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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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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