GTA

Listed for $7.7 million. Gone in a day. A look inside this luxury Toronto condo in ‘The One’ at Bloor and Yonge

“If somebody is prepared to pay these prices, that’s what they want,” David Sussman realtor and TREB member said.

By Alessia Passafiume Staff Reporter Tue., March 15, 2022 (3 min. read)

How much would you spend for a brand new luxury condo with tons of natural sunlight and opulent finishings?

This two-bedroom, three-bathroom suite listed for $7.7 million at 1 Bloor St. West — in the new “The One” building — has been snatched up in a day.

Listed on Sunday, the selling real estate agent confirmed to the Star that the pre-construction property had sold, and is now in a “cooling off period.” In Ontario, buyers of new condos have a 10-day “cooling off” period to back out of purchase agreements.

“If somebody is prepared to pay these prices, that’s what they want,” David Sussman realtor and TREB member said, making a comparison between Tiffany and a lesser known jewelry brand, noting people are willing to pay more for the little blue box because of the recognition that comes with it. 

Other units nearby are priced significantly lower than those in “The One.” But luxury is the name of the game for this building, and it shows with the pricing, Sussman explains.

“It’s status, right?” Sussman said. “Very cool building, but crazy price,” especially as these units most likely can’t serve as a rental unit because the owners wouldn’t make much of a profit unless they charge thousands of dollars in rent per month, he adds.

At the intersection of Yonge and Bloor Streets, the building boasts itself as a “new icon for Toronto’s skyline.” It’s also set to be one of the city’s tallest buildings, with 85 storeys sitting at 309 metres tall, the building details read.

With “opulent metallic tones,” the interior is made of marble and wood, has big-picture windows and views of the city. Renderings of units in the building also show a pristine and elevated living space. 

It’s perfect for foreign nationals, business executives and celebrities who aren’t afraid to spend extra money for the status the building holds, Sussman explains.

Other units in the building have sold for millions more, including a penthouse suite that went for $32 million, Sussman adds.

The renderings of the building show a wooden bench along the perimeter of a spacious living room with enough space for a large table, a couch and two chairs overlooking the city.

The main bedroom features a view of the CN Tower and the city’s skyline with black and gold detailing on the walls, a walk-in closet with glass shelves and dark wood cabinets and enough room for a bench. The washroom, also finished with wood, resembles something of a luxury spa.

“The One,” designed by UK-based Foster & Partners and developed by the city’s own Mizrahi Developments, will dethrone the First Canadian Place as Canada’s tallest building when construction is complete in 2023.

It broke ground in 2017 and is expected to have 416 residential units, a rooftop swimming pool and ground-level retail space with a latticelike exterior.

Mizrahi has a reputation for luxury builds, including 1451 Wellington in Ottawa and 128 Hazelton in Toronto, Sussman said, and he expects the renderings of the units to be in line with the final product. 

Residents can also take advantage of a concierge service, an 8,200 square foot garden terrace with heating to be enjoyed year-round, security guards and a gym. The building will also house 200 Andaz Hotel rooms which will “elevate the luxury hospitality experience in the city,” the development’s website reads.Alessia Passafiume is a GTA-based staff reporter for the Star. Reach Alessia via email: apassafiume@torstar.ca