North York businessman brings Trump to T.O.

Alex Shnaider’s luxury hotel opens with some glitches


Published:

In the run-up to the anticipated opening of local developer Alex Shnaider’s Trump International Hotel & Tower, a number of investors were reportedly trying to get out of their deals before the final closing. Located on Bay Street, the 60-storey tower contains 261 luxury hotel units, 118 condo units and a range of amenities.

Bob Aaron, a Toronto lawyer who specializes in real estate law, represented a couple from the United Kingdom that was attempting to get out before having to close on a $830,588 unit. He said purchasers may have had a change of heart for a variety of reasons: a change in the economic climate, delays in the project, the $7,000-a-month cost of carrying the unit and the realization that the units could not be flipped preconstruction.

“There’s the ice-cold reality that just because the Trump name is on it doesn’t mean that it is a guaranteed pot of gold at the end of the rainbow,” Aaron explained.

Alex Shnaider did not respond to a request for an interview. According to the Trump tower’s website, suites are still available, with hotel condos starting at $967,000 and residences starting at $2.3 million.

Join the conversation and have your say by commenting below. Our comment system uses a Facebook plugin. Please note that you'll have to turn off some ad-blockers in order to see the comments.

Edit Module

Follow us on Twitter @PostCity for more on what to eat, where to shop and what to do in Toronto.

Edit ModuleShow Tags

You may also like...

City to expropriate Bayview homes

City to expropriate Bayview homes

Two Barberry Place residents may lose their homes as the city moves to make way for a new road connecting Rean Drive and Kenaston Gardens near Bayview Village.
Posted 3 days ago
How Vaughan's Metropolitan Centre subway could create a new downtown

How Vaughan's Metropolitan Centre subway could create a new downtown

The Toronto-York Spadina Subway Extension actually opened its chiming doors and started rolling down the tracks toward Union Station on Dec. 17.
Posted 3 days ago
New community centre & gym opens in Thornhill

New community centre & gym opens in Thornhill

A new community centre has taken over a now decommissioned St. Luke Catholic Learning Centre. Members of the community around Yonge Street north of Steeles can expect art exhibits, dinners, music shows and summer job fairs for youth, as well as use of the building’s amenities, including the gym and meeting rooms.
Posted 3 days ago
Richmond Hill turns down legal pot shop

Richmond Hill turns down legal pot shop

Richmond Hill was identified as a possible host for a legal cannabis retail shop, but the chief administrative officer says they don't want to be the guinea pigs.
Posted 5 days ago
Edit ModuleShow Tags
Edit Module