Adirondack Capital Partners has completed the $45 million sale of 126/128 Tenth Ave. and 456 W. 18th St. to Toll Brothers City Living, further advancing a residential development assemblage in West Chelsea. The newly sold properties join 118 Tenth Ave., which Adirondack Capital Partners previously sold to Toll Brothers for $53 million, creating a larger, contiguous site for future multifamily development.
According to Adirondack Capital Partners, the combined assemblage is trading at $721 per zoned floor area (ZFA), which the firm characterizes as a post-pandemic pricing record for the West Chelsea neighborhood. The transactions underscore the premium that investors are willing to pay for scarce infill development sites in a tightly built Manhattan residential district.
The 126/128 Tenth Ave. site sits directly across Tenth Avenue from the Faena and was formerly occupied by the Star on 18 diner. Toll Brothers City Living plans to demolish the former diner structure as part of its preparation for ground-up development on the assembled parcels.
A 240,000-square-foot residential complex is planned for the site, according to the New York Business Journal, positioning the assemblage for a sizable multifamily project once entitlements and construction planning are complete. The scale of the proposed complex highlights the shift of the assemblage from a low-rise diner use to a higher-density residential program consistent with the neighborhood’s ongoing evolution.
Adirondack Capital Partners executives Michael Hunter Coghill, Chad Sinsheimer and Brittany Feinberg brokered the latest transaction between the seller and Toll Brothers City Living. Their role extended across multiple trades, including the earlier sale of 118 Tenth Ave., enabling Toll Brothers to consolidate control of several adjacent parcels in West Chelsea.
Coghill described the closing as a milestone that builds on the prior 118 Tenth Ave. sale and advances a significant development assemblage in one of Manhattan’s established residential neighborhoods. He also emphasized that the combined sales reflect both the limited availability of development-ready sites in West Chelsea and the persistence required to navigate a complex assemblage from initial negotiations through final closing.
With both the $45 million and $53 million transactions complete and a record ZFA price set for the neighborhood, the assemblage establishes a new benchmark for residential development land trades in West Chelsea. The deal sequence also illustrates how patient capital and repeated transactions between the same counterparties can be used to assemble larger-scale residential development opportunities in dense urban locations.
