Canadian Commercial Real Estate Thread

koops65 · #1 Posted **Jan 13, 2017, 1:11 AM**

Toronto's Trump Tower on sale for $298 million

Toronto’s Trump International Hotel & Tower is finally up for sale, and the beleaguered building may lose its presidential brand under new ownership.

The sale includes 211 hotel units, 74 condo units and most of the tower’s retail and commercial space, including the America restaurant on the 31st floor.

The property’s court-approved receiver has set a minimum sale price of $298 million for the 65-storey tower.

http://www.ctvnews.ca/canada/toronto...lion-1.3239219

whatnext · #2 Posted **Jan 13, 2017, 1:14 AM**

Quote:

Originally Posted by koops65

Toronto's Trump Tower on sale for $298 million

Toronto’s Trump International Hotel & Tower is finally up for sale, and the beleaguered building may lose its presidential brand under new ownership.

The sale includes 211 hotel units, 74 condo units and most of the tower’s retail and commercial space, including the America restaurant on the 31st floor.

The property’s court-approved receiver has set a minimum sale price of $298 million for the 65-storey tower.

http://www.ctvnews.ca/canada/toronto...lion-1.3239219

Oh to have $300 mil, just to change the TR in the building signage to a D!

vid · #3 Posted **Jan 13, 2017, 1:36 AM**

That sounds pretty cheap to me... Only $298 million for a building that size, on property that centrally located?

They would probably have been more successful if they weren't associated with an orange racist pig.

mistercorporate · #4 Posted **Jan 13, 2017, 1:41 AM**

Quote:

Originally Posted by vid

That sounds pretty cheap to me... Only $298 million for a building that size, on property that centrally located?

They would probably have been more successful if they weren't associated with an orange racist pig.

It's zoned commercial, everyone wants to dump their condos lol.. That being said, the building and rooms are beautiful inside and the location's great.

vanman · #5 Posted **Jan 13, 2017, 1:46 AM**

Why does this warrant its own thread in the Canada section?

dleung · #6 Posted **Jan 13, 2017, 1:47 AM**

Quote:

Originally Posted by mistercorporate

It's zoned commercial, everyone wants to dump their condos lol.. That being said, the building and rooms are beautiful inside and the location's great.

They're beautiful if one has the interior design taste of a Kardashian.

WhipperSnapper · #7 Posted **Jan 13, 2017, 1:48 AM**

Quote:

Originally Posted by vid

That sounds pretty cheap to me... Only $298 million for a building that size, on property that centrally located?

They would probably have been more successful if they weren't associated with an orange racist pig.

It's a foreclosure and that's the minimum sale price. I agree with mister corporate. The building is a liability. They couldn't sell the units during the past 15 years. Any buyer is probably going to have to sink millions to tens of millions to rethink the space.

niwell · #8 Posted **Jan 13, 2017, 1:53 AM**

Quote:

Originally Posted by dleung

They're beautiful if one has the interior design taste of a Kardashian.

I think the Kardashian's have much better taste actually! The interior is simply horrific.

WhipperSnapper · #9 Posted **Jan 13, 2017, 1:54 AM**

Quote:

Originally Posted by vanman

Why does this warrant its own thread in the Canada section?

Why not?

WhipperSnapper · #10 Posted **Jan 13, 2017, 1:56 AM**

Quote:

Originally Posted by niwell

I think the Kardashian's have much better taste actually! The interior is simply horrific.

Horrific is the house of the billionaire developer. Sofie Kaczynski tastes.

TorontoDrew · #11 Posted **Jan 13, 2017, 2:10 AM**

Hopefully some Saudi Billionaire buys it and has it moved to his country. They finally got the light feature working and it's as annoying as the President Elect.

TorontoDrew · #12 Posted **Jan 13, 2017, 2:12 AM**

Quote:

Originally Posted by niwell

I think the Kardashian's have much better taste actually! The interior is simply horrific.

Actually the units a pretty nice inside. Trying to hard to be a house in the Hamptons though.

koops65 · #13 Posted **Jan 13, 2017, 2:17 AM**

Quote:

Originally Posted by vanman

Why does this warrant its own thread in the Canada section?

It's a discussion about the sale of Canada's second tallest building. Which just happens to have the new US Prez's name on it. I wasn't sure where else to put this news...

Innsertnamehere · #14 Posted **Jan 13, 2017, 2:38 AM**

My understanding is that this only buys the unsold units and hotel rooms - of which there are of course quite a few. The amount of unsold hotel rooms would provide controlling interest in the hotel, allowing for a rebrand. As the building is a condo, ownership is not under a single entity. This sale is simply for what the developer couldn't sell already.

lio45 · #15 Posted **Jan 13, 2017, 2:41 AM**

The units look decent to me.

The sale includes 74 unsold condos still?!?

ue · #16 Posted **Jan 13, 2017, 2:42 AM**

Quote:

Originally Posted by koops65

It's a discussion about the sale of Canada's second tallest building. Which just happens to have the new US Prez's name on it. I wasn't sure where else to put this news...

The Toronto section? This is a very stereotypically Toronto view on their national relevance of what would be simply thought of as local news if it were Vancouver or Montreal. I don't recall Vancouver getting its thread in the Canada section for its own Trump Tower issues and protests.

WhipperSnapper · #17 Posted **Jan 13, 2017, 2:43 AM**

Let's not underestimate the number of unsold units. They will have a massive controlling interest in the corporation and possible have enough votes to dissolve it. The number of unsold units is around 80%.

lio45 · #18 Posted **Jan 13, 2017, 2:44 AM**

Quote:

Originally Posted by Innsertnamehere

My understanding is that this only buys the unsold units and hotel rooms - of which there are of course quite a few. The amount of unsold hotel rooms would provide controlling interest in the hotel, allowing for a rebrand. As the building is a condo, ownership is not under a single entity. This sale is simply for what the developer couldn't sell already.

It includes unsold condo units, but from the wording, the commercial and hotel parts of the tower are not meant to be divided ownership (of course, nothing prevents the buyer from turning the retail zones into retail condos, and the hotel zone into condotel rooms)

Quote:

Originally Posted by koops65

The sale includes 211 hotel units, 74 condo units and most of the tower’s retail and commercial space, including the America restaurant on the 31st floor.

memph · #19 Posted **Jan 13, 2017, 2:46 AM**

Quote:

Originally Posted by vid

That sounds pretty cheap to me... Only $298 million for a building that size, on property that centrally located?

They would probably have been more successful if they weren't associated with an orange racist pig.

About $1m per condo/hotel room? Doesn't seem that cheap to me unless the units/rooms are very big and luxurious.

lio45 · #20 Posted **Jan 13, 2017, 2:49 AM**

Quote:

Originally Posted by memph

About $1m per condo/hotel room? Doesn't seem that cheap to me unless the units/rooms are very big and luxurious.

"... and most of the tower’s retail and commercial space, including the America restaurant on the 31st floor."

I don't know how much retail and commercial space there is in there, but obviously many millions' worth at the very minimum.