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...

38 snakes seized from North York home

38 snakes seized from North York home

Nearly 40 venomous snakes were found in the home of a North York resident, which were promptly removed by City of Toronto staff last month.
Posted 1 day ago
North York overlooked for senior safety zones?

North York overlooked for senior safety zones?

The City of Toronto has promised immediate changes following a deadly year of road violence — with seniors making up the majority of 43 pedestrian fatalities. But some areas may have been overlooked as the new safety measures start to roll out this month.
Posted 6 days ago
Photos: Toronto firefighters battle fire that destroyed historic building at Yonge and St. Clair

Photos: Toronto firefighters battle fire that destroyed historic building at Yonge and St. Clair

On Tuesday, 120 firefighters were called to control a huge fire at the Badminton and Racquet Club in midtown Toronto.
Posted 7 days ago
Sherry Cooper on whether a tax on foreign buyers would help with Toronto’s affordability problem

Sherry Cooper on whether a tax on foreign buyers would help with Toronto’s affordability problem

Since British Columbia introduced a 15 per cent land transfer tax on foreign non-residents, there has been speculation that Ontario would do the same. So far, the effect in B.C. has been an apparent slowdown in home sales and price gains at the high end of the single-family home market.
Posted 7 days ago
Edit ModuleShow Tags
Edit Module