[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.

 

[UtakataNoAnnex]

That formula works for entities looking to buy this tower. It's a little different for the receivership though, as they looking for parties effected by the defaults to get paid off...so there is likely less wiggle room for them to haggle with the asking price currently. And to my understanding of this.

 

[DevDudeToronto]

That formula works for entities looking to buy this tower. It's a little different for the receivership though, as they looking for parties effected by the defaults to get paid off...so there is likely less wiggle room for them to haggle with the asking price currently. And to my understanding of this.

I mean, they can be as inflexible as they want with the sale price. But no one is under any obligation to purchase the site. And make no mistake, no one is going to make it out of this mess unscathed. No one who provided capital is getting fully paid off on this project. KEB Hana is going to take a massive hair cut on this and I wouldn't be surprised if most equity is completely wiped at the end of the day.

 

[UtakataNoAnnex]

I mean, they can be as inflexible as they want with the sale price. But no one is under any obligation to purchase the site. And make no mistake, no one is going to make it out of this mess unscathed. No one who provided capital is getting fully paid off on this project. KEB Hana is going to take a massive hair cut on this and I wouldn't be surprised if most equity is completely wiped at the end of the day.

Regardless, they're selling it to whoever can make a profit on it to pay off the debts the previous owner defaulted on as the goal. Whether they are successful in doing so is another matter.

 

[Paclo]

 

[Johnny Au]

Part 1 of 2 taken on August 14, 2024:

Bay and Cumberland:

Balmuto Side:

Back Alley:

Bloor Side:

 

[Strange Advance]

^I wonder why it is that dudes in pickup trucks always have their arm out the window.

 

[3Dementia]

 

[vinny_the_hack]

^I wonder why it is that dudes in pickup trucks always have their arm out the window.

Because their penis is too small to hang out the window.

 

[3Dementia]

If anyone has wondered how @Johnny Au reproduces those identical angles in every post... I've discovered how he does it:

Source

 

[Collingwoodbuildinglover]

Because their penis is too small to hang out the window.

Hey just saying I drive a sedan and 90% of the time I have my arm out the window is probably because it's an older truck and the air conditioning doesn't work I know that was always our reasoning when I was a kid and it has just now turned into a habit of mine or another thought most people that drive truck work construction and work out of their truck they're just used to their window will being open at all times

 

[UtakataNoAnnex]

Beside, must be from around here...don't see the gun rack in the back.

 

[Johnny Au]

Part 2 of 2 taken on August 14, 2024:

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

Yonge Side:

 

[Benito]

Yesterday.

 

[jer1961]

Photos taken today, Friday (Aug. 16). A dull day when I was shooting, but the tower is always a good subject. The blue scaffolds at the top have moved up a level since last week's post from me, up to level 65/66 or thereabouts. The corner blue scaffolds remain where they were before, level 57, the base of the third mechanical level. Meanwhile some movement with the black Rail Climbing Systems (RCSs) below. The east RCS is now at level 38, the north level 37, each up one level, into the second mechanical section, while the west RCS remains at level 36. The crane has an extra brace added lower down, and the external elevator, now signed up to level 56 for a few weeks, has now added service to the third mechanical level, floors 57 and 58.

Starting with my Flickr "time-lapse" album addition, to views from the south, at Dundas, then closer, showing the emerging mega section between the first and second mechanical levels, and the crane and external elevator. A view from below across Yonge Street, then from Bloor and Balmuto to the west. Views from Cumberland, east of Bay. Views from Bloor east of Yonge, then from Bloor at Bedford - 1 Bloor E now almost obscured - and from Devonshire.

One Bloor West (The One) "time-lapse"

From October, 2020, as above-ground construction started in earnest at The One (1 Bloor W.) in Toronto. More or less a weekly photo usually taken on a Friday, with some gaps during early-on construction hiatuses. The initial photographs are from 2015, during demolition at the site, 2018, during...

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