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Toll Brothers Gets Cold Feet on Gowanus Luxury Condos

The Gowanus Canal cleanup battle rages on, but the creation of Toll Brothers' 447-condo luxury housing project (right) on the canal's banks...doesn't. Blog Pardon Me for Asking reports on a little kerfuffle between Toll Bros. and the seller of the Gowanus property at 365-379 Bond Street. Toll Brothers made a $5.75 million down payment on its $21.5 million purchase of the property, contingent on the area's rezoning. Said rezoning happened in March, but instead of smooth real estate sailing from then on, the seller and Toll Bros. have been busy suing each other over whether Toll Brothers is required to close while the EPA considers adding the canal to its Superfund list. Toll Brothers' argument: the Superfund designation will lead to a lengthy and expensive cleanup that would hinder development, and that cleanup wasn't foreseeable when the deal was signed. Okay, we have to know: where does Toll Bros. get its anti-toxicity goggles?
· Toll Brothers' Toxic Towers on the Gowanus: Is It A Deal or No Deal? [PMFA]
· All Toll Brothers Gowanus coverage [Curbed]