On Great Jones Street—the two-block cobblestone-era enclave linking Broadway and the Bowery in historic NoHo—1890s loft buildings only surface when a twenty-year owner decides to cash out. 9 Great Jones PO L.P. closed on the six-story, 16,660-square-foot loft building at 9 Great Jones Street on August 21, 2026 for $15.25 million ($915 per square foot), rewarding seller Bong, LLC with a 500.4 percent gain over the $2.54 million price paid in January 2004. When the deed closed on August 21, 2026, 9 Great Jones PO L.P. had officially taken down 9 Great Jones Street from Bong, LLC for $15.25 million, with Downtown Boutique Investment Sales brokering the trade.

Look past the sticker price and the trade tells a clear story about replacement cost in Manhattan. At $915 a square foot—or $2,541,667 a door across its 5 apartments— across 16,660 square feet, the closing price marks a 500.4 percent step-up over the $2.54 million basis recorded in January 2004. In today's five-borough construction market, buying modern or well-maintained brick at $915 a square foot still beats the time and cost of digging a foundation from scratch. Even better for the buyers, the in-place rent roll hands them a verified 5.80 percent going-in cap rate from day one.

A 6x Generational Gain Financed by Peapack Private Bank's $8.2M CEMA

How you structure the debt on a Manhattan acquisition matters almost as much as what you pay for the deed. Peapack Private Bank & Trust stepped up with a $8.2 million senior loan—representing 53.8 percent loan-to-value—while the buyers wrote a $7.05 million equity check behind it.

Rather than extinguishing the seller's old note and originating a scratch mortgage, the buyers and Peapack Private Bank & Trust kept the existing mortgage wrapper alive through a Consolidation, Extension, and Modification Agreement, or CEMA. Because New York City levies a roughly 2.8 percent mortgage recording tax on new commercial debt, that single piece of legal plumbing saved the deal upwards of $0.23 million at the closing table—cash that stays in the property's capex and leasing reserve instead of going to the Department of Finance.

From Our Desk

When we look at 9 Great Jones Street on our placement desk at Light Tower Group, the lesson for New York sponsors comes down to the marriage of entry basis and capital structure. 9 Great Jones PO L.P. didn't try to fight the tape—they bought NoHo footage at $915 a square foot and structured the stack to match the asset's timeline. Buying a full-floor NoHo loft building at $915 a square foot—with Peapack Private Bank consolidating an $8.2 million M&CON; loan at 53.8 percent LTV—gives the new partnership an irreplaceable downtown trophy well below the $2,500-a-foot condo comps next door.