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Toll Brothers Picks Up Midtown East Residential Site for $64M

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We have been watching the 150,000-square-foot site at 953-961 First Avenue for several years, patiently waiting for the hole in the ground to actually become something. Alexico Group tried to build a 161 luxury rental building there, but the developer defaulted on loans and the site went into foreclosure. Now the site is once again on the path toward residential development, but from a different developer. The Commercial Observer reports that Toll Brothers bought the stalled site for $64 million.

Toll Brothers owns dozens of properties throughout the city, and they have a couple buildings coming online over the next few years, namely 400 Park Avenue South and Pierhouse at Brooklyn Bridge Park, aka the condo part of the park's condo-hotel complex. Plans for the newly-acquired Midtown East site are not yet clear, but it's certainly one to watch in 2013. Have more intel? Hit up the tipline.
· Toll Brothers Pays $64M for Residential Development Site [Commercial Observer]
· 953-961 First Avenue coverage [Curbed]