April 20, 2014

North York businessman brings Trump to T.O.

Alex Shnaider’s luxury hotel opens with some glitches

Local Alex Shnaider is the developer behind Toronto’s Trump tower

Local Alex Shnaider is the developer behind Toronto’s Trump tower

Photo by KC Armstrong

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.