Toll Brothers shooting for $324M sellout at 77 Charlton

Homebuilder paid $57M for Hudson Square site in 2012

New York /
Mar.March 13, 2018 12:45 PM

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.


Related Articles

arrow_forward_ios
The Alexander Team will be metaverse’s first luxury brokers
The Alexander Team will be metaverse’s first luxury brokers
The Alexander Team will be metaverse’s first luxury brokers
Richard Lampen and Howard Lorber
Unraveling the spin: What’s next for an independent Douglas Elliman?
Unraveling the spin: What’s next for an independent Douglas Elliman?
More contracts signed in the city for more expensive homes (iStock)
Manhattan condo signings jump 65% in November, led by priciest homes
Manhattan condo signings jump 65% in November, led by priciest homes
Skyline Tower in Long Island City and 200 East 83rd Street (Hill West, Rockefeller Group)
Manhattan logs busiest month for new development sales since April
Manhattan logs busiest month for new development sales since April
East Village landlord collected rent from deceased CEO’s account, lawsuit says
East Village landlord collected rent from deceased CEO’s account, lawsuit says
East Village landlord collected rent from deceased CEO’s account, lawsuit says
Tech entrepreneur behind record-breaking $22.5M Chelsea townhouse sale
Tech entrepreneur behind record-breaking $22.5M Chelsea townhouse sale
Tech entrepreneur behind record-breaking $22.5M Chelsea townhouse sale
(iStock/Illustration by Kevin Rebong for The Real Deal)
Watchdog org: Put home-sale commissions in buyers’ hands
Watchdog org: Put home-sale commissions in buyers’ hands
Photo Illustration of Elon Musk (Getty)
Musk could save $2B in California taxes on Texas move
Musk could save $2B in California taxes on Texas move
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...