Greenhouse-inspired interiors
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A rendering of the tower

After more than a decade in the works, a Christian de Portzamparc-designed tower at 400 Park Avenue South will be built by the site’s new owners, Toll Brothers and Equity Residential, which purchased the development lot in December, the New York Observer reported.

Toll and Equity Residential decided to retain the plans laid out by the previous developer, who fell victim to the recession, because it would streamline the process of getting construction off the ground, since the design was already approved by the city. The plans call for a 40-story condominium and rental apartment tower. [more]

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. … [more]

A 20,000-square-foot corner at 400 Park Avenue South at 28th Street, which can support a 420,000-square-foot project, is going on the market via Studley. The site was assembled by developers A & R Kalimian, who were granted approval from the New York City Department of Planning for a “daring” design by French architect Christian de Portzamparc and Handel Architects. It was a favorite project of City Planning Commissioner Amanda Burden, according to the New York Post.

After clearing most of the site, the developers have now opted to sell…. [more]