Saturday, July 30, 2011

What does it cost to live in Noho and what do you get for the money?

In the days to come your friendly broker/blogger will provide profiles of various buildings on Bond Street and the rest of Noho.

The hottest place downtown is a street two blocks long in a neighborhood that only a few years ago nobody ever heard of.

In case you're a little foggy on the exact location, Noho is the area from Houston north to 8th Street, from Broadway east to the Bowery. 

The heart of Noho is the block of Bond Street between Lafayette and the Bowery, where the average selling price per square foot for a condo in the last twelve months is just over $2,000.  The current asking average PPSF is around $2,350.


On the block are eight condos, five co-ops, and one land-lease co-op that does not require board approval for purchase and allows unlimited subletting. 

It's fair to assume that the buildings themselves are home to a large number of boldface types, given that city records show many of them are owned by LLCs, which frequently hide celebrity owners. 

Careful searches of Page Six could probably reveal their names, but I say let’s leave the poor people alone.

40 Bond Street is new construction.  The building is an Ian Schrager project designed by Jacques Herzon and Pierre de Meuron, the starriest of starchitects, whose firm won the Pritzker Prize in 2001 and who designed the Allianz Arena in Munich and the Olympic Stadium in Beijing.


The New Yorker called the design “a shimmery, 21st century version of Soho’s cast-iron facades.....a brilliant scheme.”  

The New York Times Magazine devoted several pages to its design when it opened, and in an article on Schrager himself said the gingerbread that runs along the street level “pays nostalgic reference to the graffiti that once terrified a city.”  

To me it looks like the work of a gigantic, seriously drugged-out spider, but I guess that also references an earlier era in the neighborhood.

The condominium, with 31 units on 11 floors, began closings in 2007.   Since then, selling prices per square foot have averaged around $2,500.  There are currently two active sales listings with average asking prices per square foot of just over $3,000, and two rentals asking annual APPSF of $100. 

Service is way beyond what we normally think of as full.  In addition to the usual, they will provide flower and pet-walking services if desired.  Residents also have guest privileges at Schrager's Gramercy Park Hotel.

41 Bond Street is the newest.  It came to market this past June and six of the seven units are now under contract. The townhouse remains, but apparently  is not yet available for sale as it appears neither in the Stribling database nor on the building's website.

Curbed commented, "A few of our favorite touches: the bluestone for which the building's known is used around the balcony doors to give the apartments' indoor and outdoor spaces a continuous feel. The oak floors have to go through a five-stage process to get to their particular color. And the balconies' concrete was poured so that it looks like planks..."

The newly constructed building houses five full floor units of approximately 2600 sq ft, with three bedrooms and three and a half baths, landscaped balconies and top-of-the line appliances and finishes.  An additional single duplex is 5400 square feet with four bedrooms and four baths.

There is also apparently a townhouse (what developers call a large ground floor apartment, usually with a separate street entrance).

Average price per square foot:  $2,369. 
A full-time doorman/concierge is provided for the seven units, which kicks the common charges up considerably, but a 421A tax abatement keeps the real estate taxes down, at least for a while.   Monthlies average a little over $2 per square foot.

More to come.

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