Toll, Equity Residential pay $134 million in year's largest development deal
December 8, 2011
By: Adam Pincus

In the most expensive development site deal of the year so far, home builder Toll Brothers and real estate investment trust Equity Residential partnered in reportedly paying $134 million for a large development site at 400 Park Avenue South. ...

... The deal, which closed yesterday, is Manhattan's most expensive development deal of the year, according to data from commercial research firm CoStar Group. ...

... Studley's Woody Heller and Will Silverman represented seller A&R Kalimian in the deal. There were no other brokers in the deal. The 20,000-square-foot parcel hit the market in May.

While a $134 million price tag seems small compared to Manhattan's half-billion dollar office building trades, land is just one portion of the final cost, Silverman said.

"A $134 million site can quickly become a several-hundred-million-dollar project," he said. "While the raw dollars are not as stratospheric as seen in the office sector, it still represents an enormous commitment of capital." ...

... Studley also brokered the largest development deal of the year last year, with CIM Group's $305 million purchase of the former Drake hotel site at 440 Park Avenue. ...

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