Toll Brothers secures $157M for Williamsburg project
April 15, 2008 02:37PM By David Jones
Northside Piers rendering
Toll Brothers City Living has secured a $157 million development loan from Citibank for the second phase of its Northside Piers condominium in Williamsburg.
Toll Brothers said it lined up the financing through relationships with Citibank Community Capital and L&M Development Partners, a partner in the Brooklyn project.
Northside Piers, located at North 5th Street and Kent Avenue, was originally launched under Williamsburg's rezoning in 2005.
"There is an upheaval in the financial markets right now, so it's not easy," said David von Spreckelsen, senior vice president at Toll Brothers City Living. "There are banks that are not doing condo loans right now."
The 30-story Two Northside Piers tower will offer 270 units, ranging from studios to three-bedroom apartments.
Residents will begin moving into the 180-unit One Northside Piers tower within the next three weeks. That project is about 70 percent sold, with asking prices ranging from $500,000 to $2 million.
As The Real Deal reported in last month's issue, Toll Brothers has had more success in New York City during the housing market's slowdown than elsewhere.
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Comments
Anonymous
I bought a unit 1 bedroom asked the developer because of delays if wavied transfer tax was decline also he is also selling storage 8,000-14,000k are u kidding also parking is leased out for 200-250 month pop u tell me u think i got a deal?
Comment #1 Posted By: Anonymous 04/15/08
Anonymous
i heard developer doesn't want to nego think he is sell gold
Comment #2 Posted By: Anonymous 04/15/08
Anonymous
selling for 900-1200psf are u for real, look into manhattan for those psf
Comment #3 Posted By: Anonymous 04/16/08
Pete Bertine
A real estate professional told me yesterday that all the condos in Williamsburg should start to do well because people with multi million dollar homes in Manhattan will need to downsize to a more affordable location. An interesting theory, but just spin as far as I am concerned. Everyone that I know who has sold in Manhattan recently is looking to rent until the housing market bottoms. Condos in the area that are not selling are trying rent to own schemes, soon they will be flat out renting. I expect that the Toll Bros over-building in Brooklyn will wind up looking like their disaster out in Vegas where they are trying to sell at a 60% discount. It looks like a good time to short the overvalued $25 per share TOL stock.
Comment #4 Posted By: Pete Bertine 10/02/08