Toll Brothers: Disappointing Quarterly Results

* * *

The Horsham, PA-based developer, whose NYC portfolio includes One Northside Piers, North 8 (Brooklyn) and 5th Street Lofts (Queens), in addition to several NJ projects, complained about buyers remaining "on the sidelines" and even canceling contracts.

The NYC metro area did fairly well in comparison with other markets, though: while CEO Robert Toll complained about Brooklyn sales "fading", overall revenue fell only 3.4% in the combined statistical region that includes NY, NJ and IL. Other regions did worse: revenue fell betwen 39% and 46% in DE, MD, PA, VA, WV and FL.

Source:

• Toll Brothers Revenue Drops as Housing Slump Persists (Bloomberg)