Adam Gordon made his fortune by buying property and converting it to self-storage units. Now, he’s purchasing real estate with another goal in mind.
In the last week, the self-storage king closed on approximately $23 million worth of property along Bond Street between the Bowery and Lafayette Street. He purchased 41-43 Bond Street for $7.7 million and the Bouwerie Lane Theater at 54 Bond Street for $15 million, according to city records.
“A lot of the developments that you see around the city these days are just typical and boring,” Mr. Gordon told The Observer recently. “My view for many years has been that we should focus on the built environment in New York.”
Mr. Gordon’s plans for the cobblestone block are in line with this reasoning. Later this year, he will break ground on a Steven Harris–designed condominium, at 41-43 Bond Street. As for 54 Bond Street, that will eventually be home to Mr. Gordon and his family.
Bond Street is certainly not suffering from a lack of development. Mr. Gordon’s condo development will be the third on that block, following Ian Schrager’s 40 Bond and the Deborah Berke–designed condos at 48 Bond. And although Mr. Gordon’s project will differ from the other two in various ways, there will be similarities.
“I think Schrager took the lead in having residential units on the ground floor,” Mr. Gordon said. “We are going to continue to have that at 41 Bond Street, but I am going to make a point of the condos fitting in with their surroundings.”
Mr. Gordon’s affinity for New York buildings also dictated his decision to buy 54 Bond. Built in 1874, the Bouwerie Lane Theater was landmarked in 1980, and over the years it has served as both a performance and living space for actors like Jake LaMotta, Lauren Hutton and Bernadette Peters. Once renovated, Mr. Gordon and his family will live on the upper floors of the building, and there will be “respectable” retail space on the ground floor.
“I can tell you now that it will not be a bar, club or restaurant,” Mr. Gordon said.
Even though he dropped over $20 million on the property and has yet to unload his current home at 92 Jane Street, which is on the market for $14.9 million, Mr. Gordon’s outlook is that of a seasoned real-estate veteran.
“It’ll sell,” he said of his current home. “It just won’t be until after Labor Day, when all the rich guys are back in the city.”