NEW YORK CITY-Toll Brothers Inc. has added a pair of Manhattan development sites to its Toll Brothers City Living stable. A spokesman for the Horsham, PA-based builder confirms that the deals for 961 First Ave. and 82 King St. closed before year’s end, and that the combined purchase price for the two sites was $120.5 million.
The purchases “mark our seventh and eighth Manhattan buildings and our 22nd and 23rd in the metro New York City urban area,” CEO Douglas Yearley Jr. says in a release. “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.”
According to published reports, the 961 First site—where the foundation has already been poured—was a stalled project sold to Toll Brothers by Alexico Group, which was represented in the deal by Cushman & Wakefield. The 82 King sale, in Manhattan’s Soho neighborhood, was an off-market transaction.
Toll Brothers’ spokesman tells GlobeSt.com that a combined 200-plus luxury condominiums will be built at the two sites, which will also include retail. They’ll be joining a City Living roster that already includes One Ten Third in Union Square, 303 E. 33rd in Murray Hill, Northside Piers in Williamsburg and 205 Water St. in Brooklyn’s DUMBO neighborhood. All three have sold out.
The company is also finishing up sales at the Touraine on Manhattan’s Upper East Side, and plans to open a trio of new developments in Manhattan and one in Brooklyn later this year, along with properties in Philadelphia and in Hoboken, NJ.