From left: Equity International Chairman Sam Zell, Toll Brothers Chairman Bob Toll and 400 Park Avenue South
Sam Zell’s Equity Residential and Toll Brothers are closing in on the acquisition of 400 Park Avenue South, according to Crain’s, with plans to build a residential tower with condominium units above rentals.
The site, at 28th Street is currently a 20,000-square-foot parking lot owned by A&R Kalimian Realty. A&R obtained approval for a 40-story, 435-unit rental building, but it put the site on the sales market in May with brokerage Studley. The price Equity Residential and Toll Brothers plan to pay for the site was not revealed, but previous reports said it could draw $400 for each of its 420,000 buildable square feet.
Both Toll Brothers and Equity Residential have been active in the city of late. In the summer, Toll Brothers acquired a development site at 276-280 Third Avenue where it plans to build a 21-story, 80-unit residential building. In September, Equity Residential bought the development rights at 170 Amsterdam Avenue, where it plans a 230-unit apartment building. [Crain’s]