'Hedge Fund Johnny' Gets New Home In Gramercy

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.

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