[sprtn]

$1.6B in debt if we assume 5% rate (even though the mezz loans are probably 8-12%), that's running at a $219K per diem rate. Hard to imagine.

According to the affidavit,
The tranche A debt to the senior lender (>$300M) was 9% and had multipliers if certain dates were missed and as of the filing was at 21.5!!!. Far worse than I think any of us thought.

 

[AdamS]

Maybe they apply for 30 more floors to be added....

 

[Rascacielo]

Did you read the documents? Construction will resume as normal.

In fact, the Globe & Mail article (posted here) stated that the receivership was requested by the lead lender as a condition for releasing the next tranche of loans. So paradoxically, construction would have stalled WITHOUT the receivership.

 

[RyanD]

from the UT story:

• Estimated budget is now over $2 billion.
• 346 residential units have been sold totalling $675 million. 70 remain unsold, all above the 50th floor.

Breaking even means those 70 remaining suites have an average selling price of $18.9m. Someone better chop up that floorplate asap.

 

[Benito]

They are still busy today despite receivership.

 

[Tesla]

Our front page story has now been updated to include this statement from Mizrahi:

“At the request of the project’s senior lender, the court has appointed a limited scope receiver to overcome an ongoing governance issue that has caused significant project delays. As part of this arrangement, the receiver has requested that Sam Mizrahi and his company remain as the Developer and General Contractor to oversee completion of The One. Mr. Mizrahi maintains his equity position in the project.​

​

This is a welcome decision that will allow for the successful completion of The One under the continued leadership of Sam Mizrahi and Mizrahi Developments.”​

42

His "equity position" is that he is personally on the hook for a $600 million loss to a group of clearly litigious creditors! That's the textbook definition of underwater and drowning.

 

[UpwithOlives]

View attachment 514128View attachment 514129View attachment 514130View attachment 514131View attachment 514132View attachment 514133View attachment 514134View attachment 514135View attachment 514136View attachment 514137View attachment 514138They are still busy today despite receivership.

Thank you Benito!

 

[Civdis]

Sorry everyone, this is all my fault! You see, I am a sucker for mega projects. I was and still am an original owner in 1 King West and look what happened to Harry, bankrupt. I purchased pre-construction at the One some 6 odd years ago and look what happens, receivership! Obviously I am the curse lol. The good news is that 1 King got completed, I hung on, and it is one of my best investments on a cash flow basis. I have no doubt that The One will also get finished (way too far along to stop, someone will pick up the pieces), with a lot of blood in the streets of Yorkville. The ultimate irony, they are literally pouring the slab for my unit as we speak

 

[EBT]

I have been reading some of the posts above and while it is somewhat reassuring that the construction is proceeding, I think the city should urgently look at granting height increases or other concessions that the new lenders may require in order to make this project viable. The last thing we want is this tower to stand unfinished for decades to come and that is a real possibility as the economy goes from bad to worse! The city should grant the new project leader carte blanche at this crucial stage to ensure it gets built. Ditto all other major projects currently under construction!

 

[AdamS]

I have been reading some of the posts above and while it is somewhat reassuring that the construction is proceeding, I think the city should urgently look at granting height increases or other concessions that the new lenders may require in order to make this project viable. The last thing we want is this tower to stand unfinished for decades to come and that is a real possibility as the economy goes from bad to worse! The city should grant the new project leader carte blanche at this crucial stage to ensure it gets built. Ditto all other major projects currently under construction!

But what about the 4pm shadows?

 

[leftfieldto]

But what about the 4pm shadows?

If the city is worried about 4 o'clock shadow, tell them to buy a good shaver!

 

[Richard White]

If the city is worried about 4 o'clock shadow, tell them to buy a good shaver!

What is this London.. we don't design our buildings to look like things....

 

[kris]

The One was added to Microsoft Flight simulator. Odd its the only under construction/future building they have added.

 

[HometownPride]

World's biggest pot shop?

If they don't mind springing for a couple more letters, it could be renamed "The Ounce".

 

[Tesla]

I'm sure a new credible developer will shortly be appointed to salvage what's left of this unmitigated disaster.