Formation of peptide bond..?
The condensation is not done in water alone - the enzymatic function of the ribosome plays the essential part here. And in the active center of the ribosome where the formation of the peptide bond takes place, no water is present, only the growing peptide chain and the single amino acid (bound to the tRNA). See this schematic image from the Wikipedia:



If you make x-ray crystallography, this looks like this (from here). You can see that the tRNA with the unbound amino acid is actually inside the ribosome and protected from the outside: