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[URBAN NOTE] “Landmark Toronto building listed for sale at $1”

blogTO’s Derek Flack notes that 205 Yonge Street has been put up on the market for the initial asking price of $C 1.

One of Toronto’s most beautiful buildings has hit the market for the grand sum of $1. Just don’t expect the former Bank of Toronto at 205 Yonge St., to sell for anywhere near that price.

Designed by landmark Toronto architect E.J. Lennox in 1905, the bank was built in the neo-classical style with a remarkable domed roof, terrazzo floors, marble walls, and striking Corinthian columns that face Yonge Street.

It’s one of two glorious old bank buildings that’ll be injected with new life as the Massey Tower rises above them. Nearby 197 Yonge St. is also one of Toronto’s iconic historical structures.

As for the listing price, it’s basically an auction. Real estate agent Shawn Abramovitz argues that this pricing strategy also hints at the difficulty of putting a value on such a unique property.

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Written by Randy McDonald

February 25, 2017 at 6:45 pm

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