Referrals Send Buyers Flocking to Jersey

Toll Brothers City Living announced the development of a new luxury condominium building in Hoboken, N.J., called 1450 Washington.

Hoboken, N.J.—Toll Brothers City Living, the urban development division of Toll Brothers Inc, announced the development of a new luxury condominium building in Hoboken, N.J., called 1450 Washington.

The development is already 40 percent sold.

1450 Washington, a 157-unit building, located in the Hoboken Hudson Tea Complex, includes units ranging from studios priced in the high $300,000s to three-bedroom condos priced in the high $900,000s.

John McCullough, assistant vice president, Toll Brothers, attributes this pricing structure as part of the reason for the rapid sales.

“It’s in a fantastic location, near lots of restaurants and bars,” McCullough tells MHN. “When you combine that with competitive prices…I think there’s a pent up demand for this sort of product.”

Building amenities include a 24-hour concierge, fitness center, children’s playroom, shuttle service to the nearby PATH train—making for a quick commute into Manhattan—and a community pool. Some of the unit amenities include stainless steel appliances and washer/dryers.

Current owners include the usual young couples and young families, but there are a few surprises in the mix. “We have a pretty good cross section of empty nesters,” McCullough says. What is really unusual is that a lot of the buyers come from referrals and crossovers from some of Toll Brothers’ other buildings. And according to McCullough, he heard of some parents who bought a condo in 1450 Washington so that they could be near their son and his wife, who already live in Hoboken.

However the buyers get there, it’s a good thing for the Toll Brothers.

“It’s selling very rapidly,” McCullough says. “It’s a very exciting time.”

1450 Washington is expected to be completed in May 2012.