Nygard’s Broadway building approved for sale
Fashion magnate in jail; faces sex charges in U.S.
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Hey there, time traveller!
This article was published 29/01/2021 (857 days ago), so information in it may no longer be current.
A judge has approved the sale of Peter Nygard’s Broadway retail facility, the fourth property to be sold since the Nygard Group of companies went into receivership.
Court of Queen’s Bench Justice James Edmond approved the sale of the 13,000-square-foot facility Thursday.
The listed sale price for the property is $2.35 million. The final sale price remains sealed until the deal closes.
The court had approved the sales of Nygard’s Inkster Boulevard and Notre Dame Avenue properties, as well as a flagship Toronto property.
The Nygard Group of companies was placed in receivership last March after lenders White Oak Capital and Second Avenue Capital Partners went to court for repayment of a US$25 million loan.
Nygard, 79, remains in custody following his arrest last month on a U.S. extradition warrant. Nygard is facing prosecution in New York, where he has been charged with sex trafficking and racketeering offences spanning decades.
A judge is expected to rule next week on whether Nygard will be granted bail.