In the short time since America’s largest homebuilder ventured into urban development, Toll Brothers, first known as the industry leader in luxury suburban development, has expanded their City Living division from a single Hoboken project to a roster that includes some of New York City’s most coveted addresses. Now, they are adding Jersey City to the list of their luxury urban developments with the launch of 10 Provost.
The 50-year-old company long resisted the lure of urban markets. Even for a firm Fortune Magazine calls the country’s ‘Most Admired Home Building Company’, the leap from suburban to urban was a transition they didn’t take lightly. Asked by the New York Times in 2005 why they hadn’t ventured into the NYC market sooner, Robert I. Toll, the company’s chairman, said, “We weren’t ready for urban development. We’re a conservative company. There was too much risk. It required a different set of skills.”
In 2003, the company saw an opportunity to reduce this risk with the acquisition of a Hoboken-based condominium developer. The newly minted division, named Toll Brothers City Living, hit the ground running, completing their first urban project, Hoboken’s Sky Club, shortly thereafter.
What would become the company’s most ambitious New Jersey project took shape not long after when Toll Brothers City Living acquired the 24-acre Maxwell House coffee plant site along the Hudson River. Over the next decade, this massive new project, now known as Maxwell Place, created an enclave of luxury condominiums, stores, offices, and parks in the up-and-coming northeast section of Hoboken.
Just north of Maxwell Place, in a similarly ambitious undertaking, the company converted the former American headquarters of the Lipton Tea Company into luxury residences called Hudson Tea.
With a fresh set of skills, the company ventured into Manhattan and Brooklyn. And although the landscape changed, their fundamentals never did — delivering high-quality luxury housing at some of New York City’s most prominent addresses.
In Manhattan, this includes Tribeca’s 91 Leonard and OMA designed 121E22ND in Gramercy. In Brooklyn, Toll Brothers City Living is best known for Northside Piers on the Williamsburg waterfront as well as Pierhouse at Brooklyn Bridge Park.
Suburban or urban, the Toll Brothers brand is well recognized for delivering value. For example, Pierhouse boasts the highest average price per square foot of any building its size in Brooklyn. A sale earlier this year at the building also set the record for most expensive condo sale in the borough. At Hudson Tea in Hoboken, homeowners are seeing some of the highest resale values in the city. At the moment, the building claims the top two highest priced condominium homes in Hoboken.
Toll Brothers City Living is now bringing their urban expertise back to the other side of the Hudson in downtown Jersey City. The new condominium project, 10 Provost, is currently rising in the formerly industrial Powerhouse Arts District. Upon completion, the 28-story tower will be home to 242 residences as well as an enviable slate of lifestyle amenities.
Just outside, the company is building a new pedestrian-friendly public plaza called Provost Square. The former industrial block will see its original cobblestone streets and historic train rails restored. An adjacent landscaped plaza is also planned, which will feature public seating areas as well as a brand new performing arts theater which will come with the next phase of the project.
Homes at 10 Provost range from studio- to three-bedrooms and start from the mid-$400,000s and go up to $1.8 million. A sales office recently opened at 160 Morgan Street, just one block from the Grove Street PATH station, that provides potential buyers a hands-on preview of the project’s design and finishes.
To learn more about the project, or schedule an appointment with the sales team, visit 10Provost.com or call 201.350.5944.
[gmap height=”250px”]10 Provost St, Jersey City, NJ 07302[/gmap]
10 Provost St, Jersey City, NJ 07302