Jones Condominium, next door.

Plan CD050170 · New · accepted Dec 8, 2005 · AG record ↗

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FigureThis building140 Mercer241 units · 0.5 miaccepted 2005141 Fifth338 units · 0.9 miaccepted 2007
Common ChargesPer Square Foot / Month$0.83In line$1.10$0.82
Average Offering PricePer Apartment$8.03MHighest$4.71M$3.31M
Average PricePer Square Foot$2,058In line$2,265$1,909
Property TaxesPer Square Foot / Month$0.09Lowest$0.14$1.01
Average Unit SizeSquare Feet3,904 SFLargest2,081 SF1,735 SF

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Unit mix, closings, budgets, finishes and the team, against 40 Mercer and 141 Fifth, 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: $61,892,331 at closing against $48,200,000 in Schedule A (p. 37)+28.4%
Average closing price6 homes, on their Schedule A square feet$2,642 / SF
Closingsfirst and latest recordedAug 6, 2007 – Sep 23, 2014

Sales recorded with the Department of Finance (ACRIS) through Sep 30, 2026: 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 7 closings
HomeRecordedClosing priceSchedule ADifference
1Aug 6, 2007$10,691,625——
TH2Oct 10, 2007$9,978,850$6,950,000 p. 37+43.6%
TH5Oct 18, 2007$8,044,175$6,950,000 p. 37+15.7%
TH3Nov 20, 2007$7,636,875$5,350,000 p. 37+42.7%
TH4Mar 7, 2008$7,560,506$5,200,000 p. 37+45.4%
PHJun 12, 2008$15,171,925$16,500,000 p. 37−8%
TH1Sep 23, 2014$13,500,000$7,250,000 p. 37+86.2%

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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
40 Bond Street Partners LLC
Developers
Bond Street Holding LLC, Hotels JV Holding Company LLC, Northstar Hospitality LLC, R&F Bond Street LLC, RFR Holding LLC, S/A Bond Street LLC
Principals
Ian Schrager, Aby Rosen, Michael Fuchs
Tax estimate
Tuchman, Katz, Schwartz, Gelles, Korngold & Weiss, LLPPrepared the first-year real estate tax projection
Construction lender
Ullico

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

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