Toll Brothers psyched about new Manhattan developments
Toll Brothers said this week the company is “very excited” about plans for its two newest Manhattan buildings.
The company purchased two new development sites in Manhattan. The first is located at 953-961
First Avenue, between 52nd and 53rd Streets, in the Midtown East area, and the second is located at 82 King Street, between Hudson and Varick Streets, in SoHo.
Toll Brothers plans to building luxury condominium residences and retail space at both sites.
Douglas C. Yearley, Jr., chief executive officer, said: “We are very excited to have purchased such prominent sites. This will mark our 7th and 8th Manhattan buildings and our 22nd and 23rd in the metro New York City urban area.
“With buildings in Manhattan, Brooklyn, Hoboken, and Jersey City, we have continued to expand in order to take advantage of the strong dynamics of this market.
“With abundant liquidity and one of the strongest balance sheets in the industry, sellers know we have the resources and capital to reliably close quickly on large projects of this nature.”
Toll Brothers City Living has been focused on expanding its presence in New York City over the past five years, selling out new condominiums, One Ten Third in Union Square, 303 East 33rd in Murray Hill, Northside Piers in Williamsburg and 205 Water in DUMBO.
The company is also finishing up sales at The Touraine, a boutique building on the Upper East Side with only one Penthouse remaining.
There are three new Toll Brothers City Living projects slated to open for sale in Manhattan this year and one new project in Brooklyn, including a 21-story, 81-unit LEED certified building in Gramercy on the corner of 3rd Avenue and 22nd Street called 160 East 22nd; a 40-story, 99-unit glass tower, designed by Pritzker Prize-winning architect Christian de Portzamparc, on the corner of Park Avenue South and 28th Street called 400 Park Avenue South; an 11-unit boutique building, with family-sized floorplans ranging from 2,200 to 7,000 s/f, in Carnegie Hill; and an eco-friendly hotel and condominium community being developed in partnership with Starwood Capital Group, called Pierhouse, adjacent to Pier 1 in Brooklyn Bridge Park.
The new First Avenue site, which already has a poured foundation, is 175,000 s/f and comes with approved plans for a residential tower.
Further downtown, on the west side, the King Street site lends itself to “an exciting lifestyle, offering easy access to the world-renowned boutiques, cafes, and restaurantsˮ that surround it.
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