Toll Brothers City Living(R) Purchases Two Prime Sites in Manhattan

Toll Brothers City Living(R) Purchases Two Prime Sites in Manhattan

HORSHAM, Pa., Jan. 16, 2013 (GLOBE NEWSWIRE) -- Toll Brothers, Inc. (NYSE:TOL)
(, the nation's leading builder of luxury homes, today
announced the continuing expansion of its Toll Brothers City Living® brand in
New York City with the purchase of two new development sites in Manhattan. The
first is located at 953-961 First Avenue, between 52^nd and 53^rd Streets, in
the affluent Midtown East area of Manhattan, and the second is located at 82
King Street, between Hudson and Varick Streets, in the highly sought-after
SoHo neighborhood. The Company's plans call for luxury condominium residences
and retail space at both sites.

One Ten Third EPR

Douglas C. Yearley, Jr., the Company's chief executive officer, stated: "We
are very excited to have purchased such prominent sites. This will mark our
7^th and 8^th Manhattan buildings and our 22^nd and 23^rd in the metro New
York City urban area. With buildings in Manhattan, Brooklyn, Hoboken, and
Jersey City, we have continued to expand in order to take advantage of the
strong dynamics of this market. With abundant liquidity and one of the
strongest balance sheets in the industry, sellers know we have the resources
and capital to reliably close quickly on large projects of this nature."

Toll Brothers City Living has been focused on expanding its presence in New
York City over the past five years, successfully selling out new condominiums,
One Ten Third in Union Square, 303 East 33^rd in Murray Hill, Northside Piers
in Williamsburg and 205 Water in DUMBO. The Company is also finishing up sales
at The Touraine, which is an exquisite boutique building on the Upper East
Side with only one Penthouse remaining. There are three new City Living
projects slated to open for sale in Manhattan this year and one new project in
Brooklyn, including a 21-story, 81-unit LEED certified building in Gramercy on
the corner of 3^rd Avenue and 22^nd Street called 160 East 22^nd; a 40-story,
99-unit glass tower, designed by Pritzker Prize-winning architect Christian de
Portzamparc, on the corner of Park Avenue South and 28^th Street called 400
Park Avenue South; an 11-unit boutique building, with family-sized floorplans
ranging from 2,200 – 7,000 square feet, in the tony Carnegie Hill area of the
Upper East Side; and a luxury, eco-friendly hotel and condominium community
being developed in partnership with Starwood Capital Group, called Pierhouse,
adjacent to Pier 1 in Brooklyn Bridge Park. The First Avenue and King Street
sites are both great additions to that mix.

The First Avenue site, which already has a poured foundation, is 175,000
square feet and comes with approved plans for a residential tower. It offers a
fantastic midtown location that is surrounded by many wonderful shopping and
dining options, and is steps away from both the subway and the midtown
Manhattan business district. Further downtown, on the west side, the King
Street site lends itself to an exciting lifestyle, offering easy access to the
world-renowned boutiques, cafes, and restaurants that dot the famed SoHo,
Greenwich Village and TriBeCa neighborhoods that surround it.

Rick Hartman, the Company's president and chief operating officer, stated: "We
are delighted to continue expanding our presence in the New York City market
through our City Living division.This will be an exciting year for the City
Living division, which plans to open three new properties in Manhattan, one in
Brooklyn, one in Hoboken, and one in Philadelphia."

"We see solid demand for our brand in the New York City market, as evidenced
by the past success of our properties in Manhattan and Brooklyn and across the
Hudson River in Hoboken, New Jersey where we are currently over 80% sold at
our most recent condominium project, 1450 Washington at Hudson Tea."

Toll Brothers, Inc. is the nation's leading builder of luxury homes. The
Company began business in 1967 and became a public company in 1986.Its common
stock is listed on the New York Stock Exchange under the symbol "TOL."The
Company serves move-up, empty-nester, active-adult, and second-home buyers and
operates in 19 states: Arizona, California, Colorado, Connecticut, Delaware,
Florida, Illinois, Maryland, Massachusetts, Michigan, Minnesota, Nevada, New
Jersey, New York, North Carolina, Pennsylvania, Texas, Virginia, and

Toll Brothers builds an array of luxury residential communities, principally
on land it develops and improves: single-family detached and attached home
communities, master planned resort-style golf communities, and urban low-,
mid- and high-rise communities. The Company operates its own architectural,
engineering, mortgage, title, land development and land sale, golf course
development and management, home security, and landscape subsidiaries. The
Company also operates its own lumber distribution, house component assembly,
and manufacturing operations.The Company acquires and develops commercial
properties through Toll Commercial and its affiliate, Toll Brothers Realty
Trust, and purchases distressed loan and real estate asset portfolios through
its wholly owned subsidiary, Gibraltar Capital and Asset Management.

Toll Brothers is honored to have won the three most coveted awards in the
homebuilding industry: America's Best Builder from the National Association of
Home Builders, the National Housing Quality Award and Builder of the
Year.Toll Brothers was awarded Builder of the Year for 2012 and is the only
two-time recipient.Toll Brothers proudly supports the communities in which it
builds; among other philanthropic pursuits, the Company sponsors the Toll
Brothers Metropolitan Opera International Radio Network, bringing opera to
neighborhoods throughout the world. For more information, visit

CONTACT: For Toll Brothers
         Frederick N. Cooper, IR/Financial Media (215) 938-8312
         Kira Sterling, General Media (215) 938-8220

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