Toll Bros. Buys Manhattan Property For $16.5M, Eyes Development

Luxury-home builder Toll Brothers Inc. (NYSE: TOL) has acquired a residential building at 1110 Park Ave. in Manhattan for $16.5 million, according to New York City records filed Friday.

A Toll Brothers affiliate, 89 Park Avenue LLC, was listed as the buyer. Ken Greenspan, an attorney for Toll, signed the deed. A Toll spokeswoman declined to comment.

Hampton Lily Pond Properties LLC was the seller. Nicole Salmasi, the wife of Allen Salmasi, chairman of Nextwave Wireless Inc., signed the deed for the buyer.

The property is a former home of abstract painter Judith Rothschild and has air rights of around 20,000 square feet, according to PropertyShark, making it an attractive development site.

Real estate website Curbed.com first reported that Toll was a potential buyer and had also bought the neighboring 1108 Park Ave., with plans to demolish both buildings and build a 15-story tower. The properties aren't landmarked and aren't within a historic district, so the developer would only have to obtain routine demolition and building permits.

A three-story building constructed in 1856, 1110 Park Ave. has traded a number of times in recent years. It sold for $15 million in 2007 but fell into foreclosure and changed hands twice more, most recently in 2010.

The property is about 5,100 square feet, according to PropertyShark.

Toll also owns the Touraine, a 22-unit luxury condominium at nearby 132 E. 65th St., where 20 units have sold for prices starting at $1.3 million. Two units are on the market for about $14 million and $20 million. The building is still under construction and is scheduled to open later this year.

Shares of Toll Brothers closed Friday at $23.60, down 20 cents.