Toll Brothers Buys West Chelsea Development Site for $45M

It looks like there’s more luxury housing coming to Manhattan’s swanky West Chelsea neighborhood.

Homebuilder Toll Brothers, through its Toll Brothers City Living condo development division, has acquired a development site at 126-128 10th Avenue and next-door 456 West 18th Street from longtime owner the Nanis family for a total of $45 million, broker Adirondack Capital Partners announced Thursday.

The assembled properties — which cover 8,738 square feet of land — adjoin 118 10th Avenue, a vacant lot which Toll Brothers acquired in February for $53 million with the intention of developing a condo building on the site.

Toll Brothers filed plans with the New York City Department of Buildings on Oct. 5 to build a 240,000-square-foot property with 105 units and roughly 20,000 square feet of commercial space at 118 10th Avenue. Amenities designed by CookFox will include a pool, a sauna, a cold plunge and a playroom, according to The Real Deal.

The exact plans for the two nearby properties that are part of Toll Brothers’ most recent purchase were unclear. The sites currently hold low-rise buildings, including the now-closed Star on 18 Diner, which is set to be demolished.

“This closing builds on our earlier sale of 118 10th Avenue and advances a significant development assemblage in one of Manhattan’s most distinctive residential neighborhoods,” Michael Hunter Coghill, founder and managing partner of Adirondack Capital Partners, said in a statement. “Together, these transactions reflect the value of scarce development opportunities and the persistence required to bring a complex assemblage to closing.”

Adirondack Capital Partners’ Coghill, Chad Sinsheimer and Brittany Feinberg brokered the deal. Toll Brothers did not immediately respond to Commercial Observer’s request for comment.

“A very competitive sales process yielded an incredible outcome for our clients, as these properties commanded a premium,” Sinsheimer said in a statement. “We are pleased to have helped bring these transactions together for Toll Brothers, which was able to realize efficiencies by acquiring the assemblage in its entirety.”

Amanda Schiavo can be reached at aschiavo@commercialobserver.com.

Source: commercialobserver.com — article syndicated from the publisher’s feed; all rights remain with the original publisher.