Tuesday, August 4, 2015

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.

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PhillyDeals posts drafts, transcripts and updates of Joseph N. DiStefano's columns and stories about Philly-area business, which he's been writing since 1989.

DiStefano studied economics, history and a little engineering at Penn and taught writing at St. Joseph's. He has written thousands of columns and articles for the Inquirer, Bloomberg and other media, wrote the book Comcasted, and raised six children with his wife, who is a saint.

Reach Joseph N. at JoeD@phillynews.com, distefano251@gmail.com, 215.854.5194 or 302.652.2004.

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

Joseph N. DiStefano
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