The Real Deal New York

Toll Brothers shooting for $324M sellout at 77 Charlton

Homebuilder paid $57M for Hudson Square site in 2012
By E.B. Solomont | March 13, 2018 12:45PM

77 Charlton Street

Toll Brothers City Living is aiming to sell $323.5 million worth of apartments at 77 Charlton Street, its forthcoming condominium project in Hudson Square.

The luxury homebuilder officially filed plans for a 161-unit development with the New York state Attorney General’s office, records show. The average price per unit works out to just over $2 million — which is in line with the company’s pivot away ultra-luxury to affordable luxury in recent years.

Toll has said it plans to build two, connected 15-story buildings at 77 Charlton Street, which the Pennsylvania-based company picked up for $56.5 million in 2012. The project will have more than 208,000 square feet of residential space.

In 2016, Toll’s City Living division — which is heavily concentrated in New York and New Jersey — changed gears to tackle the middle market, where it aims to sell homes priced around $2,000 to $2,500 per foot.

In 2018’s first quarter, Toll Brothers City Living’s average contract price was $1.31 million, down from $2.24 million in 2017’s first quarter.

But overall, Toll saw its revenue jump 28 percent during the first quarter to $1.18 billion thanks to strong sales in California.

The City Living division, led by David Von Spreckelsen, inked 47 contracts valued at $61.8 million during the quarter, compared to 22 contracts worth $49.3 million in 2017’s first quarter.

Toll’s New York projects include 1110 Park, where it’s now offering a penthouse for $25.95 million. In November, it closed a $144 million loan from UnionBank for a condo project at 91 Leonard Street. It sold a majority stake of its project at 351-355 Broadway to the U.S. arm of Shanghai Municipal Investment for $73 million.