Toll Brothers, Inc., Horsham, Pa. (NYSE:TOL) said Friday it entered into on October 31 a joint venture between its Toll Brothers City Living division and SMI USA, a subsidiary of the Shanghai Municipal Investment Group Corporation, to develop 91 Leonard Street, a 19-story, 111-residence luxury condominium project in the Tribeca neighborhood of Manhattan in New York City.
The joint venture has secured a construction loan from a syndicate of banks including MUFG Union Bank, N.A. as Agent, CIT Bank, N.A. and Santander Bank, N.A.
91 Leonard is located in Manhattan’s Tribeca neighborhood, just a short walk to SoHo, City Hall, the Financial District, the Hudson River waterfront and Hudson River Park. Designed by Skidmore Owings & Merrill (SOM) and Hill West, it offers residences ranging from studios to four bedrooms with nearly floor-to-ceilings windows, and tall ceiling heights. Amenities include an indoor pool, steam and sauna rooms, a fitness center, a children’s playroom, a rooftop terrace with outdoor fireplace, and a screening room. Residents will enjoy a ground floor lounge looking out on the building’s private garden and reflecting pool.
Douglas C. Yearley, CEO of Toll Brothers, stated: “We are pleased to partner with SMI USA to develop this exciting project. The quality of the building and its premier location give us confidence that 91 Leonard will carry on a fifteen-year tradition of fine Toll Brothers City Living projects in New York City.”
Tom Tao, President of SMI USA, stated: “With Toll Brothers’ great brand, reputation and track record, we very much look forward to collaborating with them on this project and see it as the first step in a long and successful relationship.”
