Friday, 27 November 2015
Last updated 1 day ago
Jun 28 2011 | 12:05pm ET
One of the U.S.'s largest homebuilders has its eye once again on "hedge fund Johnny."
Toll Brothers, perhaps best known for its suburban and exurban "McMansions," is planning a new residential unit in Manhattan's East Village more than four years after it opened its first Manhattan condominium. At the time, the company's CEO said it was going after "hedge fund Johnny," a Wall Street type who didn't want to move to the suburbs.
Unfortunately for Toll Brothers, the timing wasn't right, coming just before the financial crisis that wracked Wall Street. The company was forced to cut prices on new towers it had built in Brooklyn two years ago, and then-CEO Bob Toll said he expected to avoid New York City for a few years.
But with the financial sector bouncing back, Toll Brothers has snagged a site near Gramercy Park, at Third Avenue and East 22nd Street, that had been foreclosed on for $35.5 million. The original developers had hoped to put up a 20-story, 144,000-square-foot condo; Toll's tower will be one story higher and 44,000 square feet smaller.
Construction could start next year.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…