NY Towers The Waldorf, 2 & 8 Rean Dr: Big Suites, Bulk Hydro, 2003

The Waldorf is the lower sister of The Chrysler across Rean Drive, and it holds some of the biggest suites in Daniels’ NY Towers community. Hydro is listed in the fee, which is rare, and prices per square foot are among the lowest for a high-rise this close to Bayview Village. Whether that is a bargain depends on the building’s next ten years of repairs. I’m Jatin Dua, RE/MAX Quantum Realty.

An early building in the NY Towers community

Daniels spent roughly a decade building the NY Towers community on the land around Rean Drive and Kenaston Gardens, behind Bayview Village Shopping Centre. By Daniels’ own count the community grew past 3,000 homes and more than 5,000 residents. The Waldorf was registered in February 2003, eight days after The Chrysler, making the two of them the first big towers of the community.

The names follow the community’s New York theme rather than anything about the design, and I could not confirm the architect from a reliable source. What matters more is the format: 20 storeys and 529 suites under one corporation across two addresses, so the building is broad rather than tall.

That shape usually means long corridors and more suites per floor than a slim modern tower. It also means many owners sharing the cost of staff and major repairs, which helps keep the fee per suite down.

Suites that run much larger than the area’s newer towers

Condos.ca puts suites at about 579 to 2,538 square feet. That top end is bigger than almost anything in the newer towers along Sheppard, and it is why I see downsizers here who are leaving a house but not ready to give up a dining room.

The middle of the building is one-bedroom-plus-den and two-bedroom suites. When I checked, the seven suites for sale covered a one-bedroom in the 500s, several one-bedroom-plus-dens in the 600s and 700s, a two-bedroom in the 800s and two larger plans with additional dens.

Twenty-plus years on, the condition of each suite is the real variable. Original kitchens, bathrooms and flooring are still common. Two suites with the same floor plan can be very different purchases, so I always price the renovation before I compare one with another. I could not confirm ceiling heights, so check the plan of the suite you are viewing.

What the fee covers, and what it does not

Condos.ca lists common elements, heat, air conditioning, hydro, building insurance and water in the fee. Hydro is the unusual one: in most North York buildings you pay your own electricity bill on top of the fee.

Parking is not on the list, which is the main difference from The Chrysler across the street. If the suite you want comes with a space, ask whether there is a separate monthly charge for it and confirm the parking unit on the status certificate.

The fee on the current listings averages about $1.19 per square foot, with monthly fees from about $660 to $2,180. That looks high next to a newer tower until you remember the hydro bill you would otherwise pay. The fair comparison is fee plus hydro, not fee against fee.

Buying an original suite to renovate

The best value in The Waldorf is often the suite nobody else wants: original finishes, a dated kitchen, carpet in the bedrooms. Buyers who can see past that get the size of this building at the lowest price per square foot, and they choose their own finishes instead of paying for someone else’s flip.

Before you commit, ask the management office what the corporation requires for renovations. Most buildings have rules on flooring underlay, working hours, elevator bookings and contractor insurance, and I would rather you know them before you firm up an offer than after. Budget for permits if you plan to move plumbing or take down walls.

Price the work honestly. A full kitchen and two bathrooms in a large suite is a real project, and the right offer is the price of a renovated suite in the building, minus the renovation, minus something for your time and risk. That is the number I work from when I advise buyers here.

Daily life behind Bayview Village

Bayview Village Shopping Centre is the anchor of daily life here, a short walk for groceries and errands. Daniels’ description of the community points to the TTC nearby and quick access to Highways 401 and 404 and the Don Valley Parkway, which suits owners who still drive.

Rean Drive is an inner street shared with other Daniels buildings, including The Chrysler, Claridges and Bayview Manor, so the address is calmer than one facing Sheppard. The data panel on this page covers the subway, schools and parks.

Among the lowest prices per square foot nearby

Condos.ca puts the average at about $657 per square foot, a little below The Chrysler at about $671 and well below the newer towers along Sheppard. The discount is for age, for original suites that need work, and for a fee that looks high on paper.

Seven suites were for sale when I checked, asking from $415,000 to just under $1.5 million. That spread reflects the size range of the building rather than a market in disarray. On a per-square-foot basis, the larger suites here are some of the least expensive ways to buy real space near Bayview and Sheppard.

Low price per square foot is only good value with a healthy reserve fund. A 529-suite building from 2003 has windows, elevators, the garage and its mechanical plant all approaching replacement age, and you want to know how the corporation plans to pay for them.

Building specifications

Amenities at NY Towers The Waldorf

Condos.ca lists a concierge, guest suites, a party room, a meeting room, visitor parking and an underground garage. Guest suites are the useful extra for downsizers whose family visits from out of town; otherwise the package is practical rather than a selling point.

Jatin’s honest take on NY Towers The Waldorf

NY Towers The Waldorf — frequently asked questions

Looking at Willowdale, Yonge & Sheppard, Bayview Village and North York Centre more broadly? Start with my Toronto community guide — the neighbourhoods, what each pocket is like, and how they compare.