The luxury homebuilder did not disclose terms of the purchase or the name of the seller.
Toll Brothers said Thursday that the planned 15-story building will contain about 25 luxury residences. Sales are expected to start next summer.
CEO Douglas C. Yearley Jr. said in a statement that Toll Brothers is taking advantage of the depressed housing market, purchasing attractive properties.
Rick Hartman, the company's regional president in charge of the New York City market, said in a statement that the company based in Horsham, Pa., is still looking for additional opportunities in the metropolitan area.