Great find AG. I wonder if Gupta made good on the flip or if cash was needed for other issues?
 
Cash was likely needed for other issues. Rumours have swirled for a long time that Gupta is financially strapped. I think we all know that King Blue would have been a huge failure. Then he has his Dundas Gardens project which is also laughable. The man is all smoke and mirrors. There was some listing that put Eastons revenues at 100M. Right. That's the most laughable number I've seen yet.

Simply put, the man doesn't pay bills. Rumour also has it that his partnerships with Remingtons has gone very sour and he owes them a ton of money. Let's see, what else? Treats his employees like sh*t and commits wage theft. His company has so many grievances and has even had to deal with human rights complaints. A fierce competitor and risk taker no doubt but the guy romps around Toronto claiming his reputation and integrity are everything. Find ONE person he has dealt with in business that will unequivocally back up that claim and I'll give you a million bucks. When the name KING BLUE is the best name you can come up with for an unimaginative condo development that is supposed to be a "central attraction" in Toronto, you have to question things. Then there was the hotel he was building in thunder bay or something where the floors cracked, caved in, etc. He sold that too. (http://www.tbnewswatch.com/news/327794/Opening-of-Marriott-TownePlace-Suites-faces-another-delay)

People are supposed to buy condos from this man? I wouldn't buy a bottle of water from this man if I were stranded in the Sahara.
 
dmaggie said:
Cash was likely needed for other issues. Rumours have swirled for a long time that Gupta is financially strapped. I think we all know that King Blue would have been a huge failure. Then he has his Dundas Gardens project which is also laughable. The man is all smoke and mirrors. There was some listing that put Eastons revenues at 100M. Right. That's the most laughable number I've seen yet.

Simply put, the man doesn't pay bills. Rumour also has it that his partnerships with Remingtons has gone very sour and he owes them a ton of money. Let's see, what else? Treats his employees like sh*t and commits wage theft. His company has so many grievances and has even had to deal with human rights complaints. A fierce competitor and risk taker no doubt but the guy romps around Toronto claiming his reputation and integrity are everything. Find ONE person he has dealt with in business that will unequivocally back up that claim and I'll give you a million bucks. When the name KING BLUE is the best name you can come up with for an unimaginative condo development that is supposed to be a "central attraction" in Toronto, you have to question things. Then there was the hotel he was building in thunder bay or something where the floors cracked, caved in, etc. He sold that too. (http://www.tbnewswatch.com/news/327794/Opening-of-Marriott-TownePlace-Suites-faces-another-delay)

People are supposed to buy condos from this man? I wouldn't buy a bottle of water from this man if I were stranded in the Sahara.
Click to expand...


why don't you tell us what you really think! :p
 
Not always true ... look at their Erikine development around Y&E, been marking for years now ..
 
Gupta and co purchased the site for like $42M a few years ago. I wonder how much he flipped it to Greenland for.

So are they building the same two towers as rentals, or is this still a condo project?
 
Maybe it was his plan to flip it all along. There are people looking to make money on land in T.O. by getting control of the land, the rights to build a project, and necessary zoning) then sell to a developer to complete the project (called sweat equity). If this is the case here, he could have made a lot of money - unless he reached too far and is selling to avoid bankruptcy.
 
dmaggie said:
Cash was likely needed for other issues. Rumours have swirled for a long time that Gupta is financially strapped. I think we all know that King Blue would have been a huge failure. Then he has his Dundas Gardens project which is also laughable. The man is all smoke and mirrors. There was some listing that put Eastons revenues at 100M. Right. That's the most laughable number I've seen yet.

Simply put, the man doesn't pay bills. Rumour also has it that his partnerships with Remingtons has gone very sour and he owes them a ton of money. Let's see, what else? Treats his employees like sh*t and commits wage theft. His company has so many grievances and has even had to deal with human rights complaints. A fierce competitor and risk taker no doubt but the guy romps around Toronto claiming his reputation and integrity are everything. Find ONE person he has dealt with in business that will unequivocally back up that claim and I'll give you a million bucks. When the name KING BLUE is the best name you can come up with for an unimaginative condo development that is supposed to be a "central attraction" in Toronto, you have to question things. Then there was the hotel he was building in thunder bay or something where the floors cracked, caved in, etc. He sold that too. (http://www.tbnewswatch.com/news/327794/Opening-of-Marriott-TownePlace-Suites-faces-another-delay)

People are supposed to buy condos from this man? I wouldn't buy a bottle of water from this man if I were stranded in the Sahara.
Click to expand...

Couldn't you have been a little more charitable to Gupta?
 
Big Daddy said:
Maybe it was his plan to flip it all along. There are people looking to make money on land in T.O. by getting control of the land, the rights to build a project, and necessary zoning) then sell to a developer to complete the project (called sweat equity). If this is the case here, he could have made a lot of money - unless he reached too far and is selling to avoid bankruptcy.
Click to expand...

This is what Mirvish did before he sold it to Gupta.
 
perhaps a silly question, but if this project was flipped to another developer does that allow buyers to back out and get their installments back?
 
I think so, unless there is no material change and Gupta's numbered company is still part of the deal. I think they can add partners. Others will probably chime in here.
 
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