Adirondack Capital Partners arranges $45 million sale of West Chelsea development site to Toll Brothers
Manhattan, NY 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.
ACP’s Michael Hunter Coghill, Chad Sinsheimer and Brittany Feinberg brokered the transaction.
Located at Tenth Ave. and West 18th St., the acquired parcels comprise 8,738 s/f of land in the city’s Special West Chelsea District. The corner site, across Tenth Ave. from the Faena, was formerly home to a neighborhood diner. The properties expand Toll Brothers’ development footprint in a neighborhood defined by the High Line, architecture, art galleries and residential development.
“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, founder and managing partner of ACP. “Together, these transactions reflect the value of scarce development opportunities and the persistence required to bring a complex assemblage to closing.”
The $45 million acquisition brings the combined consideration for the two ACP-brokered transactions to $98 million, translating to $721/ZFA, a post-pandemic record for the submarket. The sale followed a competitive marketing process that demonstrated the depth of buyer demand for well-located development sites in supply-constrained city submarkets.
“A very competitive sales process yielded an incredible outcome for our clients, as these properties commanded a premium,” said Sinsheimer, managing partner at ACP. “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.”
“Assemblage transactions require patience, coordination and a clear understanding of how each parcel contributes to the larger opportunity,” said Feinberg, partner at ACP. “This closing reflects the work required to align those pieces and create a compelling outcome for all parties and is an exciting milestone for the broader West Chelsea site.”
The assemblage benefits from proximity to the High Line, Hudson River Park and the Meatpacking District, placing it within one of the city’s most established destinations for luxury housing, dining, retail and culture.