A condo is sold for the record price of $18.75 million in Montreal

The largest condominium apartment sale in the history of Quebec has just been recorded in Montreal, for $18.75 million, we learned The Journal.

Located at 1280 Sherbrooke Street West, the 6,657 square foot two-level penthouse occupies half of the fifteenth and top floor of the private residences of the luxury Ritz-Carlton hotel. However, the name of the buyer remains unknown.

The sale, which does not yet appear on any land register, was carried out by Marie-Yvonne Paint and Samuel Demers, two brokers from Royal LePage Heritage, specializing in the luxury market.

According to them, this would be the third largest co-ownership sale in Canada. “It demonstrates the exclusive nature of the Montreal luxury real estate market, [lequel attire] a privileged group of individuals who appreciate the best in location, design and amenities.”

The unit in question, a property of the Cramer Family Trust, was inhabited for many years by Alvin Cramer Segal, the president and CEO of Peerless Clothing.

Founded in 1919, the latter was once considered the largest manufacturer of men’s clothing in North America. Mr. Segal died in November 2022, at the age of 89.

This property includes around twenty rooms, including four bedrooms, four bathrooms and two powder rooms, a training room with spa, an interior elevator connecting the two floors and a private outdoor terrace occupying 1,200 sq. ft.² on her own.

“Elegance, volume, brightness, an exceptional property in all respects where the services are unrivaled and incomparable,” summarized the property’s presentation sheet.

The Cramer Family Trust purchased this condo in September 2013 from Golden Square Mile Holdings for the sum of $14,109,375, including $1,609,375 in sales taxes.

A little more than 10 years later, and a little less than two years after the death of Alvin C. Segal, this same co-ownership was relisted for sale at the posted amount of $22.5 million, or 44% or $10 million. more than the acquisition price ($12.5M) in 2013.

The third after West Vancouver

According to our information, the sale of this unit was finally concluded for $18.75 million, a saving for the buyer of 16.6% compared to the displayed price ($22.5 million).

This transaction would rank as the third most expensive condominium apartment sold in Canada.

The two properties that exceeded this price are located in West Vancouver, British Columbia. The most expensive was sold for $25 million, while the second went for $19.3 million.

Fees of $16,000

In Montreal’s last three-year assessment roll, this penthouse was assigned a value of $15.5 million, a slight increase of 9% compared to its previous assessment of $14.1 million.

Notice to those interested: its municipal and school taxes amount to $114,042 in 2024. And its co-ownership fees, $16,052… per month (or $192,624 per year).

–With the collaboration of Philippe Langlois, from the Bureau of Investigation