This transaction appeared in Today's G&M, with a transaction price of $133,000 per suite.
Any idea why the hotel was sold at so cheap price ( on a per suite basis), other than the fact that Lehman Brothers (UK) was the owner?
Taxes. For the same reason a unit in multi residential assessed for $90,000 is valued at $240,000 when it is converted into residential. Conversely you can just as easily destroy a previous residential value if you convert it to commercial. Like what almost happened at One King West....
Taxes. For the same reason a unit in multi residential assessed for $90,000 is valued at $240,000 when it is converted into residential. Conversely you can just as easily destroy a previous residential value if you convert it to commercial. Like what almost happened at One King West....
Description: PUBLIC - PRELIMINARY PROJECT REVIEW, Due Date is 19-MAY-10, >>PPR to convert existing vacant space (previous office space) to residential apartments - 130 residential units on floors 3,4 and 5 - 15, 2 bedroom apts and 115, 1 bedroom apts. No additional parking. Existing building hotel use. King Edward Hotel.
It's kind of sad to see prices starting so low for such an important building in the city's history, but then again they're likely to be almost cubicle-like for $400k.
I was hoping this renovation would be our version of Manhattan's Plaza Hotel where tons of units were going for upwards of $10 million, but that was during the real estate bubble, and the King Edward doesn't quite have an unobstructed view of Central Park.
I've stayed here a few times, and although I'm not old enough to be able to remember the King Edward's booming days, you get a sense that they're behind them when you walk in there. The Victoria restaurant doesn't attract the millionaires row the way it used to. I've had friends get this hotel through priceline.com for less than $100 USD per night on certain occasions, kind of tells you what the situation is like there. The main bar off the lobby is beautiful I must say.
I do love this building though, I'm hoping it turns out well. The city will be richer for it.
great storyline I-42 ... I'm looking forward to the details on King Edward Hotel's plans from UT ... we were considering this space for our wedding venue but couldn't afford it ...
King Edward Hotel is a truly beautiful hotel well above all others in the City (including Royal York)
great storyline I-42 ... I'm looking forward to the details on King Edward Hotel's plans from UT ... we were considering this space for our wedding venue but couldn't afford it ...
King Edward Hotel is a truly beautiful hotel well above all others in the City (including Royal York)
meh, in terms of what exactly? I find the Royal York a lot more interesting from the inside from an architectural point of view - ah, not *way* more inserting, but better nonetheless.
Site Plan Approval Application to convert existing vacant space (previous office space) to residential apartments - 130 residential units on floors 3,4 and 5 - 15, 2 bedroom apts and 115, 1 bedroom apts. No additional parking. Existing building hotel use. King Edward Hotel. - SEE 10 156862 ZPR for PPR
Application Number 10 189761 STE 28 SA Application Status ---
Not impressed by what is being done to the beautiful King Edward Hotel ... this conversion is turning floors 3-5 of the hotel into a series of 'shoeboxes' with many units looking into the internal alleys or lightwell, a large majority will be small tiny units (less than 550 sq.ft.), sizes range from 350 sq.ft. to 1,020 sq.ft. (being the NW corner with rounded window)
So sad to see the 'ghetto-lization' of King Eddy (so to speak)
