10 Bond StreetRecorded sales & closing prices

Sponsor closings ran from September 2015 into 2016, and every apartment has traded at least once. Resale activity since has been steady and thin at the same time — a handful of second and third transfers across the eleven residences over the following decade, spread widely by floor, exposure and outdoor space. The townhouse and the penthouse are structurally different products from the east and west floor plates and should not be averaged with them.

The pricing question specific to this building is the leasehold. Ground leases running to 2102 leave roughly three-quarters of a century, long enough that most lenders will underwrite it and most buyers will not discount it heavily today. The offering plan is blunt about what happens later: unless the condominium extends the leases, enters new ones, or buys the land, prices for shares resold toward the end of the term will be adversely affected by the shortening term, and at expiry the unit owners would be required to surrender possession. That is a decades-away risk and should be priced as one — but it is disclosed in writing, and a buyer's attorney will find it.

Comparables should be drawn from the small NoHo boutique inventory rather than from the fee-simple condominium market broadly. Unit-level transaction history is maintained in The Roebling Research Library and shared with clients during diligence.