Equity Residential, Toll Brothers near acquisition of 400 Park Avenue South

New York /
Oct.October 14, 2011 09:56 AM
alternate
text
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]


Related Articles

arrow_forward_ios
Sam Zell (left) and Barry Sternlicht (Photos by Studio Scrivo and Emily Assiran)
Battle of Monmouth: Zell and Sternlicht’s $2B struggle over warehouse REIT
Battle of Monmouth: Zell and Sternlicht’s $2B struggle over warehouse REIT
Sam Zell of Equity Commonwealth and Michael Landy of Monmouth Real Estate Investment (Getty, ACRE)
No deal! Monmouth shareholders reject Equity Commonwealth
No deal! Monmouth shareholders reject Equity Commonwealth
Toll Brothers CEO Doug Yearley and Equity Chairman Sam Zell (Twitter/Toll Brothers, Getty)
Equity, Toll Brothers partner on apartments for $1.9B
Equity, Toll Brothers partner on apartments for $1.9B
Starwood CEO Barry Sternlicht and Equity founder Sam Zell (Getty)
Monmouth Real Estate board again affirms Equity merger
Monmouth Real Estate board again affirms Equity merger
Equity Founder Sam Zell and Starwood CEO Barry Sternlicht (Getty)
Starwood ups offer for Monmouth Real Estate amid pushback on Zell deal
Starwood ups offer for Monmouth Real Estate amid pushback on Zell deal
Equity Residential chairman Sam Zell (Getty, iStock)
Sam Zell’s Equity Residential reports recovery in rental occupancy
Sam Zell’s Equity Residential reports recovery in rental occupancy
Illustration of Sam Zell of Equity Commonwealth (right) and Barry Sternlicht of Starwood (Illustration by Kevin Rebong for The Real Deal)
Monmouth Real Estate: We’ll sell to Zell, not Sternlicht
Monmouth Real Estate: We’ll sell to Zell, not Sternlicht
Sam Zell of Equity Commonwealth and Barry Sternlicht of Starwood Capital Group (Getty)
Barry Sternlicht’s Starwood makes rival bid for Monmouth Real Estate
Barry Sternlicht’s Starwood makes rival bid for Monmouth Real Estate
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...