This is a hard time to be the biggest luxury home builder in the United States: Robert Toll, the CEO of gargantuan Toll Brothers Inc., reportedly had his compensation cut from $19.2 million in 2006 to $8.4 million for the last fiscal year, as his company’s net income fell 95 percent to $35.7 million.
Maybe taking the three-unit penthouse at One Ten 3RD, Toll’s hip rectangle-paneled new condo on Third Avenue, would have made him feel better? “I was going to buy the whole floor and reconfigure it, I was pretty excited,” Mr. Toll said this week, “and the boss decided that we weren’t going to move there.”
The boss is his wife of 33 years, Jane. “So instead of me moving in, reconfiguring and building a luscious 21st floor, I went to Plan B,” he said, “went to my boy, and said, ‘Jacob, I think you ought to take advantage of this opportunity; it’s a great one.’ And he did.”
According to city records, the Robert & Jane Toll 2002 Children’s Trust, “for benefit of” their 27-year-old son, Jacob, paid $2,235,672 for just one of those three penthouse units. “Of course he didn’t take the whole floor,” his father said. Still, isn’t a three-bedroom apartment a lot for one 20-something? “He’s got a couple of buddies who live with him,” Mr. Toll said, “lifelong friends, from before college.”
When asked if it was a present, he said the trust may or may not have his son’s own money. “Jake has made some pretty good dough already”—from development work in Telluride, Colo.—“and it’s not because of me.” Now he’s in social work school at N.Y.U.
A source said the space is over 1,400 square feet, with a balcony close to 200 square feet. And the Toll family didn’t get any special deals: The price is in line with other condos in the building. The sales manager, Halstead’s Felicia de Chabris, had no comment.
When Mr. Toll was asked for a detail about his son’s apartment, he said: “It’s got really neat views, and there is a spectacular shower in it. It’s big and has a lot of gadgets in it, a lot of, not faucets—heads!”
As for those other two penthouse units, is he happy to have sold them off to buyers instead of keeping them in the family? “It’s not that it’s small beans for us—nothing is small, everything counts—but it’s not material, of course, to the business that Toll does.”