The receiver for The One condo tower is seeking to sell Sam Mizrahi’s unfinished skyscraper, saying creditors won’t accept anything less than $1.2-billion for the troubled project.
The One’s lenders are owed $1.5-billion after Mr. Mizrahi and the tower’s co-owner, road-paving magnate Jenny Coco, defaulted on loan payments during the construction of the luxury condo and hotel tower in downtown Toronto.
The sale of the partly constructed tower is likely to be difficult given the history of the building, today’s high borrowing costs and a slowdown in the condo market. The receiver hopes to start the sale process Thursday, but if no bid satisfying the $1.2-billion minimum emerges, the project’s senior lenders are committed to provide financing to complete construction.
Troubled condo project The One looking for $1.2-billion sale – or else lenders won’t unload it – The Globe and Mail, June 3, 2024
