The One, a luxury condo development in Toronto co-owned by real-estate developer Sam Mizrahi and road paving magnate Jenny Coco, on Oct 19, 2023.Sam Mizrahi is being replaced as the general contractor of his luxury condo project known as The One, after the court-appointed receiver overseeing the troubled development discovered project management deficiencies.
The receiver also disclosed that it has initiated a sale process for The One and has asked brokers to bid on facilitating a potential sale. “Although construction of the project has continued to progress, and Mr. Mizrahi has generally continued to cooperate with the receiver, there has been an increasing strain on the working relationship between Mr. Mizrahi and the Receiver relating to the above-noted deficiencies, and more recently because of, among other issues, the inability of Mr. Mizrahi and the receiver to agree on terms for Mr. Mizrahi’s post-receivership work,” Alvarez & Marsal wrote in its report.