UrbanToronto has learned that Yonge and Eglinton's storied local furniture institution, The Art Shoppe, doing business at 2131 Yonge Street since 1934, is negotiating the sale of its property to developer Peter Freed. According to Urbanation's twitter feed, the lot, which encompasses 1.5 acres of real estate, is being sold for $40.4 million to Freed, who plans to develop condominiums on the northeast and southwest corners of Yonge and Hillsdale.

The Art Shoppe at 2131 Yonge St as viewed from the southwest, image by drum118

There is no confirmation from Peter Freed at this time. When contacted, a representative from Freed's office did not offer any comment. We will be providing updates on the fate of the Art Shoppe location as we learn more. If one thing is certain, it's that big changes lie ahead for this part of North Toronto.

The 2131 Yonge St. property as viewed from the northwest, image by drum118

The parkette on Hillsdale Ave., which lies adjacent to 2131 Yonge St, image by drum118