NEW YORK CITY — Toll Brothers City Living, a division of Toll Brothers Inc. (NYSE: TOL), and Starwood Capital Group, have formed a joint venture to develop a 200-room luxury hotel and a 159-unit condominium community adjacent to Pier 1 in Brooklyn Bridge Park. The 10-story, eco-friendly hotel will carry Starwood Capital’s 1 Hotel brand, and the condominium community is marketed under the Toll Brothers City Living brand.
“We are extremely pleased to be partnering with Toll Brothers to build one of the most exciting new developments in New York City in many years,” says Barry Sternlicht, chairman and CEO of Starwood Capital Group. “With its incredible views of the Manhattan skyline and the iconic Brooklyn Bridge, extraordinary amenities, attractive and affordable location, and close proximity to transportation hubs, Brooklyn Bridge Park is the perfect location to showcase the 1 Hotel and adjoining residences. This development will be perfectly positioned to take advantage of the significant renaissance occurring along the Brooklyn waterfront.”
The development will be located immediately south of the DUMBO (Down Under the Manhattan Bridge Overpass) neighborhood and the Brooklyn Bridge, west of Brooklyn Heights and adjacent to the park entrance at Pier 1. The properties will feature unobstructed views of lower Manhattan, Brooklyn Bridge, New York Harbor, the Statue of Liberty and the surrounding park.
“We are thrilled to be collaborating with such an accomplished company as Starwood Capital to continue the development of the Brooklyn waterfront,” says Robert Toll, executive chairman of Toll Brothers Inc. “This development is one of the most exciting new residential and hotel properties to be built in Brooklyn, and New York City overall, in a very long time. The location and views alone will ensure that it becomes a special piece of the NYC landscape for many decades to come.”
Residents and guests of the community and hotel will have easy access to Wall Street, Midtown Manhattan and Brooklyn from the East River Ferry and the New York City Subway systems. Residents and hotel guests will also have direct access to the 85-acre Brooklyn Bridge Park, a waterfront property spanning along Brooklyn’s East River.
Rogers Marvel Architects is designing the hotel and condominium community to feature green roofs, several walkways and access to the park and Furman Street. The project is slated to achieve LEED Silver certification. An interior design firm will be selected in the near future.
The joint venture between Starwood Capital and Toll Brothers will enter into a 97-year ground lease of the site, which will require it to make ongoing payments to help fund maintenance and operations of the park. The payments will also contribute to the construction of restrooms, maintenance space and landscaping.
The condominium community will consist of mostly townhouses reminiscent of the brownstone apartments found throughout Brooklyn. The community will feature 12,000 square feet of amenity space including a fitness center, children’s playroom and bike storage.
The development, totaling 550,000 square feet, will feature 16,000 square feet of restaurant space both indoor and outdoor, 16,000 square feet of banquet and meeting space, 2,000 square feet of retail space, a 6,000-square-foot spa and fitness center and 300 underground parking spaces.
“We expect our restaurant, bars and large social catering space to be incredible destinations for both the community and Manhattan residents,” says Sternlicht. “We look forward to building an important showcase hotel and waterfront residence like no other project in the five New York City boroughs.”
The project is slated for a summer 2013 groundbreaking and a fall 2015 opening.
Toll Brothers stock price closed on Tuesday at $26.28 per share, up from $20.26 per share this time last year. This project will mark Toll Brothers’ 20th development in the New York City metro market since its entry in 2003.
— John Nelson