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.
Rick Hartman, the Company's president and chief operating officer, stated: "We are delighted to continue expanding our presence in the New York City market through our City Living division. This will be an exciting year for the City Living division, which plans to open three new properties in Manhattan, one in Brooklyn, one in Hoboken, and one in Philadelphia.""We see solid demand for our brand in the New York City market, as evidenced by the past success of our properties in Manhattan and Brooklyn and across the Hudson River in Hoboken, New Jersey where we are currently over 80% sold at our most recent condominium project, 1450 Washington at Hudson Tea." Toll Brothers, Inc. is the nation's leading builder of luxury homes. The Company began business in 1967 and became a public company in 1986. Its common stock is listed on the New York Stock Exchange under the symbol "TOL." The Company serves move-up, empty-nester, active-adult, and second-home buyers and operates in 19 states: Arizona, California, Colorado, Connecticut, Delaware, Florida, Illinois, Maryland, Massachusetts, Michigan, Minnesota, Nevada, New Jersey, New York, North Carolina, Pennsylvania, Texas, Virginia, and Washington. Toll Brothers builds an array of luxury residential communities, principally on land it develops and improves: single-family detached and attached home communities, master planned resort-style golf communities, and urban low-, mid- and high-rise communities. The Company operates its own architectural, engineering, mortgage, title, land development and land sale, golf course development and management, home security, and landscape subsidiaries. The Company also operates its own lumber distribution, house component assembly, and manufacturing operations. The Company acquires and develops commercial properties through Toll Commercial and its affiliate, Toll Brothers Realty Trust, and purchases distressed loan and real estate asset portfolios through its wholly owned subsidiary, Gibraltar Capital and Asset Management. Toll Brothers is honored to have won the three most coveted awards in the homebuilding industry: America's Best Builder from the National Association of Home Builders, the National Housing Quality Award and Builder of the Year. Toll Brothers was awarded Builder of the Year for 2012 and is the only two-time recipient. Toll Brothers proudly supports the communities in which it builds; among other philanthropic pursuits, the Company sponsors the Toll Brothers Metropolitan Opera International Radio Network, bringing opera to neighborhoods throughout the world. For more information, visit www.tollbrothers.com.
CONTACT: For Toll Brothers Frederick N. Cooper, IR/Financial Media firstname.lastname@example.org (215) 938-8312 Kira Sterling, General Media email@example.com (215) 938-8220