Quote:
Originally Posted by jammer139
Interesting sale of 330 Clarence Street.
Wonder who the numbered company may be????
330 Clarence Street
type Heritage apartment building
price $3,600,000
seller Spriet Investments Inc.
buyer 1000449275 Ontario Inc.
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Quote:
Originally Posted by bolognium
Regardless of who bought the building, they'd better not fuck with it. One of the more unique apartment buildings we have downtown. A few of my friends had apartments in Sterling Place, and they were wonderful spaces. Massive windows, gorgeous hardwood floors, high ceilings, exposed duct-work. Just a really cool building all around. Plus the exterior is fantastic and really makes that corner interesting.
Would genuinely upset me to see this fall to facadectomy when it's currently a functional building with people happily living in it.
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Here's the 411 (or some of it). (Yes, I made this account to share this info.)
The new owner of the property is not Farhi, but the new owner has expressed a desire to evict all the current tenants. Initially, he informed them about plans to convert the building into a hotel, but the absence of parking facilities similar to nearby hotels made this idea questionable. Subsequently, he mentioned wanting to transform the building into short-term accommodations, but the City's Short-Term Accommodations (STA) by-law limits the number of permitted apartments to two, with the requirement that the owner must reside in the building.
As the new owner has made changing statements, the current tenants find themselves uncertain about his true intentions for the property.
The new owner has already undertaken significant changes to the building. He ripped up the century-old wood flooring, opting for a modernization approach by painting the interior ceiling black and the rest of the apartment white. Furthermore, he installed stainless steel appliances like a fridge and stove. The building's exterior is also undergoing renovation, where the owner's painting scheme is visible. They could have kept the historical hardwood floors, which could have been preserved and restored. They exist in apartments where people haven't moved out.
Tenants have piss-poor living conditions in common areas and the building's historical integrity at stake due to the new owner's actions and plans.
Owner:
I do know the name of the new owner, but I'm not sure if posting the name will get me banned (re: doxxing). The new owner has a well-established track record of purchasing properties and flipping them for significant profits before moving on to other buildings.
Owner's helpers:
I know the names of these people, but unsure to post if doxxing.
flipper
The current owner of the property decided to collaborate with another real estate flipper who follows the popular YouTube BRRR method (Buy, Rent, Rehab, Refinance). This strategy involves purchasing a property, renovating or rehabilitating it to increase its value, then renting it out to generate rental income. After these upgrades and renovations are complete, they proceed to refinance the property. By doing so, they can access additional capital based on the increased value of the building resulting from the improvements made.
paralegal
The current owner of the property took further steps to evict by enlisting the assistance of a paralegal. This paralegal, along with the hired flipper, approached the tenants in an attempt to convince them to move out.
Tactics used by the owner's team were horrible and caused concerns among the tenants. They offered vastly different amounts of compensation to different tenants, creating an inequitable situation. Moreover, they promised to assist with the moving process, but neglected to mention that the moving costs would be deducted from the compensation offered.
Also, they demanded leaving tenants sign non-disclosure agreements, preventing them from discussing the situation with others. They also used emotional appeals, like sharing a "sob story" about high mortgage costs and the need for tenants to leave before December. They also claimed that tenants would face eviction if they chose not to leave voluntarily by December, adding pressure and uncertainty to the situation.
Interior conditions:
The current owner appears to be neglecting regular cleaning and maintenance of the interior of the building, resulting in a roach infestation.
In their efforts to renovate vacant apartments, the owner's team is leaving construction materials scattered throughout the building. This includes chemical spills in the elevator, as well as screws and nails left on the ground, posing potential safety hazards for the residents and their pets.
Additionally, the owner has implemented changes to utilities and amenities. Electricity and water meters have been installed in individual units, leading tenants to speculate that they may start being charged separately for these costs, despite rent previously being inclusive of utilities.
The owner replaced the existing laundry machines with ones that he now owns, but the new dryers are not functional, depriving tenants of laundry facilities they previously had access to.
The combination of poor maintenance, pest issues, and insufficient amenities is causing frustration and discomfort among the tenants.
Property Managers:- The new owner got rid of the live in property manager.
- Hired Trident Property Managers - then fired them when the owner wanted to do something he shouldn't and they resisted [Trident said no to his dishonest/illegal(?) actions]
- Now uses a couple people with sketchy backgrounds. Doesn't reply to emails, refuses to give required information.
London, ON city help:
Efforts to address the issues with the building and the owner's actions have yielded mixed results. While some steps have been taken to seek intervention from the city and local representatives, the overall progress has been slow and frustrating.
City departments have been notified about the violations within the units, but their response has been slow af, causing delays.
In attempts to seek assistance, residents have reached out to their Ward 13 councillor and Member of Provincial Parliament (MPP) for the area. These representatives went into the building to speak directly with the affected residents, and dropped off letters to them.
However, despite these efforts, there seem to be limitations in what the city and the province can do to address the issues effectively.
Results:
Some tenants are waiting for the next shoe to drop: unsure what will happen. If someone wants to buy the bulding - okay. Renovate empty apartments and charge more - Fine. But the tactics, dishonesty, and outright lies to get people out of their home is wrong. It will drive up costs for everyone in the city too.
Unsure now if 1000449275 Ontario Inc. being the same as London Canada Rentals. The names seemed to be used interchangeably by managers.
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330 Clarence St.
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