New York City is going to be the strongest housing market for Toll Brothers Inc. in 2012, Chief Executive Officer Douglas Yearley Jr. said today.
“New York City. Absolutely,” Yearley said in an interview on Bloomberg Television.
The luxury-home builder has completed 13 properties in the New York metropolitan area under its City Living brand and is developing four more, the Horsham, Pennsylvania-based company said in a Dec. 7 statement. City Living has been Toll’s most popular division because demand for housing is stronger in New York than in other parts of the country, Yearley said in September.
Last month, Toll said it was forming a joint venture with Equity Residential, the largest publicly traded U.S. apartment owner, to build a 40-story tower on Manhattan’s Park Avenue. The bottom 22 floors will house retail and rental apartments and be operated by Chicago-based Equity Residential. Toll’s portion will consist of condominiums on the upper 18 floors.
Nationwide, Toll Brothers expects to sell “not that much more” than 2,600 homes in 2012, Yearley said in today’s interview. If the traditional spring selling season is strong, the company could deliver as many 3,200 houses this year, he said. The company sold 2,611 homes in fiscal 2011, according to its Dec. 6 earnings statement.
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