The 20,000-square-foot "shovel-ready" site at 400 Park Avenue South, where Christian de Portzamparc's 40-story Fortress of Glassitude was once set to stand, went up for sale in May. And now we have word on who the buyers might be: a partnership of Equity Residential and Toll Brothers, according to Crain's sources. Rumor has it the two companies are planning a tower with rental (on the lower floors) and condo (on the higher floors) units. The move seems in keeping with recent plays on the part of both companies. Equity has already picked up three apartment buildings from Harry Macklowe and an UWS site where there's a 230-unit apartment building in the works. And Toll Brothers is about on schedule to be planning its next project now that 205 Water and The Touraine are well underway. At least we'll always have C-deP's renderings.
· Two big developers to team up on Park Ave. South [Crain's]
· 400 Park Avenue South coverage [Curbed]