Toll Brothers has snapped up a 12,000-square-foot development assemblage at 118 10th Avenue in West Chelsea for $53 million, lining up the site for a roughly 85,000-square-foot condominium a short stroll from the High Line. The sale, announced on Monday, Feb. 23, 2026, was arranged by Adirondack Capital Partners and pulls together two adjacent lots that brokers say almost never hit the market in that slice of Manhattan. For anyone keeping tabs on the neighborhood, the deal is being read as a fresh vote of confidence in for-sale housing along the High Line corridor after years of stalled office schemes.
Deal and representation
In a press release via CityBiz, Adirondack Capital Partners said it acted as exclusive advisor to seller Benny Barmapov, with Michael Hunter Coghill and Chad Sinsheimer leading the assignment. The release identifies Toll Brothers as the buyer and describes the property as "one of the last largely undeveloped sites" next to the High Line. "This transaction underscores the enduring institutional appetite for well-located development sites in New York City," Coghill said in the statement.
Site scale and zoning
Commercial coverage notes that the roughly 12,000-square-foot assemblage sits in the Special West Chelsea District, a zoning area that gives developers flexibility and can allow a residential project larger than standard as-of-right rules would typically permit. As reported by Commercial Observer, a mix of district rules and available air rights in the vicinity can support a project on the site roughly the size brokers are floating. Advisers point to that combination of frontage, zoning levers and High Line adjacency as the draw for a national builder.
Past plans and ownership
Public reporting lays out a winding backstory for the parcel. Brandon Miller's firm acquired the 99-year ground lease in 2017 and filed plans for a 10-story office building, but the project stalled and the leasehold changed hands multiple times, according to The Real Deal. Miller's legal and financial troubles, followed by his death in July 2024, came before Benny Barmapov ultimately reclaimed the site and returned it to the market. Those earlier office ambitions help frame the current shift toward a residential play as part of a broader market pivot.
What Toll Brothers may build
Adirondack’s release states that the parcel can support roughly an 85,000-square-foot condominium, and Toll Brothers' City Living arm is known for high-end New York developments. In the firm’s statement carried by CityBiz, the buyer points to its experience with luxury towers, making a for-sale condo building the most likely outcome for the site. No formal plans or Department of Buildings filings have been made public yet.
Why it matters
The sale is another signal that deep-pocketed developers are still betting on Manhattan's for-sale market, even as some segments remain on shaky ground. Neighbors and preservationists are likely to keep a close eye on upcoming permit filings, since the project’s size, zoning maneuvers and design will dictate how it sits next to the High Line and Chelsea Market. We will watch Department of Buildings records and future announcements from the developer for details on architecture and timing.
