re-setting values at 57 Bond / there goes the neighborhood

gotta appreciate the appreciation
#4E at 57 Bond Street is new to the market this week, asking $3.45mm and $1,712/mo (condo) for “2,125 sq ft” in a 2003 condo conversion that sold as new four years ago for (probably) less than half that. (I don’t see a closed price for this unit when it was first bought in October 2003, but #2E sold 3 months later for $1.563mm.)

That is what having brand new brand name neighbors will do for you!

new neighbors are good neighbors
Since this building was converted in 2003, the new kids on the block that have driven prices very far very fast are 40 Bond and 48 Bond. 40 Bond is the 31-unit Ian Schrager project with “five star hotel services and amenities”, in which original units can still be had for as little as $3.5mm for “1,269 sq ft” (#6D) or as much as $9.95mm for “3,288 sq ft’ (#9A). 48 Bond is the smaller (17 unit) Deborah Berke designed project that has a “3,141 sq ft” full floor unit left, asking $5.15mm.

The record high sale for the building to date was PH-E (only “1,470 sq ft”, but with a terrace of “1,134 sq ft”), which sold in July for $2.595mm, with finishes that sound a lot like those in #4E. (As history, the other penthouse sold through the developer in May 2004 for $1.675mm, with “1,704 sq ft” and a “966 sq ft” terrace.)

too soon in 2005
Two “W” line units (also 2,125 sq ft) were offered for sale before the hot new neighbors were in, at (then) historically high prices, but came off the market after not selling. #2W took a brief shot at a killing in March 2005 for $3.2mm, while #4W more seriously probed the market from January to May 2005 at $2.75mm.

This short block on this short street just off the Bowery has had one of the sharpest jolts of high-end development and pricing of any similar block that I can think of.

Maybe they will add pix and a floor plan to the #4E PruDE listing before too long, but they are starting with open houses immediately.

Open House Thursday Nov 1 from 12 – 2
Open House Sunday Nov 4 from 12 – 1:30

© Sandy Mattingly 2007

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