Toll Brothers has acquired two additional properties adjacent to a long-vacant Chelsea development site once linked to the late Brandon Miller. The Pennsylvania-based homebuilder purchased 126 10th Avenue and 456 West 18th Street for $45 million from the Nanis family, according to The Real Deal.
The industrial properties are next to 118 10th Avenue, which Toll Brothers bought in February, creating an assemblage that extends to the corner. Adirondack Capital Partners’ Michael Hunter Coghill represented the buyer in the transaction.
Toll Brothers City Living, the company’s high-rise condominium division, plans to construct a 114-unit building designed by CookFox. Amenities will include a pool, sauna, cold plunge, and playroom. Sales are expected to launch in the spring of 2028.
Toll Brothers closed on the first piece of the assemblage in February for $53 million, ending a years-long saga surrounding the property. The 12,000-square-foot undeveloped parcel, composed of two adjacent properties, is where Miller once sought to develop a 10-story, 100,000-square-foot office building with ground-floor retail space.
Miller’s Real Estate Equities Corporation purchased the leasehold from longtime owner Benny Barampov in January 2017 for $21 million. However, the project never materialized, and an entity tied to GDS Development Management and Swedish real estate firm Klövern AB took over the leasehold interest two years later.
Miller reacquired the leasehold interest in December 2023 but stopped paying the ground lease early the following year. Before his death in July 2024, Miller pledged his equity interests in the entity controlling the property to DIA Family Holdings, which ultimately filed for bankruptcy protection. This led Barampov to take back the property, collapse the ground lease, and put it up for sale.
Toll Brothers, founded by Robert and Bruce Toll in 1967, is one of the largest homebuilders in the United States and a Fortune 500 company. Toll Brothers City Living has completed more than 7,200 luxury units, including the Pierhouse in Brooklyn Bridge Park, 1110 Park Avenue, 121 East 22nd Street, and The Rockwell at 218 West 103rd Street in New York.
