Developer Alexico Group has offloaded a troubled First Avenue development site, plans for which went belly-up as a result of the financial crisis.
The firm, which stalled several of its projects, including 56 Leonard Street, after the collapse of Lehman Brothers in 2008, has sold another stalled site at 953-961 First Avenue, at East 53rd Street, to the homebuilder Toll Brothers, according to public records filed today with the city. The deal for the site, which closed December 28, was for $64 million. Cushman & Wakefield represented the seller in the transaction. [more]