Toll Bros. and Equity Joining Forces
December 8, 2011
By: Dawn Wotapka

Luxury home builder Toll Brothers Inc. and apartment giant Equity Residential are teaming up to build a 40-story Manhattan tower that will mix rental apartments with condominiums.

Under the deal, which closed Wednesday, the partnership paid $134 million for a vacant lot on Park Avenue South and 28th Street. ...

... The project is the latest example of how developers are joining forces to reduce their risks by sharing the costs of construction. ...

... The property is in Midtown South, a neighborhood that brokers describe as being in transition.

The area has traditionally been filled by offices, largely advertising, public relations and publishing firms. But it has been attracting technology companies in recent years, including the New York office of Apple Inc. and Virgin Mobile. The trendy Gansevoort hotel was recently completed one block away.

"It's now become an area of choice," said Woody Heller, a broker from Studley who represented the seller of the property, A&R Kalimian Realty. "People want to be in trendier, more hipster locations." ...

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