Toll Brothers just thanked area brokers for helping it sell 40% of its new Hoboken condominium before the building even opened its doors.
The tower — part of the Hudson Tea complex at 1450 Washington — is the first new condominium to open in the Square Mile city since 2003.
Toll Brothers City Living, which is developing Hudson Tea and Maxwell Place, a total of nearly 3,000 luxury condominiums in Hoboken’s north end, expects the new property to be completed in May 2012.
“Consistent sales at Maxwell Place and Hudson Tea were dissipating our inventory to the point where we would run out by next spring, inspiring us to start construction at 1450 Washington,” said Ben Jogodnik, senior vice president of Toll Brothers, during a thank-you event for brokers last week.
“Our loyal local brokers and buyers have been tremendous partners in our efforts to solidify the Hoboken waterfront as a great location to live, whether you’re single, just married or starting a family.”
Homes in the new 12-story building are priced from the high $300,000s for studios (none are currently available) to the upper $900,000s for large three-bedrooms.
The development is the first new condominium to break ground in Hoboken since the Company began its last project, the 376-unit Building B at Maxwell Place, in 2007. “Similar to our other Hoboken properties, 1450 Washington delivers the set of high-end features that create a truly luxurious environment,” said Jogodnik.
“The North End has made incredible progress in seven years, and the expectations of residents are more pronounced than when the area was predominately undeveloped. We can address not only the preferences of the customers we have been seeing, but also create new home types and amenity packages that will attract an even broader group of customers.”