Toll, REIT Join On $134M NYC Development Blockbuster

Law360, New York (December 8, 2011, 8:36 PM EST) -- Luxury home builder Toll Brothers Inc. and real estate investment trust Equity Residential have joined forces on a $134 million residential development project in New York, Toll Brothers announced Wednesday.

The blockbuster joint venture real estate acquisition and development deal, reportedly the largest in New York this year, is for a 40-story Manhattan condominium and rental apartment tower that has about 400,000 square feet of development rights, the companies said.

A Toll Brothers spokesman said the deal closed Wednesday, with construction to begin at the site...
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