12-Story, 157-Unit Luxury Tower Is First New Condominium to Break Ground in Hoboken since 2003

HOBOKEN, NJ—November 28, 2011—Hoboken Hudson Tea Complex has added a new member: 1450 Washington, 157 luxury condominiums.

On Thurs., Nov. 10 representatives from Toll Brothers thanked area brokers for helping them sell 40 percent of the new property. “And that’s before we even opened a sales office,” stated Ben Jogodnik, senior vice president of Toll Brothers as he addressed his guests.

Toll Brothers City Living, which is developing Hudson Tea and Maxwell Place, a total of nearly 3,000 luxury condominiums in Hoboken’s north end expects the new property to be completed in May 2012.

“Consistent sales at Maxwell Place and Hudson Tea were dissipating our inventory to the point where we would run out by next spring, inspiring us to start construction at 1450 Washington,” continued Jogodnik. “Our loyal local brokers and buyers have been tremendous partners in our efforts to solidify the Hoboken waterfront as a great location to live, whether you’re single, just married or starting a family.”

Homes in the 12-story building are priced from the high $300,000s for studios (none are currently available) to the upper $900,000s for large three-bedrooms.

The development is the first new condominium to break ground in Hoboken since the Company began its last project, the 376-unit Building B at Maxwell Place, in 2007.

“Similar to our other Hoboken properties, 1450 Washington delivers the set of high-end features that create a truly luxurious environment,” says Mr. Jogodnik. “The North End has made incredible progress in seven years, and the expectations of residents are more pronounced than when the area was predominately undeveloped. We can address not only the preferences of the customers we have been seeing, but also create new home types and amenity packages that will attract an even broader group of customers.”

Amenities in the new community will consist of a 24-hour concierge, fitness center, children’s playroom, landscaped courtyard with walkway, community rooftop terrace with BBQs, private rooftop terraces (15 for sale), shuttle service to PATH train, garage parking available, over 23,000 sq. ft. of on-site retail, future community pool, waterfront walkway and park.

Home features include nine foot ceilings, hardwood flooring, bay windows in some homes along Washington and 15^th, washer/dryer, glass (or granite) countertops, Bosch stainless steel appliances, four-piece master baths in two and three BR homes, three-piece master baths in studio, one and one plus den homes, and balconies in many homes.

About Toll Brothers

Toll Brothers City Living is the urban development division of Toll Brothers, Inc. a FORTUNE 1,000 Company. Toll Brothers City living is bringing the same quality, value and service familiar to its luxury homebuyers throughout the country, to some of the most dynamic urban markets in the country including Manhattan, Brooklyn and Queens, New York; Hoboken and Jersey City, New Jersey; and Philadelphia, Pennsylvania. Toll Brothers City Living communities combine the energy of an urban lifestyle with unparalleled amenities, spectacular architecture, and the expertise of the nation’s leading builder of luxury homes. For over 40 years, Toll Brothers has taken pride in the recognition received from its homeowners and peers. The Company is currently building in 21 states and has been honored with the three most coveted awards in the home building industry: America’s Best Builder, the National Housing Quality Award, and Builder of the Year. For more information, visit TollBrothersCityLiving.com.