"We are looking forward to working closely with Apollo," says Robert I. Toll, chairman/CEO of the Huntington, PA-based homebuilding company. "Hudson Tea is a beautifully renovated waterfront complex."

The property is a former Lipton Tea manufacturing site that was renovated and converted to rental apartments in 2000 by the previous owner, a local partnership. Consisting of two, 12-story buildings totaling 540,000 sf on just under four acres, the complex is currently 97% occupied. Being marketed as 1500 Washington and 1500 Hudson at Hudson Tea, the property also has a small retail component.

Besides the Hudson Tea Building, Toll owns several other parcels on the site, including a 10-story building shell and 11.5 acres of land currently in use as ground-level parking. The company is looking to build more than 750 residential units on those sites.

"This site represents an expansion of our presence on the affluent Northern New Jersey waterfront," Toll says. "It's part of our growing urban development program, which began in 2003 with our acquisition of Manhattan Building Co., now known as City Living by Toll Brothers."

That presence includes the 326-unit Sky Club condo complex, as well as 700 Grove, a 230-unit, 12-story condo building planned for a site on this city's border with Jersey City.

More recently, Toll formed a joint venture with Pinnacle Communities for a $500-million redevelopment of the former Maxwell House coffee plant here as an 832-unit luxury condo complex with a commercial component of more than 200,000 sf . Site work is under way and actual construction is slated to start by the end of this year.