Toll Brothers Inc. has expanded its presence in New York City with a big buy and closed on a $135 million acquisition of a property in the Gramercy Park section of the city.
The Horsham, Pa., home builder bought a four-story, 60,000-square-foot building at 122 E. 23rd St. from the United Cerebral Palsy of New York City Inc.
Though the company is still working out its plans, Toll (NYSE:TOL) expects to construct a new building that will have about 100 condominiums with the first units expected to be completed by the summer of 2018, said Fred Cooper, senior vice president at Toll.
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