Toll Brothers City Living shoots for $323M sellout at 91 Leonard Luxury homebuilder asking $2,185 a square foot at the 111-condo building
Doug Yearley and renderings of 91 Leonard Street (Credit: CityRealty)
They might be playing defense in a rocky condominium market, but Toll Brothers City Living is still moving full steam ahead with big projects already in the pipeline. Last week the developer filed an offering plan with the New York State Attorney General s office for 91 Leonard Street in Tribeca, where it wants to sell 111 apartments to the tune of $323 million. The price tag makes 91 Leonard the most expensive offering plan submitted so far in 2017. The average asking price per unit comes to $2,185 a square foot, according to building plans.
Toll Brothers announced project plans in 2015 after closing on the final pieces of an assemblage. Renderings were released last year for the Goldstein, Hill West-designed building. The developer does not appear to have yet closed on any construction financing for the 20-story condo.
Toll Brothers is advancing projects like 91 Leonard with caution, however. City Living, the mostly New York City-focused division of Toll Brothers, reported lower returns in 2016 than in previous years, and Toll Brothers CEO Doug Yearley announced that it would reduce its equity stake at some of its Manhattan development sites by linking up with joint venture partners.
It also began offering significant incentives such as offering to pay buyer taxes in order to 上海龙凤论坛