Tal Alexander revives sales of long-delayed Noho condo
Sales resume 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 with false starts for nearly a decade. Its only buyer so far is Jamie Reuben, son of British billionaire David Reuben, who bought a unit for $7.8 million in 2019, according to the New York Post.
“This is one of the first new developments to be delivered on Bond Street in almost 10 years,” said Alexander. “The market is really tight, especially for new builds, especially for boutique developments in a prime location.”
SDS acquired the narrow lot just off Lafayette Street in 2007 for $8.5 million. Initial plans for a hotel were scuttled and a plan for a condo offer first surfaced seven years later in 2014, by which time The Real Deal already described the project as “long overdue”. Prices for the six condos were expected to range from $9.3 million to $19.9 million.
The developers reportedly planned to complete construction the following year, but after falling behind schedule, secured $28 million from Glacier Global Partners to refinance an earlier acquisition and construction loan provided by Starwood Capital Group.
Sales officially kicked off 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 maturity date of the construction loan and inject additional equity. in the project.
Madison’s Josh Zegen told TRD at the time his company restructured the loan “to give more term and a little more money to finish the job.”
Zegen could not immediately be reached for comment on Monday.
Leslie J. Garfield’s Ravi Kantha and Matthew Lesser previously handled sales in the building, according to listings, including the unit Reuben bought in 2019.
Each of the remaining five condos, which range from 2,900 to 3,900 square feet, include private outdoor space, while the building also features a landscaped communal garden. Ceiling heights climb to 22 feet, and the units’ “gallery-ready” walls are designed to protect and display artwork, according to listings.
“It’s a perfect fit with our customer base and the pool of buyers we’re talking to,” Alexander said. “We think it will sell out pretty quickly.”