Penthouse in Toronto's hottest new skyscraper sells for over $20 million
Between the stress of rampant inflation and the unbelievably sky-high cost of living in Toronto, it's nice to see that the city's one-per-centers are still living their lives as if nothing is wrong in the world.
Like the unnamed buyer clearly unconcerned about rising grocery bills, who just dropped over $20 million on a penthouse condo in the hottest new project in town, marking one of the most expensive single condo sales in Toronto history.
Developers Great Gulf Group, Dream, and Westdale Properties announced the sale of the entire penthouse floor in their Frank Gehry-designed Forma project on Monday, with the anonymous buyer scooping up the jewel-in-the-crown of the planned King Street West skyscraper.
This astonishing figure will buy the owner an 8,500 square-foot suite perched 72 floors above King Street, with commanding views overlooking the city in all directions.
"Since its inception, Forma has gained a reputation as the most prestigious mixed-use development in Toronto," says Mitchell Cohen, Chief Operating Officer, Westdale Properties.
"Despite economic headwinds, this extraordinary penthouse sale proves that demand for world-class architecture in well-located neighbourhoods remains strong. We are thrilled with the overwhelmingly positive response we've received so far, and we firmly believe in the continued resilience of the new construction luxury market in the city."
The project is a pretty big deal for Toronto's architecture scene, marking the return of locally-born starchitect Frank Gehry for his tallest project to date.
The 93-year-old Canadian-American architect even purchased a suite in the complex, representing a portion of the almost $700 million in sales since the project launched in June.
"The incredible sales success of Forma in less than six months underscores the confidence in the new construction market," said Barbara Lawlor, CEO of Baker Real Estate.
Remarkably, this was not even close to the most expensive unit on the market in Toronto.
It may rank among the most expensive condos sold in the city, but with heavyweights on the market like a $34.7 million unit at One Bloor West still available for oil tycoons and Bond villains, the Forma penthouse could soon be eclipsed.
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