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.”