Mizrahi Developments



The Star | May 27, 2022

Toronto condo listed for $7.7 million sells in one day

How much would you spend on a brand new luxury condo with lots of natural light and opulent finishes?

This two-bedroom, three-bathroom suite listed for $7.7 million at 1 Bloor St. West — in the new “The One” building — was snatched up in a day.

Listing on Sunday, the selling estate agent confirmed to the Star that the pre-construction property has sold and is now in a “cooling off period”. In Ontario, buyers of new condos have a cooling-off period of 10 days to withdraw from purchase contracts.

“If anyone is willing to pay those prices, that’s what they want,” said real estate agent and TREB member David Sussman, comparing Tiffany to a lesser-known jewelry brand, noting that people are willing to pay more for the little blue box because of the recognition that comes with it.

The prices of other nearby units are significantly lower than “The One”. But luxury is the name of the game for this building, and it shows with the price, says Sussman.

“It’s status, right?” Susman said. “Very cool building, but crazy price,” especially since these units probably can’t be used as rental housing because landlords wouldn’t make much profit unless they charge thousands of dollars in rent a month, he adds.

At the intersection of Yonge and Bloor streets, the building boasts of being a “new icon of the Toronto skyline.” It is also expected to be one of the tallest buildings in the city, with 85 floors at 309 meters high, according to building details.

With “opulent metallic tones,” the interior is done in marble and wood, has floor-to-ceiling windows, and views of the city. Renderings of the building’s units also show a pristine, elevated living space.

It’s perfect for foreign nationals, business owners and celebrities who aren’t afraid to spend the extra cash for the status the building holds, says Sussman.

Other units in the building have sold for millions more, including a penthouse suite that went for $32 million, Sussman adds.

Renderings of the building show a wooden bench along the perimeter of a spacious living room with enough space for a large table, sofa and two chairs overlooking the city.

The master bedroom offers views of the CN Tower and the city skyline with black and gold detailing on the walls, a walk-in closet with glass shelves and dark wood cabinetry, and enough room for a bench. The bathroom, also finished with wood, looks like a luxury spa.

‘The One’, designed by UK-based Foster & Partners and developed by the city’s Mizrahi Developments, will dethrone First Canadian Place as Canada’s tallest building when construction is complete in 2023.

It started in 2017 and is expected to have 416 residential units, a rooftop swimming pool and ground floor retail space with a lattice exterior.

Mizrahi is known for his luxury builds, including 1451 Wellington in Ottawa and 128 Hazelton in Toronto, Sussman said, and he expects the renderings of the units to match the final product.

Residents can also take advantage of a concierge service, an 8,200 square foot garden terrace with heating for year-round use, caretakers and a gym. The building will also house 200 rooms of the Andaz Hotel which will “elevate the luxury hospitality experience in the city”, reads the development’s website.