Friday, August 29, 2014
Inquirer Daily News

Toll Bros. buys Manhattan, D.C. condo sites

Urban shift

Toll Bros. buys Manhattan, D.C. condo sites

Toll Bros., the Horsham homebuilder once synonymous with higher-end suburban sprawl, says it's bought new urban condo sites in Manhattan and in downtown Bethesda, Maryland, next to Washington, D.C.

In New York, Toll says it has picked up 953-61 First Ave. (between 52d/53d Sts.), which includes a concrete foundation and approved residential-tower plans, in Midtown East, and 82 King St. down in SoHo, and plans "luxury condominium residences" at both sites. Toll has developed five Manhattan and Brooklyn sites since the 2008 property market crash, and has four more opening this year under its "City Living" brand.

Toll also says it has bought a development site at 4915 Hampden Lane, Bethesda, three blocks from the Bethesda Metro, where it plans a 7-story building with 60 more "luxury condos," construction starting this fall and sales next year. The company is also building downtown units in Philadelphia and other cities.

Joseph N. DiStefano
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PhillyDeals posts raw drafts and updates of Joseph N. DiStefano's columns and stories about Philly-area finance, investment, commercial real estate, tech, hiring and public spending, which he's been writing since 1989, mostly for the Philadelphia Inquirer.

DiStefano studied economics, history and a little engineering at Penn, taught writing at St. Joe's, and has written the book Comcasted, more than a thousand columns, and thousands of articles, and raised six children with his wife, who is a saint.

Reach Joseph N. at JoeD@phillynews.com or 215 854 5194.

Joseph N. DiStefano
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