By Holly Dutton
Toll Brothers has purchased a stalled residential site on First Avenue for $64 million, according to public records.
The Pennsylvania-based home builder bought the property from developer Alexico Group, whose plans for a luxury apartment building fell flat following the financial collapse in 2008.
According to the public filing, the currently empty site occupies 953, 957, 959 and 961 First Avenue, near 53rd Street. Toll Brothers will finish the planned apartment development, according to a spokesman.
Toll Brothers has made strides in the New York residential scene in recent years. The company owns luxury residential building The Touraine at 132 East 65th Street and purchased a $16.5 million residential building at 1110 Park Avenue last March.
The company has also partnered with Starwood Capital to build a 200-room luxury hotel with 16,000 s/f of meeting space and 159 residential units at Brooklyn Bridge Park set to open in the Spring of 2014.
In 2010, it backed out of a plan to develop a residential complex near the Gowanus canal after the waterway was designated a Superfund site by the federal government.
