Tulse
Senior Member
According to the Toronto Star, Buckingham Properties has assembled some properties at Queen St. E and Broadview (encompassing the site of the Real Jerk) for future condo development.
the combined properties might have a coverage of 100 ft x 132 ft:
the real jerk building looks like it has 25 ft x 132 ft frontage on Queen Street East and Broadview Ave respectively.
http://www.icx.ca/propertyDetails.aspx?propertyId=11229012&PidKey=866721213 ... 30 ft frontage - $1.495 MM
http://www.icx.ca/propertyDetails.aspx?propertyId=11228684&PidKey=-1099915675 .... 45 ft frontage - $2.85 MM
it's mid-rise territory now. i can see up to 10s for that location.
http://www.thestar.com/news/article/1124225--real-jerk-strikes-deal-to-stay-open
Redevelopment won't be happening yet, as the property owner of the Real Jerk is set to lease it out to an Irish pub. Drama is brewing though as this case is going to court to extend eviction for potentially days to months.
i can't believe this is even going to the courts.
it's a commercial lease law, (or lack of a lease specifically) ...
no lease or not in negotiations of rent during the option to renew = month-to-month
i wonder how long the RJ has been without a lease and paying substantially below market rent ... $6,300 vs $12,000 per month?
does anyone know how big the space is? it looks like it could be 4,000 sf over 2 floors ...
property taxes and building insurance for a restaurant there is probably running $3,000 / m ...
net $3,300 / m in actual rent equals to $10/year psf net ... hell, no wonder they don't want to leave !
From the judges decision:
"The relationship of landlord and tenant where a tenant over-holds following a term of years and pays rent which is accepted is presumptively a year to year tenancy unless there is evidence to displace the presumption."
and
"An over-holding tenant on a year to year tenancy is entitled to 6 months' notice of termination of the tenancy ending with a year of the tenancy."
Lilieth Pottinger did sign an agreement saying that they (the Real Jerk) where tenants on a month to month basis but the judge did not accept that evidence because Lilieth is not the plaintiff but the wife of the the president of the plaintiff. So the presumption of a year to year tenancy stands at this point but I am sure the new owner will pursue this further (I certainly would).
they did the dirty work of killing a popular restaurant, and are now asking developers to pony up the cash for the desirable site that nobody wanted to touch due to losing their reputation for "ripping the neighborhood apart" by shutting down one of the most popular restaurants in this part of the city.
The Real Jerk building and the adjacent property are back up for sale:
http://www.icx.ca/propertyDetails.aspx?propertyId=11862849&PidKey=623693980
http://www.icx.ca/propertyDetails.aspx?propertyId=12047829&PidKey=660660416
Why would these guys go to the trouble of assembling the 3 lots, go to court over a lease, and then sell months later?
Yup totally agree. But only the real jerk and the east property are up for sale, not the Bank of Montreal. I would of thought they'd sell as an assembly, even if the 3 are listed separately.