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Residential plans for the revived neighborhood should respond to the pluralism of New York.
The nearby Kelley House Hotel was also bought by the developers, and similar residential plans are in the works.
David Levine, vice president of Chetrit, said that the company had sold the Toy Center to L&L because it was a "unique opportunity," but that his company was going forward with residential plans at 1107 Broadway "for now".
Equity Residential plans to renovate and seek higher rents as tenants turn over.
Equity Residential plans to invest more, too, on improvements to the property's 181 apartments as tenants turn over also part of a pattern of things to come.
CLEAR's mobile and residential plans can be purchased by the day or by the month, with several no-service-contract options available.
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"It's no surprise therefore that the level of residential planning approvals in the last two years has been absolutely at rock bottom," he added.
The Turnbull government has previously said it is willing to consider incentive payments to states and territories to reform their residential planning systems.
They effectively boil down to conditions attached to new residential planning permissions, which will prohibit properties being left empty for more than a given period.
So-called landbanking companies typically buy agricultural or other land without residential planning permission, divide it into small parcels and sell them to investors.
The proposed mixed-use commercial and residential plan, he said, would add only about half as many students and would net the district about $444,000 in taxes each year.
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