HORSHAM, Pa., Jan. 16, 2013 (GLOBE NEWSWIRE) -- Toll Brothers, Inc. (NYSE:TOL) ( www.tollbrothers.com ), the nation's leading builder of luxury homes, today announced the continuing expansion of its Toll Brothers City Living® brand in New York City with the purchase of two new development sites in Manhattan. The first is located at 953-961 First Avenue, between 52 nd and 53 rd Streets, in the affluent Midtown East area of Manhattan, and the second is located at 82 King Street, between Hudson and Varick Streets, in the highly sought-after SoHo neighborhood. The Company's plans call for luxury condominium residences and retail space at both sites.
Douglas C. Yearley, Jr., the Company's chief executive officer, stated: "We are very excited to have purchased such prominent sites. This will mark our 7 th and 8 th Manhattan buildings and our 22 nd and 23 rd 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, successfully selling out new condominiums, One Ten Third in Union Square, 303 East 33 rd in Murray Hill, Northside Piers in Williamsburg and 205 Water in DUMBO. The Company is also finishing up sales at The Touraine, which is an exquisite boutique building on the Upper East Side with only one Penthouse remaining. There are three new 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 3 rd Avenue and 22 nd Street called 160 East 22 nd; a 40-story, 99-unit glass tower, designed by Pritzker Prize-winning architect Christian de Portzamparc, on the corner of Park Avenue South and 28 th Street called 400 Park Avenue South; an 11-unit boutique building, with family-sized floorplans ranging from 2,200 – 7,000 square feet, in the tony Carnegie Hill area of the Upper East Side; and a luxury, 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 First Avenue and King Street sites are both great additions to that mix.The First Avenue site, which already has a poured foundation, is 175,000 square feet and comes with approved plans for a residential tower. It offers a fantastic midtown location that is surrounded by many wonderful shopping and dining options, and is steps away from both the subway and the midtown Manhattan business district. 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 restaurants that dot the famed SoHo, Greenwich Village and TriBeCa neighborhoods that surround it.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts