Il Buco owner pays $5.8M for mixed-use two doors from restaurant in NoHo

Donna Lennard, the co-founder of the upscale neighborhood fixture, the Italian restaurant Il Buco, through the entity 51 Bond Street LLC, paid $5.8 million to Joseph Raimondo and Charles Raimondo through the entity 51 Bond Street Realty LLC for the four-unit retail and residential building (K4) at 51 Bond Street in NoHo, Manhattan. The expected use is owner-occupied.
The deal closed on October 23, 2025 and was recorded on November 10, 2025. The property has 5,442 square feet of built space and 3,601 square feet of additional air rights for a total buildable of 9,050 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,056 and the price per buildable square foot is $635 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The seller bought the property on December 10, 2007, for $2.5 million. The signatory for Joseph Raimondo and Charles Raimondo was Joseph Raimondo and Charles Raimondo. The signatory for Donna Lennard was Donna Lennard. The contract date was June 5, 2025. Donna Lennard also owns the condo unit at 47 Bond Street, that is the location of Il Buco, which started in 1994. She bought the condo unit in 2002.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Donna Lennard had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Joseph Raimondo had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Joseph Raimondo, head officer and Charles Raimondo, officer. The business entity is 51 Bond Street Realty Llc. The 5,442-square-foot property generated revenue of $242,496 or $45 per square foot, according to the most recent income and expense figures.

The property

The mixed-use building with 4 residential units in NoHo has 5,442 square feet of built space and 3,601 square feet of additional air rights for a total buildable of 9,050 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 74 feet deep with a total lot size of 1,810 square feet. The lot is irregular. The zoning is M1-5/R7X which allows for up to 5 times floor area ratio (FAR) for manufacturing and up to 5 times FAR for residential with inclusionary housing. The property is in the NoHo Historic District Extension. The city-designated market value for the property in 2022 is $1.5 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has not received any significant violations in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on December 19, 2014. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In NoHo, The majority, or 55 percent of the 3.8 million square feet of commercial built space are office buildings, with elevator buildings next occupying 14 percent of the space. In sales, NoHo has had very little sales volume relative to other neighborhoods with $108.4 million in sales volume in the last two years. For development, NoHo has had very little major development activity relative to other neighborhoods.It had 225,856 square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 11 of the 24 commercial properties representing 251,612 square feet of the 378,821 square feet. The largest owner is Shulsky Properties, and then ZG Capital Partners.
On the tax block, there was one new building construction project filed totaling 6,758 square feet. It is a three-unit, 6,758 square-foot residential (R-2) building submitted by David Smilow with plans filed December 22, 2015 and it has not been permitted yet.

The majority, or 65 percent of the 378,821 square feet of built space are office buildings, with mixed-use buildings next occupying 13 percent of the space.

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