Movement on this site; in court:

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Rest of the gory details, here: https://www.pwc.com/ca/en/services/insolvency-assignments/33-yorkville.html

For those not clear, the purchaser is Pemberton.
 
Isn't Pemberton a Good company that did create the U Condo on Bay st? Thats a nice effective looking condo development with a granite like podium look. Which is a rare thing these days for podiums.
 
What are the implications of this for those whose Agreements to purchase have been “terminated”. Will they get any of their down paymentS back?

Thanks in advance.
 
Automation Gallery said:
YSL is next
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YSL is not in receivership then how any developer joins partnership with cresford if cresford is not allow to cancel existing condo buyers’s agreements without going into receivership let’s not forget YSL condos were fully sold out and cresford were making profit on it. I don’t get it how cresford is going to get out of YSL mess
 
Probably can update the thread at this point to Pemberton.

Would the site plan and work done with a-A not be incredibly beneficial to Pemberton, and save lots of soft costs? I mean i can see they are still using Michael's demo, so maybe that's a sign things would continue with the current contracted trades etc?
Another question, it seems to suggest all end user sales to be annulled, so would that mean an entirely new sales period, or would many just renew, now at likely-higher price points?
 
Bulloch said:
YSL is not in receivership then how any developer joins partnership with cresford if cresford is not allow to cancel existing condo buyers’s agreements without going into receivership let’s not forget YSL condos were fully sold out and cresford were making profit on it. I don’t get it how cresford is going to get out of YSL mess
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Cresford can cancel YSL at any time. Non-satisfactory financing is one of the allowed reasons and Cresford's credit rating is utter shite.

Cancel due to financing issues, refund deposits, setup new partnership, sell units (at today's values). That said, I'm not sure they'll find a partner as any developer capable of carrying the financing is also capable of building the project.
 
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