Toll Brothers, Horsham, Pa. (NYSE:TOL) Thursday afternoon said it was the winner of bankruptcy auction for a property located at 276-280 Third Avenue in Manhattan, the Southwest corner of 3rd Avenue at 22nd Street, in the Gramercy Park area of New York City.
Toll said its winning bid was $35.5 million. It plans approximately 80 luxury residences and approximately 3,000 square feet of ground floor retail. Construction is estimated to begin next with sales to begin in Fall 2012.
"This marks our fourth Manhattan building and our 16th in the metro New York City urban area," said Douglas C. Yearley, Jr., Toll CEO. "With developments in Manhattan, Brooklyn, Queens, Hoboken, and Jersey City, we have continued to benefit from the strong dynamics of this market."
The building will fall under the auspices of Toll's City Living unit, a growing enterprise within the traditionally single-family home builder. The company said it was approaching sell-out at two of its New York buildings,303 East 33rd, at Second Avenue, and Two Northside Piers in Williamsburg, Brooklyn.
"We are also preparing to begin sales early this fall at The Touraine at 65th Street on the Upper East Side of Manhattan and at 205 Water Street in DUMBO [Down Under the Manhattan Bridge Overpass], Brooklyn," said Rick Hartman, Toll's regional president in charge of the Metro NY urban market. "We see solid demand for our brand in the New York City market, as evidenced by the success of our current offerings in Manhattan and Brooklyn and across the Hudson River in Hoboken, New Jersey where we recently commenced sales at 1450 Washington at Hudson Tea."