By Linda O’Flanagan
Toll Brothers and Equity Residential have formed a joint venture for the acquisition and development of 400 Park Avenue South.
The partners plan to build a 40-story apartment building on the 400,000 s/f site. Work will start in the spring, the two companies said in a statement.
According to Toll Brothers, the building that will be comprised of retail and rental apartments on the first 22 floors that will be Equity Residential’s portion, and residential condos on the top 18 floors that will be Toll Brothers’ portion.
The residential rental and condo components will have separate addresses and lobbies and will be operated independently, with the exception of certain shared elements including building systems.
Equity Residential and Toll Brothers will also share 8,000 s/f of amenities that will be located below grade.
Toll Brothers has 13 completed buildings sold under its City Living brand in the metropolitan New York area is currently building four more. The company said it has eight more buildings of approximately 1,600 units in the planning stage.
Equity Residential just opened its first ground-up development in New York a 500 West 23rd Street. Called Ten23, the first residents are set to move into the 111-unit rental building in January 2012.