Most Expensive Condo In Toronto

Online, July 7, 2011 (Newswire.com) - Construction is still ongoing, but the most expensive penthouse condominium in Canadian history, just sold for a record $28 million. The foreign buyer has not been named, and possession is slated for summer of 2012.

Bay-Yorkville Developments Ltd, a joint venture between Menkes, Lifetime Developments and Alcion Ventures, made the announcement on May 30, 2011. The penthouse was sold from plans, and will occupy the 55th floor of the exclusive Four Seasons Hotel and Private Residences project, located at the corner of Bay and Yorkville.

At $3,100 per square feet, this property offers a panoramic view of the Toronto skyline. There is 9,038 feet of living space. Exclusive features are direct access from three elevators, four outdoor terraces, private staff and staff accommodations. The current plans, which may be changed at the wishes of the buyer, include a glass galleria with 12 foot ceilings, home theatre, master bedroom with en suite, six bathroom in total, two guest bedrooms, his and her libraries. There is a formal living and dining room with seating for 14 people and an adjacent service area, and a family room and kitchen. Plans also include a wine cellar, laundry room and multiple storage areas. Designs and finishes are by legendary Toronto design firm, Brian Gluckstein Design Planning.

The residents of the Four Seasons Hotel and Private Residences will have access to all hotel amenities, including 24 hour concierge and doorman, valet parking, room service, maid service and access to a 28,000 square foot spa and fitness centre.

The Four Seasons Hotel and Private Residences is an addition of 253 hotel room and 100 private residences connected by a bridge to the existing hotel. The Four Seasons is renowned as a hotel to the stars and VIPs.

Occupancy is at whooping 85% with condominiums from 1,000 square feet to 9000 square feet, starting at $1.9 million.

This sale is indicative of the draw Toronto has for foreign buyers. GTA sales for April were the best on record, despite projections of a decline. The strength of the Canadian economy is attracting foreign investment as well as a renewed interest in the downtown condominium market.