Toll Brothers City Living® and Sculptor Announce Joint Venture to Develop Urban High-Rise Condo Communities in New York City and Jersey City

Toll Brothers, Inc. (TollBrothers.com), the nation’s leading builder of luxury homes, through its Toll Brothers City Living division, and Sculptor Real Estate (“Sculptor”), the real estate business of Sculptor Capital Management, Inc., have announced a new joint venture to develop two luxury condominium communities in the New York City market: The Rockwell is a 13-story, 81-unit condominium community on the Upper West Side of Manhattan in New York City and 151 Bay Street is 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. These projects’ debt and equity were secured by Toll Brothers’ in-house Finance Department. Moelis & Company acted as advisor to Toll Brothers.

The Rockwell and 151 Bay Street represent the first two projects in a strategic partnership that Toll Brothers and Sculptor have established. The partnership will begin by developing new for-sale condominium communities in City Living’s core markets of New York City and along the Northern New Jersey Gold Coast, with other markets being considered for expansion. Toll Brothers and Sculptor have a relationship dating back a decade, beginning when they partnered on the highly successful development of The Sutton, a 112-unit luxury condominium community on First Avenue between 52nd and 53rd Streets on Manhattan’s East Side.

Douglas C. Yearley, Jr., Chairman and Chief Executive Officer of Toll Brothers, Inc., stated: “We are thrilled to build on our long-standing relationship with Sculptor developing high-quality urban condominium communities in the metro New York City market. We look forward to teaming with them to bring these two exceptional new buildings to market and working together on future opportunities. The Rockwell and 151 Bay Street will carry on the City Living tradition, dating back to 2003, of developing distinctive urban condo projects in this market.

“The structure of these transactions, and our strategic partnership with Sculptor, demonstrate our commitment to maximizing the capital efficiency of our City Living properties. Wells Fargo and Bank OZK, construction lenders we know well, are the ideal banks to team with us to develop these dynamic locations.”

Steve Orbuch, Founder and President of Sculptor Real Estate, said, “We are pleased to partner with Toll Brothers on the development of these exciting projects in New York City and Jersey City. The Rockwell and 151 Bay Street encompass many of the key themes we look for in our condominium developments, including easy access to transportation, exceptional in-building amenities, and dining and entertainment options within walking distance.”

The Rockwell, located at 2688 Broadway on the northeast corner of West 103rd Street, is being financed through a $98.2 million construction loan facility from Bank OZK. Situated between Central Park and Riverside Park, The Rockwell will consist of 81 studio- to three-bedroom for-sale condominiums with ground floor retail preleased to CVS Pharmacy. The residences will feature high-end luxury finishes and residents will enjoy a best-in-class amenity package, which includes plans for a 24-hour attended lobby, residents’ lounge with landscaped terrace, private dining room, fitness center, children’s playroom, screening room, music room, pet spa, and rooftop terrace with grills and fire pit. The Rockwell is conveniently located just steps from the 103rd Street subway station with access to the 1 train, and a few blocks from the B, C, and D trains as well as Columbia University.

151 Bay Street, located within the Powerhouse Arts District in Jersey City, New Jersey, is being financed through a $121.5 million construction loan from Wells Fargo. The development will consist of 259 studio- to three-bedroom residences in a 34-story building. 151 Bay Street is the third and final phase of Toll Brothers’ redevelopment at Provost Square, the site of the former Manischewitz matzo factory and The Great Atlantic & Pacific Tea Company Annex. It complements the already completed 38-story, 417-unit Morgan at Provost Square rental tower and the recently sold out 28-story, 242-unit 10 Provost Street at Provost Square condominium building.

The development includes a community theater and art exhibition space as well as 12 live/work artist studios. The Powerhouse Arts District in downtown Jersey City is full of historic charm, abundant local shopping, dining, and entertainment options, and offers easy access to Manhattan, Hoboken and North Jersey’s many employment options. Convenient access to both Midtown and Downtown Manhattan can be found at the Grove Street PATH Station, just two blocks away, or via commuter ferry with the waterfront just four blocks away. Residences will feature high-end luxury finishes and residents will enjoy a best-in-class amenity package, which includes plans for a 24-hour attended lobby, residents’ lounge and terrace, fitness center, children’s playroom, outdoor pool, sky lounge, pet spa, dog run, and rooftop terrace.

For future updates and information regarding these communities, please visit www.therockwellnyc.com and www.151bay.com.

About Toll Brothers

Toll Brothers, Inc., A FORTUNE 500 Company, is the nation’s leading builder of luxury homes. The Company was founded 55 years ago 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 first-time, move-up, empty-nester, active-adult, and second-home buyers, as well as urban and suburban renters. Toll Brothers builds in over 60 markets in 24 states: Arizona, California, Colorado, Connecticut, Delaware, Florida, Georgia, Idaho, Illinois, Maryland, Massachusetts, Michigan, Nevada, New Jersey, New York, North Carolina, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, and Washington, as well as in the District of Columbia. The Company operates its own architectural, engineering, mortgage, title, land development, golf course development, smart home technology, and landscape subsidiaries. The Company also operates its own lumber distribution, house component assembly, and manufacturing operations.

Toll Brothers was named the World’s Most Admired Homebuilder in FORTUNE magazine’s 2022 survey of the World’s Most Admired Companies®, the seventh year it has been so honored. Toll Brothers has also been named Builder of the Year by Builder magazine and is the first two-time recipient of Builder of the Year from Professional Builder magazine.

Toll Brothers discloses information about its business and financial performance and other matters, and provides links to its securities filings, notices of investor events, and earnings and other news releases, on the Investor Relations section of its website (investors.TollBrothers.com).

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About Toll Brothers City Living®

Toll Brothers City Living® is the urban development division of Toll Brothers, Inc., the nation’s leading builder of luxury homes. Toll Brothers City Living brings the extraordinary quality, value, and service familiar to luxury home buyers throughout the country to some of the most dynamic urban markets including New York City; Hoboken and Jersey City, New Jersey; Philadelphia, Pennsylvania; and the Greater Washington, D.C. metro area. Since its formation in 2003, Toll Brothers City Living has completed 45 condominium buildings totaling over 7,200 residences.

To learn more about Toll Brothers City Living and its properties, visit TollBrothersCityLiving.com.

About Sculptor Captial Management

Sculptor is a leading global alternative asset management firm with over $36 billion in assets under management specializing in real estate, credit, and multi-strategy investment products. Sculptor’s real estate business was founded in 2003 and has invested in over $18.6 billion of real estate assets across 28 different real estate related asset classes including direct equity investments, preferred equity structures, ground leases, senior loan, mezzanine loans, among other real estate investments. For more information, visit www.sculptor.com.

Contact:

Frederick N. Cooper – Toll Brothers – fcooper@tollbrothers.com – (215) 938-8312

Jonathan Gasthalter – Sculptor Capital Management – jg@gasthalter.com – (212) 257-4170

Source: Toll Brothers, Inc.