Robert Toll and a rendering of 205 Water Street
Toll
Brothers is setting up a new Dumbo construction and sales office next
door to the vacant former site of the Brillo soap pad factory, where
the luxury builder has proposed a 67-unit condominium tower, according
to Crain’s. The Toll Brothers lease is for two years in the
3,200-square-foot ground floor retail space at 215 Water Street, where
landlord Pearl Street Realty was asking $30 per square foot. If all
goes according to plan, the office will soon become the condo sales
office for Toll Brothers’ adjacent 10-story condo at 205 Water Street, which was unanimously approved
by the city’s Landmarks Preservation Commission in April. The builder
bought the site for $8.6 million, or $100 per square foot, at the end
of last year, and plans to begin construction later this year. But if
not, the company has the option to cancel the lease next door after 18
months, said David Von Spreckelsen, a senior vice president at Toll
Brothers. Yesterday, the company announced that it would also form a new distressed property venture that would pursue distressed loan and property portfolios, among other investment opportunities. [Crain's]
