Toronto 4800 Yonge Street | 168.24m | 49s | Menkes | Arquitectonica

From 1985


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I remember that office building. My parents' dentist was on the second floor there at the time, and I recall my mom using the BofM ATM there (I was fascinated by the account printouts).
Also, you can just make out the Dempsey Bros. store across the street on the northwest corner.
 
One thing I'm really surprised by, this is all rental ? Why wouldn't menkes want to sell condos here ? Did this have to be rentals ?
 
This is a mixed-use asset class: rental, office and retail. Menkes should've been the ones to ultimately call the shots on what they wanted to do with this site. Presumably they evaluated it and came to a conclusion that this was a lucrative location to hold long term for rental income.
 
taal said:
One thing I'm really surprised by, this is all rental ? Why wouldn't menkes want to sell condos here ? Did this have to be rentals ?
Click to expand...

For condo buildings within this North York Centre area:
- typically, 35% of all condo units are Investor-Owned-For-Rental
- for prime corner with direct subway connections, like Tridel HullmarkCenter (across Yonge St), Bazis EmeraldPark (to the south) and Menkes GibsonSquare,... 70% of all condo units are Investor-Owned-For-Rental

Menkes' Aug 5, 2020 Project Data Sheet has 4800 Yonge with 498 units, of which 372 1-bedroom (74.7%), 102 2-bedroom (20.5%) and 24 3-bedroom (4.8%). Very heavy on tiny 500sqft 1-bedroom units that only an Investor would buy. Very few To-Live-In-Buyers would pay the extra 15% premium per square footage for direct subway connection only to wait 5-8 years to live in a tiny condo unit,...

IF Menkes 4800 Yonge will be condo-rental,... then Menkes will be cutting out the "Middle-man" (Investors),... as RioCan recently did nearby with Pivot Apartments at YongeSheppardCentre


Another question one should ask is - why should Menkes sell condos early - Pre-Construction? If they expect condo prices to continue to rise,... selling later during construction or closer to Occupancy should generate more profit for the Developer.

BTW, Menkes' website still has 4800 Yonge in their "Condominium Living" / "Coming Soon" section,... and nearby sales office at base of their Ultima-Condo

4800 Yonge Street | Menkes Developments

www.menkes.com www.menkes.com
 
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sunnyraytoronto said:
For condo buildings within this North York Centre area:
- typically, 35% of all condo units are Investor-Owned-For-Rental
- for prime corner with direct subway connections, like Tridel HullmarkCenter (across Yonge St), Bazis EmeraldPark (to the south) and Menkes GibsonSquare,... 70% of all condo units are Investor-Owned-For-Rental

Menkes' Aug 5, 2020 Project Data Sheet has 4800 Yonge with 498 units 372 1-bedroom (74.7%), 102 2-bedroom (20.5%) and 24 3-bedroom (4.8%). Very heavy on tiny 500sqft 1-bedroom units that only an Investor would buy.

IF Menkes 4800 Yonge will be condo-rental,... then Menkes will be cutting out the "Middle-man" (Investors),... as RioCan recently did nearby with Pivot Apartments at YongeSheppardCentre


Another question one should ask is - why should Menkes sell condos early - Pre-Construction? If they expect condo prices to continue to rise,... selling later during construction or closer to Occupancy should generate more profit for the Developer.

BTW, Menkes' website still has 4800 Yonge in their "Condominium Living" / "Coming Soon" section,... and nearby sales office at base of their Ultima-Condo

4800 Yonge Street | Menkes Developments

www.menkes.com www.menkes.com
Click to expand...

Thanks for all the details !

So does that imply it's possible they can convert this to a condo or partly a condo down the road ?

Pivot Apartments actually looks better than a lot of other modern condos, particularly in the area, while its design isn't anything special, the quality of materials and attention to details are. Hopefully that'll bode well for this project.
 
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