The Real Deal New York

Toll Brothers buys Tribeca sites, plans 98-unit condo project

Developer also signs long-term ground lease in the West Village
By Tess Hofmann | February 26, 2015 06:10PM

Toll Brothers City Living closed on an assemblage of two adjacent parcels in Tribeca this week, and is planning to bring 98 condominiums to the site, The Real Deal has learned.

The 19-story building at 351-355 Broadway will span 193,000 square feet and sit between Franklin and Leonard Streets, on Tribeca’s eastern edge. The two parcels were purchased from separate owners, though Toll declined to disclose the total acquisition price.

TNS Development Group purchased 351 Broadway in 2013 for $12.9 million. An entity listed as 353-357 Broadway owned the two parcels next door, which it had purchased in August for $37 million and $27.6 million respectively, according to property records. It also paid an additional $8 million for the air rights at 359 Broadway. Those lots, which currently hold low-rise buildings, may have since been combined.

Alan S. Cohen of ABS Partners was the sole broker on the deal, representing both the buyer and seller in the transaction.

Also this week, Toll Brothers signed a 99-year ground lease in the West Village at 100 Barrow Street. The developer is leasing the property from the Church of St. Luke in the Fields, and is planning a 12-story rental building with 35 units, 20 percent of which will be affordable. The planned building has already been approved by the Landmarks Commission, according to Toll Brothers.

“We’ve been working on these two deals for a considerable amount of time, and are thrilled that they’ve both closed in the same week,” said David Von Spreckelsen, New York Division President of Toll Brothers City Living.

Toll Brothers is mid-construction at projects including The Pierhouse in Brooklyn Bridge Park, 400 Park Avenue South and 55 West 17th Street.

Kyna Doles contributed reporting.