Toll Brothers Expands Chelsea Assemblage With $45M Deal

Toll Brothers has snapped up two more properties next to the long-vacant Chelsea development site once tied to the late Brandon Miller.

The Pennsylvania-based homebuilder bought 126 10th Avenue and 456 West 18th Street for $45 million from the longtime owner, the Nanis family, The Real Deal has learned. The industrial properties sit next to 118 10th Avenue, which Toll Brothers bought in February, giving the developer an assemblage that stretches to the corner.

Its high-rise condominium division, Toll Brothers City Living, plans to build a 114-unit building designed by CookFox with amenities including a pool, sauna, cold plunge and playroom. Sales are expected to launch in the spring of 2028.

Adirondack Capital Partners’ Michael Hunter Coghill represented the buyer.

Toll Brothers closed on the first piece of the assemblage in February for $53 million, capping 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 in a deal valued at $21 million. But 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 after Miller.

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 a company called DIA Family Holdings, which ultimately filed for bankruptcy protection, leading Barmapov to take the property back, 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 construction on more than 7,200 luxury units. In New York, that includes the Pierhouse in Brooklyn Bridge Park in partnership with Starwood Capital Group, as well as 1110 Park Avenue and 121 East 22nd Street and The Rockwell at 218 West 103rd Street.

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