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Toll Brothers sees Manhattan luxury-condo glut

US home builder is zeroing in on smaller apartments with lower prices as expensive units sit on the market

Published Mon, Sep 21, 2015 · 09:50 PM
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New York

MANHATTAN'S growing inventory of ultra-luxury condominiums has another big developer seeing signs of a glut.

Toll Brothers Inc, the largest US luxury-home builder, is zeroing in on smaller apartments with lower prices in Manhattan after watching expensive units sit on the market, said David Von Spreckelsen, the New York division president of the company's City Living unit. Its latest project, at 55 W 17th St in Chelsea, will have an average asking price per square foot less than at new buildings in the rest of the borough.

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