Toronto 128 Hazelton Avenue | 37.9m | 9s | Mizrahi Developments | AUDAX

[TheKingEast]

This builder is a joker

 

[UtakataNoAnnex]

...no, because they seem to get the job done by the grace of the gods. But financing them though...yeah, lol. >.<

 

[bkden]

Does anyone know if this project has actually occupied yet, or is it just sitting vacant?

If they’d occupied… the purchasers may be stuck in ‘interim occupancy purgatory’ right now without Mizrahi being able to register the building with all these Liens. Very unfortunate.

 

[Downtown Toronto]

Developer Sam Mizrahi files suit against Edward Rogers and his real estate investment trust, claiming a $30 million loss - Info Goldriver

A condominium located at 128 HazeltonAve in the Yorkville neighborhood of Toronto. The property was developed by Sam Mizrahi.Fred Lum/The Globe and Mail

infogoldriver.biz.id

 

[DevDudeToronto]

Looks like the project is fully under receivership. Mizrahi is really racking up the "L"s lately....

“Lost Confidence”: Mizrahi’s Yorkville Condo Project In Receivership As Partner Alleges $47M Debt

 

[AlbertC]

Mizrahi’s Stakes In Yorkville Luxury Condo, Vaughan Pre-Con Sold By Court Order

As of Friday, September 20, the Ontario courts have approved purchase agreements, on five counts, in respect of a luxury condo project at 128 Hazelton Avenue in Yorkville and a multi-tower development slated for 180 Steeles Avenue West in Vaughan. Both projects come from Sam Mizrahi — the...

storeys.com

As of Friday, September 20, the Ontario courts have approved purchase agreements, on five counts, in respect of a luxury condo project at 128 Hazelton Avenue in Yorkville and a multi-tower development slated for 180 Steeles Avenue West in Vaughan. Both projects come from Sam Mizrahi — the Toronto real estate developer whose name was splashed across headlines after being forced off The One skyscraper project earlier this year.

Friday’s approvals for the Yorkville and Vaughan developments come nearly four months after both projects were placed under receivership (on June 4) amid allegations from Constantine Enterprises that it had lost confidence in Mizrahi as a development partner.

The Hazelton Avenue project in Yorkville is a nine-storey, 20-unit luxury condo build that is fully occupied from a residential standpoint. It also includes a 1,993-sq.-ft retail space on the ground floor. Although the project is nearly complete, Constantine alleged in its initial affidavit from April that Mizrahi entities owed more than $47 million, and that work on the project had come to a “standstill” due to the lack of funding (the project is estimated to be around $50 million over-budget and more than five years behind schedule).

The courts appointed KSV Advisory as monitor over the project, and that led to CBRE being brought on to broker the sale of the retail component — which was fully Mizrahi-owned at the time the receivership order was issued — as well as any unsold residential units within the condo. Per approval and vesting orders dated August 30 and September 20, the retail component has been assigned to Constantine (through a stalking horse agreement), as have units 201 and 204.

Per those same orders, purchase agreements have been approved for a “Level 1 unit” (to Hazy Holdings Inc.) and Unit 403 (to Murad Shibeli, and subsequently to Fawzia Ahmed Gashut).