It looks like luxury home builder Toll Brothers may have yet another New York City residential development project on the drawing board after scooping up a financially troubled and stalled development site – once dubbed the Oliver – from Alexico Group for $64 million, The Commercial Observer has learned.
Owner of the high-end boutique condominium building The Touraine in Lenox Hill, Toll Brothers purchased 953, 957, 959 and 961 First Avenue (or 953-961 First Avenue) in Midtown East after years of financial turmoil bogged down and eventually killed Alexico Group’s original plans to build a 161-unit luxury rental building at the site.
A city proposal to sell three lower Manhattan buildings, potentially converting 750,000 square feet of outmoded office space into luxury housing or hotels, has run into objections from community representatives in the City Hall area, who argue that the plan should have included provisions for a school, community center or affordable housing.
The City Council’s subcommittee on planning, dispositions and concessions plans a hearing next week on the disposal of the properties at 22 Reade Street and 49-51 Chambers Street. Disposition of the third building in the package, at 346 Broadway, was approved in 1998. Mayor Michael Bloomberg announced the sale in January as part of a drive to make the city more efficient by consolidating its office spaces.
A trio of city-owned buildings, totaling 750,000 square feet of space, have lured in big developers keen on purchasing the properties from them, and their proposals with the city Economic Development Corporation to do so are due today, The Real Deal reports.
346 Broadway, 49-51 Chambers Street, and 22 Reade Street are up Read More
You’re welcome, Toll Brothers.
The big-time developers fumed, along with the mayor, when the Environmental Protection Agency decided to designate the Gowanus Canal a Superfund site last year. Playing a game of Hear No Evil, See No Evil, Speak No Evil, Toll threatened to pull out of a big 447-unit development on the Read More
Murray Hill, home of frat boys, basement bars and falafel stands, seems ripe for an NYU invasion. The school’s medical center just snapped up a condo for $8.95 million at 303 East 33rd Street, close to First Avenue and the NYU Langone Medical Center.
The sale hit public records yesterday evening, and will give Read More