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NJ state of mind: Toll Brothers revenues fueled by sales across the Hudson
Homebuilder reported $1.5B in revenue, up 18%, during third quarter

Toll Brothers can thank the bridge-and-tunnel crowd for its recent gains in the New York metro area.

The national homebuilder said sales activity at two large New Jersey projects drove third-quarter revenue at its City Living division, which pulled in $98.7 million, up from $52.5 million during the third quarter last year. The uptick reflects 78 closings (up from 14), the bulk of which were at 1400 Hudson Street in Hoboken. Toll also accepted 49 contracts at its 1400 Hudson Street condominium in Hoboken, which launched sales six weeks ago. And it sold 17 units at 121 East 22nd Street, a 140-unit condo near tower Madison Square Park in Manhattan.

CEO Doug Yearley attributed strong sales in New Jersey to lower prices at those projects. “We have to work harder to sell units at higher price points, although we’re not competing in the super-tall or super-expensive condo product,” he said during an earnings call Tuesday.

Full article at: https://therealdeal.com/2017/08/22/n...oss-the-hudson