Toll Brothers City Living Assembles Parcels for West Chelsea Development
Adirondack Capital Partners (ACP) closed the $45-million sale of 126/128 Tenth Ave. and 456 W. 18th St. to Toll Brothers City Living. The acquisition forms part of a broader West Chelsea development assemblage anchored by 118 Tenth Ave., which ACP previously sold to Toll Brothers for $53 million. The $721/ZFA price of the combined assemblage represents a post-pandemic record for the neighborhood, according to ACP.
ACP’s Michael Hunter Coghill, Chad Sinsheimer and Brittany Feinberg brokered the transaction. The 126/128 Tenth site, directly across Tenth Avenue from the Faena, was formerly home to the Star on 18 diner, which Toll Brothers plans to demolish. A 240,000-square-foot residential complex is planned for the site, according to the New York Business Journal.
“This closing builds on our earlier sale of 118 Tenth Ave. and advances a significant development assemblage in one of Manhattan’s most distinctive residential neighborhoods,” said Coghill. “Together, these transactions reflect the value of scarce development opportunities and the persistence required to bring a complex assemblage to closing.”
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Eamonn McConnell
Avison Young - CA - ON - Greater Toronto
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout