ProjectEnd
Superstar
Brokers are sap sucking bottom feeders and shouldn't be trusted in any way.
It is.
Toronto 4800 Yonge Street | 168.24m | 49s | Menkes | Arquitectonica
- Thread starter pipolchap
- Start date
sensitiveinspector
New Member
Why is it being marketed to seem like it's condos for sale? Menkes Lunar New Year post included the building in the marketing photo lol
ProjectEnd
Superstar
It isn't? I'm not sure what you're gleaning from an extremely general Twitter post, except that it's a current project for Menkes. It's certainly not being marketed in any way right now, outside of a couple [sap sucking bottom feeder] broker dragnet websites...
UrbanAffair
Senior Member
I am sure Menkes understands the importance of promotion for condo sales as well as for rentals. Lease up isn't so different from selling units in that respect. You still need to promote the location, transit connectivity, amenities, etc.
ProjectEnd
Superstar
For sure, but the capital stack is completely different as you don't have purchaser deposits to float you until you hit 70% and your construction loan takes over. So either you're entirely on equity (which Menkes could theoretically do but it's going to have a much higher interest rate) or some sort of bridge / mezz loan.
sensitiveinspector
New Member
It's a condo and they're launching sales in spring. Maybe, they'll pivot to rental if interest isn't there but I doubt it.
ProjectEnd
Superstar
Asked around and @sensitiveinspector is indeed correct. This has been shifted to condo. I stand corrected!
Karismarian
New Member
So it's a rental project that was shifted to condo depending on demand that may change to rental again? So that means it's subject to change? I have heard so many people saying it's rental and now it's changed to condo subject to condition?
What condition? The developer can position it whatever way they want, as long as they have financing for it. Menkes must now be certain that they'll be able to sell suites easily enough here.
42
sunnyraytoronto
Senior Member
arguing,... toe-may-toe,... toe-mah-toe
Units go as Condo or Rental doesn't matter to majority of those who will actually occupy these units! These units are about 5 years from Occupancy. Tough for most families & individuals to plan out 5 years from now,... If these are sold as Condo Units, the vast majority like 70% of these tiny 500sqft units will be sold to Investor to rent out anyways (just like at nearby Tridel Hullmark Centre and Bazis EmeraldPark).
The only question now is,... who is going to be the middle-man - the landlord,.... Menkes or Private Individual Condo Owner/Investor To Rent Out. Don't be surprised if Menkes keep some units for themselves to rent out later.
Units go as Condo or Rental doesn't matter to majority of those who will actually occupy these units! These units are about 5 years from Occupancy. Tough for most families & individuals to plan out 5 years from now,... If these are sold as Condo Units, the vast majority like 70% of these tiny 500sqft units will be sold to Investor to rent out anyways (just like at nearby Tridel Hullmark Centre and Bazis EmeraldPark).
The only question now is,... who is going to be the middle-man - the landlord,.... Menkes or Private Individual Condo Owner/Investor To Rent Out. Don't be surprised if Menkes keep some units for themselves to rent out later.
GTAcondo
New Member
It matters a lot to people who want to buy a unit...
Mnello
New Member
I found a photo of the scale model online. Beautiful building!
Karismarian
New Member
Why cant we have something that looks like aura towers downtown lol
Undead
Senior Member
Today:
xy3
Active Member
Renting from an owner is much more precarious than renting from a REIT