HORSHAM, Pa., July 18, 2013 (GLOBE NEWSWIRE) -- Toll Brothers, Inc. (NYSE:TOL) ( www.tollbrothers.com), the nation's leading builder of luxury homes, today announced its first closings and an update to its schedule of projected closings of condominium units at The Touraine, its ultra-luxury 22-story residential building at 135A East 65 th Street off Lexington Avenue on Manhattan's Upper East Side in New York City. The building includes twenty-two spectacular residences with one to five bedrooms, and one to five-and-a-half baths. To date, 21 of the 22 condominiums in the building are under contract and the first 15 have been delivered to residents this fiscal quarter. Toll Brothers now expects that by July 31, 2013, its third-quarter end, a total of 16 units representing approximately $50.7 million of revenues, will have been delivered to residents. The remaining 5 units under contract, representing approximately $38.3 million of revenues, along with the associated earnings, are now expected to be delivered early in its fourth quarter, which ends October 31, 2013.
Douglas C. Yearley, chief executive officer of Toll Brothers, stated: "We continue to expand our offerings throughout New York City and across the Hudson River on the Northern New Jersey Gold Coast. Toll Brothers City Living is currently offering condominiums at 160 E. 22 nd Street in Manhattan's Gramercy neighborhood, and at both our Maxwell Place and Hudson Tea communities, our multi-building Hudson River waterfront complexes in Hoboken.
"We will soon open for sale at 400 Park Avenue South at 28 th Street in Manhattan's NoMad neighborhood, where our condominiums, which start at the 22 nd floor of this 40-story tower, will have amazing unobstructed views of mid-town Manhattan in all directions. Also in our pipeline are luxury condominiums at Pierhouse at Brooklyn Bridge Park overlooking the New York Harbor, Wall Street and the Brooklyn Bridge; 1110 Park Avenue at 89 th Street, an 11-unit, 16-story boutique condominium building that will mirror the elegance of The Touraine; and 961 First Avenue at 52nd Street, where luxury living is within walking distance of Manhattan's core mid-town employment centers. And we have several other exciting projects in our pipeline.""As we grow our City Living presence in New York City, Northern New Jersey, Philadelphia, and the urban Metro DC area, and explore expansion opportunities in San Francisco, Boston and elsewhere, we see a tremendous future for Toll Brothers' City Living brand in the years to come."
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