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Toll Brothers City Living Acquires Development Site In Chelsea For $53 Million

Property Image
SOLD
$53,000,000
Michael Hunter Coghill
Chad Sinsheimer
Brittany Feinberg

New York

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Development Site
Sold 02/18/2026
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Property Image
SOLD

Toll Brothers City Living Acquires Development Site In Chelsea For $53 Million

118 10th Avenue

See Similar Deals
Development Site
Sold 02/18/2026
Michael Hunter Coghill
Chad Sinsheimer
Brittany Feinberg
the dealplayerscompscontact
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Summary

NEW YORK
Asset Type:Development Site
Transaction Type:Sale

The property involved in this transaction is a development site located at 118 10th Avenue in the Chelsea market of Manhattan. It was sold for $53,000,000, encompassing a building square footage of 85,000, which equates to a price per square foot of $623.

Summary of transaction details:

  • Property Type: Development Site
  • Transaction Amount: $53,000,000
  • Building Square Footage: 85,000
  • Price per Square Foot: $623
  • Address: 118 10th Avenue
  • Market: Chelsea
  • Buyer: Toll Brothers City Living
  • Seller: Benny Barmapov
  • Broker Representatives: Michael Hunter Coghill, Chad Sinsheimer & Brittany Feinberg - Adirondack Capital Partners

Adirondack Capital Partners acted as the exclusive advisor in this transaction, facilitating the successful sale of the property within the highly sought-after West Chelsea submarket of Manhattan.

Players

Chad Sinsheimer
Adirondack Capital Partners
Chad Sinsheimer
14 deals$481.8M volume(646) 594-4121
BROKER
Michael Hunter Coghill
Adirondack Capital Partners
Michael Hunter Coghill
12 deals$433.8M volume(518) 428-4224
BROKER
Brittany Feinberg
Adirondack Capital Partners
Brittany Feinberg
2 deals$96M volume(562) 900-4135
BROKER

Details

SOLD
IMAGE: Michael Hunter Coghill, Chad Sinsheimer & Brittany Feinberg DATE: 2/18/2026 ADDRESS: 118 10th Avenue MARKET: Chelsea ASSET TYPE: Development Site BUYER: Toll Brothers City Living SELLER: Benny Barmapov BROKERS: Michael Hunter Coghill, Chad Sinsheimer & Brittany Feinberg - Adirondack Capital Partners (@AdkCaP) SALE PRICE: $53,000,000 BSF: 85,000 ~ PPBSF: $623 NOTE FROM BROKER: Adirondack Capital Partners (ACP), as exclusive advisor, is pleased to announce the successful sale of a premier development site located at 118 10th Avenue in Manhattan’s highly coveted West Chelsea submarket.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$2,826,666.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$188,297.80
Cash-on-Cash Return-1.27%
Monthly Debt Service$251,247.04
Annual Debt Service$3,014,964.47