A receivership order granted last Tuesday, June 4, has appointed KSV Advisory as the receiver and manager over the property at 126–128 Hazelton Avenue in Toronto. The order effectively allows KSV to exercise control over the property moving forward.
Constantine Enterprises Inc. (CEI), which has a 50 per cent stake in the condo project at 128 Hazelton Ave., first made a plea for receivership back in February, with court documents showing that CEI filed for KSV to manage and possibly sell the project to recover debts, identifying Sam Mizrahi as the principal of both Mizrahi 128 Hazelton Inc. and Mizrahi 128 Hazelton Retail Inc.
According to CEI’s April 26 affidavit, the company lost confidence in Mizrahi Developments’ ability to effectively manage its financial and property obligations regarding the nine-storey, 20-unit luxury condo project in the heart of Yorkville.
Another One? Mizrahi’s second Yorkville condo project now in receivership – Streets of Toronto, June 12, 2024