Trump Tower Toronto in doubt

[Maxie]

"The condo tower he (Alexander Shnaider) is building in Toronto with Donald Trump, advertised as the tallest in Canada, has stalled amid slow sales; has yet to break ground."

http://www.forbes.com/lists/2006/10/NIU6.html

 

[xarir]

Not surprising. Toronto is not New York and Canadian sensibilities are different. I live & work downtown and I love the downtown lifestyle. But I can't justify spending millions to get a smallish pad downtown. There are many condos to choose from - for $1 million plus I can have a penthouse suite in many of them. And for the same amount, I can buy a rather nice house that's still pretty close to the subway.

I can't see Trump tower succeeding at their price point. By way of contrast the Ritz Carlton is up there in the price range but price per square foot is pretty much in line with every other condo development in the downtown area.

 

[Maxie]

the Ritz has more credibility than Trump but it may not survive either.

 

[goodtime]

Trump penthouse $14 Mil for 7,000'.

Ritz penthouse $8 Mil for 6,000'.

No worries. It's mostly investor money. It's a game of high roller Monopoly. NYC market already over-saturated. Many anticipate Canadian economy heat up and T.O. next boom in the Ultra-rich category.

 

[Keebler Elf]

Many anticipate Canadian economy heat up and T.O. next boom in the Ultra-rich category.

Um, isn't the Canadian economy already about as heated up as it gets...

 

[Maxie]

Trump penthouse $14 Mil for 7,000'.

Ritz penthouse $8 Mil for 6,000'.

They've lowered the prices it seems, you can live in the Trump tower for as little as 700k, maybe less.

 

[PHNINE]

Trump should be fired for this.

 

[Berlin]

While I do welcome outside investors viewing TO as an up and cummer, does the city really have the market for world standard price tagged lavish real estate projects ?

Um, isn't the Canadian economy already about as heated up as it gets...

I share the same sentiment.

 

[Berlin]

"The condo tower he (Alexander Shnaider) is building in Toronto with Donald Trump...

http://www.forbes.com/lists/2006/10/NIU6.html

As opposed to Calvin Ayre of Bodog, Shnaider is one freekin low key money man. The guy rubs elbow with more Hollywood A list than Ayre.

 

[Maxie]

As opposed to Calvin Ayre of Bodog, Shnaider is one freekin low key money man. The guy rubs elbow with more Hollywood A list than Ayre.

Show me the money.

does the city really have the market for world standard price tagged lavish real estate projects ?

As white collar crime increases and the gap between rich and poor widens demand could grow for more ostentatious luxury items.

 

[Cobster]

As opposed to Calvin Ayre of Bodog, Shnaider is one freekin low key money man. The guy rubs elbow with more Hollywood A list than Ayre.

this guy went to York Univ, and self made billionaire, how the fuck did he do it.
Reading the profile, I'd like to know more.
geeezus 1.6 billion.

 

[Maxie]

this guy went to York Univ, and self made billionaire, how the fuck did he do it.
Reading the profile, I'd like to know more.
geeezus 1.6 billion.

He made his supposed fortune at a time when the former Soviet Union was ruled by mobsters who ripped off its citizens by buying state assets on the cheap. He for example apparently would go to a steel factory, at that time commodity prices were depressed and find a buyer for the factories output without having to put any money up front; trading, bringing together buyer and seller. He had a partner. The factories in the former USSR were so desperate to move their goods they'd sell to anybody who could find them customers.

Remember to Trump while he is a cool guy is one of the biggest bullshitters around, he's had projects collapse before, was bankrupt along with his casinos in the last real estate downturn.

 

[Esco!]

Trump's "mistake" was building it in the wrong location, if he had picked a Yorkville spot (which was available at the time), he may have been successfull.

 

[Berlin]

As white collar crime increases and the gap between rich and poor widens demand could grow for more ostentatious luxury items.

But do you think that's the case for TO ? That's what I'd like to know.

 

[Berlin]

Show me the money.

Ask P didy, diddy kisses his ass.

 

[Maxie]

Trump's "mistake" was building it in the wrong location, if he had picked a Yorkville spot (which was available at the time), he may have been successfull.

His Vegas condo development is likely bombing to considering he was late to a market now cooling off.

But do you think that's the case for TO ? That's what I'd like to know.

Yes, the TSE is a hotbed for fraud.

 

[goodtime]

Um, isn't the Canadian economy already about as heated up as it gets...

Apparently people in Calgary didn't get the memo.

 

[Hard Idle]

I was briefly involved with some early prospercting of potential owners/investors from outside the city, and there did not seem to be many enthusiastic responses.

 

[Meister]

If you buy a Penthouse in Trump Tower I would certainly expect a date with Ivanka. She would be perfect to christen the Condo with.

 

[Maxie]

Another indication Trump Toronto is dying

On Larry King last night Trump was boasting about all his projects under development but failed to mention Toronto. His son on David Letterman last year boasted about Trump's increasing international presence and used Toronto as one example.