Toll Brothers Has a Secret

Toll Brothers(TOL Quote) CEO Robert Toll said on the company's recent earnings call that sales of the company's Brooklyn condos have been going "pretty strong," but he made no mention of the pricing problems at the developments.

In recent weeks, the homebuilder slashed prices by nearly 20% to sell a block of condo units that have less-than-desirable views in the first tower of Northside Piers, TheStreet.com has learned. What's more, the company appears to be having trouble selling the remaining 11 units that also suffer from poor views at North 8, a nearby project that has had these units on the market since October 2006.

Toll is building both developments along the waterfront in Brooklyn's Williamsburg section, which is a five-minute train ride across the East River to Manhattan. The area will eventually be home to numerous condo developments and parks as part of a rezoning plan approved by the city two years ago. ...