Another one of the three luxury condo towers that fell into receivership under Cresford Development Corporation has reportedly been sold to another Toronto-region developer for a nine-figure price tag.
Vaughan-based Pemberton Group has reportedly purchased the 33 Yorkville Residences according to publicly-available documents on PricewaterhouseCoopers’ website, who is acting as the receiver and manager in the three insolvency transactions.
Earlier this afternoon, Jeremiah Shamess, the Vice President of Private Capital Investment Group at Colliers Canada, tweeted that 33 Yorkville had reportedly “sold for $300,000,000 or $274 per buildable square foot (1,091,500 GFA) to Pemberton [Group].”
Livabl has reached out to Shamess to verify the sold price of 33 Yorkville Residences, in addition to Pemberton Group for comment in regards to the transaction.
A notice posted to the PwC online receivership page for 33 Yorkville Residences on March 4th, 2021 states that the receiver filed a motion to the court for an order to “Approve the Transaction between the Receiver and PEM (Yorkville) Holdings Inc,” who is labeled as the purchaser.
On page nine of the ‘Motion Record of the Receiver’ approval and vesting order document posted by PwC on the same day, the notice states: “The Purchaser is an entity related to the Pemberton Group, an experienced and established condo developer with a reputation for completing large-scale condominium buildings.”
On page 31 of the same document, it is stated that “PEM is affiliated with the Pemberton Group.”
In an online UrbanToronto forum dedicated to 33 Yorkville Residences, commenters have also remarked that Pemberton Group is likely the new developer based on the publicly-available PwC documents cited.
A little over a year ago in March 2020, three of Cresford’s luxury condo towers situated near Toronto’s Yorkville neighbourhood fell into receivership — The Clover on Yonge, 33 Yorkville Residences and Halo Residences. All three of the developments were sold out and under construction prior to entering receivership, representing nearly 2,000 condo units across the buildings.
In June 2020, the Toronto Star reported that Concord Pacific had purchased The Clover on Yonge. Eight months later, the developer rebranded and relaunched the 50-storey tower near Yonge and Wellesley streets as The Gloucester on Yonge.
In a notice posted on February 18th, 2021, PwC announced that the purchaser of the Halo project would be developing the tower as a purpose-built rental project. According to past reporting and PwC notices, Halo’s purchaser, 494 Yonge Street Inc, is a real estate holding company managed by QuadReal Property Group LP.
All existing Halo presale purchasers are eligible for a one-time, two percent payment on their deposits, according to the purchaser’s website.
