Toll Brothers Inc.’s Touraine condominium, a 22-unit property on New York’s Upper East Side, has sold all but one of its units as demand for the city’s new construction rebounds amid a shortage of properties to buy.
Demand for construction workers and materials is likely to receive a boost as homeowners in coastal areas of New York and New Jersey rebuild after their properties were devastated by flooding and heavy winds.
Cody Buck rebuilt his home in Sayreville, New Jersey, after Hurricane Irene knocked it down last year. Yesterday, Buck showed New Jersey Governor Chris Christie how superstorm Sandy destroyed the house again.
Toll Brothers Inc. officials agreed to a $16.2 million settlement of claims that they misled shareholders about the company’s prospects while selling stock worth about $615 million, according to court filings.
Purchases of new houses in the U.S. rose more than forecast in December, propelled by a record surge in the West as buyers in California may have rushed to qualify for a state tax credit before it expired.