Toll Brothers, of Huntingdon Valley, Pa., announced the expansion of its urban development operations with the acquisition of substantially all of the assets of The Manhattan Building Company (MBC) and its affiliated design operations for an undisclosed price. MBC has specialized in the development of urban infill locations in Hoboken and Jersey City during the past two decades. This acquisition will expand Toll's position in the New Jersey luxury residential market by broadening its offerings to include mid- and high-rise residences along northern New Jersey's affluent waterfront, known as the Gold Coast, facing Manhattan.
Robert I. Toll, CEO of Toll Brothers, stated: "The resurgence of American cities, fueled by population growth, increasing affluence, and the appeal of bright city lights, is a catalyst. Many maturing baby boomers are also choosing city living rather than relocation to Sun Belt regions as they enter a new stage in their lifestyles."
MBC president Sanford Weiss added: "Toll's resources will enable us to expand more rapidly than we otherwise could. Toll's strong brand name reputation, which is very well-known in the New Jersey luxury single-family market, will naturally spill over into the luxury mid- and high-rise urban development niche."
Since its inception, MBC, which is headquartered in Hoboken, N.J., has developed more than 800 residential units totaling more than $180 million. Toll Brothers and MBC say they are actively pursuing other development opportunities in the New Jersey market. Toll Brothers, which closed 4,430 homes in 2002, reports that its 2003 revenues were about $2.73 billion, up 20 percent from $2.28 billion reported in 2002.