Toll Brothers, Sculptor Join Forces For New Condo Communities - Toll Brothers (NYSE:TOL)

Luxury home builder Toll Brothers Inc TOL division Toll Brothers City Living and Sculptor Real Estate, the real estate business of Sculptor Capital Management Inc SCU, have formed a new joint venture to develop two luxury condominium communities in the New York City market.
The two communities are The Rockwell, a 13-story, 81-unit condominium community on the Upper West Side of Manhattan in New York City, and 151 Bay Street, a 34-story 259-unit condominium community in Jersey City, New Jersey.
Toll Brothers is acting as managing member and development lead for each project, overseeing approvals, design, construction, and sales.
"The structure of these transactions, and our strategic partnership with Sculptor, demonstrate our commitment to maximizing the capital efficiency of our City Living properties," said Toll Brothers Chairman & CEO Douglas C. Yearley Jr.
The residences will feature high-end luxury finishes. Residents will enjoy a 24-hour attended lobby, private dining room, fitness center, children's playroom, screening room, music room, pet spa, and a rooftop terrace with grills and a fire pit.
Price Action: TOL shares are trading lower at 1.67% at $48.88 on the last check Tuesday.
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Two New NYC Luxury Buildings Are Coming, Complete With Pet Spas And Artist Live/Work Spaces