Updated Jun 26, 2025
Douglas C. Yearley Jr. Of Toll Brothers Acquires Development Site In Chelsea For $53M
118 10th Avenue
$53,000,000
Building Size
—
Asset Type
Development Site
Closing
Jun 25, 2025
About this deal
AI
A development site located at 118 10th Avenue in Chelsea has been sold for a transaction price of $53,000,000. The property encompasses a square footage of 12,000 and has a price per buildable square foot of $4,417.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $53,000,000
- Square Footage: 12,000
- Price per Buildable Square Foot: $4,417
- Buyer: Douglas C. Yearley Jr. - Toll Brothers
- Seller: Benny Barmapov
- Date of Sale: 06/25/2025
This transaction involves Douglas C. Yearley Jr., the CEO of Toll Brothers, acquiring the site from Benny Barmapov. The property was previously associated with late developer Brandon Miller and an abandoned office project but is anticipated to be redeveloped into a residential use.
On the Map
$53,000,000
Development Site
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New York Development Site Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.30%
Cash-on-Cash
-0.09%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93