Greybrook Sells Prime Waterfront Site To Greenland Group
Greybrook Realty Partners has sold 215 Lake Shore Blvd E to Greenland Group (Canada), a Chinese state-owned real estate developer, for $166M. Greybrook said the transaction, which closed Oct. 13, represents one of the largest sales in total dollars of a residential condominium development site in Toronto’s history. The firm acquired the waterfront property (seen in a file photo above) in mid-2014 with partners Castlepoint Development Group and Cityzen Development Group for $60M. So the sale translates into an 87.4% ROI in just over two years, noted Greybrook, which recently acquired 101 Yorkville Ave.
Greybrook and its partners originally proposed a “one-of-a-kind iconic structure,” with 2,000 residential units and unobstructed lakefront views (the site is in the heart of the Waterfront Toronto revitalization). Greybrook CEO Peter Politis said Greenland Group, with over USD $58B in assets/developments worldwide (including Toronto’s King Blue, above) was seeking a development opportunity “of a specific size and scale to build a landmark project” in Toronto. He said he’s looking forward to watching the property come to life in the coming years. “We’re confident it will be a financial success for the new owners."