Posted Oct 13, 2011, 9:29 PM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
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http://www.crainsnewyork.com/article...TATE/111019929
Two big developers to team up on Park Ave. South
Equity Residential and Toll Brothers near deal to build split-personality condo/apartment tower on site of a parking lot on East 28th Street.
By Amanda Fung
October 13, 2011
Quote:
Equity Residential, along with home builder Toll Brothers Inc., is nearing a deal on a major development site at 400 Park Ave. South, according to sources. There, the partners hope to build a tower that will have rental units in the lower floors and condos above.
The site, a 20,000-square-foot parking lot at 28th Street, is owned by A&R Kalimian Realty, the developer of Upper West Side luxury rental tower The Aire. The developer had received city approval for a 40-story, 435-unit rental tower designed by French starchitect Christian de Portzamparc and Handel Architects, according to published reports. Instead, in May, the developer hired brokerage Studley Inc. to market the site, according to The New York Post, which estimated it could draw bids of well over $400 per square foot.
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