Adirondack Capital Partners (ACP), a boutique capital markets advisory firm, said Monday that Toll Brothers has acquired a premier development site at 118 Tenth Ave. in Manhattan’s West Chelsea submarket from Benny Barmapov for $53,000,000. Michael Hunter Coghill and Chad Sinsheimer of ACP served as exclusive advisors to the seller.
“This transaction underscores the enduring institutional appetite for well-located development sites in New York City,” said Coghill. “West Chelsea has proven itself as a long-term residential and mixed-use destination, and Toll Brothers’ acquisition of 118 Tenth Ave. reflects the neighborhood’s depth, durability and appeal to best-in-class developers.”
Located along Tenth Avenue between West 17th and West 18th streets, directly adjacent to the High Line, the site offers the ability to develop an approximately 85,000-square-foot residential condominium project. It is one of the last largely undeveloped sites in the immediate area. Prior office and mixed-use plans were filed as recently as 2019 before shifting market conditions and strong residential demand repositioned the property,
