50 & 60 Portland Street The Challenge The family of Sam the Record Man owned the property, located at 50 and 60 Portland Street in the trendy fashion district of King Street West. Due to the long lineage of the property within the family, the vendor was concerned about considerable tax issues arising from the sale and had high price expectations. The Solution CB Richard Ellis located Boymelgreen Developments, a company headquartered in New York City. Working closely with the City of Toronto Building Department, CB Richard Ellis conducted extensive development potential analysis for the company. A unique solution to both companies’ needs was found by coordinating a 99-year land lease on the redevelopment site for residential purposes.
The End ResultThe vendor received the expected price, and Boymelgreen built a 260,000 SF rental apartment building on the site.
