416man said:
I have no idea where he gets the money from but it’s true that the building will be sold to a new developer sometime in November-December. And I hear Sam has the highest bid as of now.
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Just because Mizrahi is high bidder does not mean he will get his building back. If he can't meet the $1.2B asking price from the bank, the bank will finish this project and "earn their way out". With the retail space, hotel, unsold units, etc etc there are ways to generate revenue over the long term. My insiders are telling me that no bids are close to the asking price, which doesn't surprise me.
 
416man said:
Many of Skygrids higher administration staff has been fired including one site supervisor
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Are you claiming this as a rumour or as an actual? If the latter, can you please give us a verification/citation on this...as it seems a bit too deep fake to be true.

...and also, that doesn't answer my question here.
 
Civdis said:
Just because Mizrahi is high bidder does not mean he will get his building back. If he can't meet the $1.2B asking price from the bank, the bank will finish this project and "earn their way out". With the retail space, hotel, unsold units, etc etc there are ways to generate revenue over the long term. My insiders are telling me that no bids are close to the asking price, which doesn't surprise me.
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Either way a transition of owner will be happening soon either it will be Mizrahi or another developer.
 
UtakataNoAnnex said:
Are you claiming this as a rumour or as an actual? If the latter, can you please give us a verification/citation on this...as it seems a bit too deep fake to be true.

...and also, that doesn't answer my question here.
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As what I know all payroll/administration staff assigned to the One Bloor job has been laid off and site supervisor has been fired as of friday 20th
 
416man said:
Either way a transition of owner will be happening soon either it will be Mizrahi or another developer.
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That is my point, my sources are saying that nobody is close to the $1.2B price set by the Korean Bank. I may be wrong, but my guess is that KEB Hana will be finishing this project. I see you are new to this site, welcome!
 
Nothing is impossible, of course, but it seems (extremely? extraordinarily? unbelievably?) unlikely that Sam Mizrahi is going to line up $1.2B of financing to take this back.
 
IMG_9798.jpeg
 
416man said:
As what I know all payroll/administration staff assigned to the One Bloor job has been laid off and site supervisor has been fired as of friday 20th
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Either way, I can't vet if any of this true unless it comes from other sources outside of randos dropping all too juicy bits about this on the internets. No offense, there's too much misinformation and fakery going on out there before I can throw my lot in with this. And since this is pretty big news if true for a signature development, I'm sure it will be reported on elsewhere very soon.
 
And since this was brought up yesterday....

"As for the project Mizrahi is, arguably, best known for, The One, there’s still no word on whether or not there are any competitive bidders or prospective purchase agreements. We learned in late May that the project would be listed for sale, and that a minimum bid threshold was proposed to be set at $1.2 billion. The sales process was green-lit by the Ontario courts shortly after, with JLL selected to market and solicit offers, and a non-binding bid deadline slated for July 30."
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Source:

storeys.com

Mizrahi’s Stakes In Yorkville Luxury Condo, Vaughan Pre-Con Sold By Court Order

As of Friday, September 20, the Ontario courts have approved purchase agreements, on five counts, in respect of a luxury condo project at 128 Hazelton Avenue in Yorkville and a multi-tower development slated for 180 Steeles Avenue West in Vaughan. Both projects come from Sam Mizrahi — the...
storeys.com storeys.com

Dated yesterday. And nothing about Mizrahi buying back The One. Or the supposed Red Wedding that took place with Skygrid staff last Friday afternoon here.

h/o to Mr. @AlbertC for the cross linked article.
 
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