[Johnny Au]

Part 2 of 2 taken on August 10, 2024:

Yonge and Bloor (aka the Golden Corner or the Champagne Corner):

Yonge Side:

Yonge and Hayden:

 

[prtk.g]

 

[Rascacielo]

Today

 

[BloorMan]

From today:

 

[Johnny Au]

August 10, 2024:

 

[Benito]

Today.

 

[trxpodi]

From Don Mills and Eglinton

 

[Strange Advance]

She's closing in on 1BE's roof.

 

[GenerationLee]

Yesterday. (Taken from the lair)

 

[Tormick]

There was that article a couple month ago about how the site in receivership wasn't worth the asking price of $1.2B - and there weren't any buyers coming forward at that price. Has anyone heard anything on the street? I'd be interested in other projects that had their receivers finish a project.

 

[UtakataNoAnnex]

There was that article a couple month ago about how the site in receivership wasn't worth the asking price of $1.2B - and there weren't any buyers coming forward at that price. Has anyone heard anything on the street? I'd be interested in other projects that had their receivers finish a project.

Off the top, there is a difference between an opinion that declares it's not worth the asking price over and that of the price tag will make the prospector buyer's worthwhile. The former suggests quality of build, while the latter more asks whether they can make it work at that price...

...citation of article in question will also help here.

 

[DevDudeToronto]

There was that article a couple month ago about how the site in receivership wasn't worth the asking price of $1.2B - and there weren't any buyers coming forward at that price. Has anyone heard anything on the street? I'd be interested in other projects that had their receivers finish a project.

If anyone has the motivation there's some back of the napkin math you could do to find out a ballpark sale price that'd make it work. Most of the info would be in the KSV reports. Just take the total projected income from the project, take off the cost to complete (including soft costs, carrying costs, etc...), add in a very large contingency/safety/profit margin, and then you'll have what the project should realistically sell for. I'm betting it's far below a billion though.

 

[BloorMan]

From today. They are pouring the columns and I confirmed that the finished slab is level 64.

 

[3Dementia]

If anyone has the motivation there's some back of the napkin math you could do to find out a ballpark sale price that'd make it work. Most of the info would be in the KSV reports. Just take the total projected income from the project, take off the cost to complete (including soft costs, carrying costs, etc...), add in a very large contingency/safety/profit margin, and then you'll have what the project should realistically sell for. I'm betting it's far below a billion though.

I’m (clearly) not trained in finance but I noticed REITs and other real estate players in Canada and the USA are still making money for investors despite the doom and gloom, and I realize the receiver here isn’t tasked to take a gamble… but if your theory is correct that the income will be greater than costs to finish etc. ... I’m curious why this wouldn’t still be a good long term investment for a REIT or other buyer… with the additional approved 11 storeys* (*big head-start on costs like engineering, architectural etc.).

Willing to be schooled on the other problems/barriers I'm missing (other than existing market conditions ;-). Also, did Sam change his phone number?

 

[DevDudeToronto]

I’m (clearly) not trained in finance but I noticed REITs and other real estate players in Canada and the USA are still making money for investors despite the doom and gloom, and I realize the receiver here isn’t tasked to take a gamble… but if your theory is correct that the income will be greater than costs to finish etc. ... I’m curious why this wouldn’t still be a good long term investment for a REIT or other buyer… with the additional approved 11 storeys* (*big head-start on costs like engineering, architectural etc.).

Willing to be schooled on the other problems/barriers I'm missing (other than existing market conditions ;-). Also, did Sam change his phone number?

Sorry if I wasn't clear. It's basically algebra to determine what the purchase price needs to be:

Cost to complete (A) + purchase price of project in its current state (B) + profit margin (C) = total projected revenue (D)

You can realistically create projections for A, C, and D. So just rearrange and solve for B. Does that make sense? Mind you, I'm super simplifying things here, but that's the gist of it.