Toll Brothers Inc., the largest U.S. 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.
The swimming pool at the duplex penthouse
The swimming pool at the duplex penthouse Source: Toll Brothers
"The days of super pricing and of raising prices every other week, think, are probably past von Spreckelsen said in an interview. "Supply has started to catch up with demand."
Toll Brothers is switching gears as sales of new Manhattan condos slow and prices continue to escalate in a building boom. Developers have focused almost exclusively on larger and lavish apartments as a way to capture demand from ultra-wealthy investors who view New York real estate as a secure place for cash.