5,000 condominium units in one condo tower have a total price of $1.2 million.
The three-bedroom, two-bathroom condo on the ground floor in a condominium building in the heart of Toronto’s downtown is the priciest condominium unit ever to be built in the city.
The condo is located in the Kensington Condominiums development at 622 Park Ave.
The new condominium tower, with its massive, glass-enclosed tower block, was unveiled in late July by Kensington and Chelsea.
Its owner, Peter Zagaris, has been building condominium towers since 2008.
The building’s $1,300,000 price tag is the second highest ever recorded for a condos in the Toronto area.
It has the highest retail value in the development, according to property analytics firm Zagares Condo, and its price tag includes amenities such as pool, spa, gym, sauna and laundry facilities.
The first $1m of condominium money went to the developer’s son, and the second $800,000 went to a “retirement home” in the family’s Toronto condo.
The $1-million condo, at the height of its prime, is also the largest condo in Toronto’s historic city.
It is the first condominium project built on land that was once a major streetcar route.
The Kensington building, which was designed by Peter Zagsaris, is one of a number of condos currently under construction in the Greater Toronto Area, including the $1million condo at 857 Park Ave., the $400,000 condo at 740 Park Ave and the $450,000 luxury condominium at the top of the Spadina condo tower.
All three towers have been approved by the city for construction and are under the approval of the Ontario Condominium Development Authority.
The condos were built by a Chinese company, China Development Group, with financing from Chinese investors, which also owns the building at 621 Park Ave in the suburb of Kensington.
The city’s condo tax has been frozen since April 2018, and residents will need to pay property taxes for the next three years if they want to stay in the area.
