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Toll Brothers CEO Sees NYC as Best Home Market in ’12

By Oshrat Carmiel - 2012-01-11T14:11:14Z

Toll Brothers CEO Sees New York City as Best Home Market

Mike Mergen/Bloomberg

Hector Martinez installs window trim as he works inside a new home being constructed in the Toll Brothers Inc. Estates at Chadds Ford housing development in Chadds Ford, Pennsylvania.

Hector Martinez installs window trim as he works inside a new home being constructed in the Toll Brothers Inc. Estates at Chadds Ford housing development in Chadds Ford, Pennsylvania. Photographer: Mike Mergen/Bloomberg

New York City is going to be the strongest housing market for Toll Brothers Inc. (TOL) in 2012, Chief Executive Officer Douglas Yearley Jr. said today.

“New York City. Absolutely,” Yearley said in an interview on Bloomberg Television's ``InsideTrack.''

The luxury-home builder has completed 13 properties in the New York metropolitan area under its City Living brand and is developing four more, the Horsham, Pennsylvania-based company said in a Dec. 7 statement. City Living has been Toll’s most popular division because demand for housing is stronger in New York than in other parts of the country, Yearley said in September.

Last month, Toll said it was forming a joint venture with Equity Residential, the largest publicly traded U.S. apartment owner, to build a 40-story tower on Manhattan’s Park Avenue. The bottom 22 floors will house retail and rental apartments and be operated by Chicago-based Equity Residential. (EQR) Toll’s portion will consist of condominiums on the upper 18 floors.

Nationwide, Toll Brothers expects to sell “not that much more” than 2,600 homes in 2012, Yearley said in today’s interview. If the traditional spring selling season is strong, the company could deliver as many 3,200 houses this year, he said. The company sold 2,611 homes in fiscal 2011, according to its Dec. 6 earnings statement.

To contact the reporter on this story: Oshrat Carmiel in New York at ocarmiel1@bloomberg.net.

To contact the editor responsible for this story: Daniel Taub at dtaub@bloomberg.net

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