Surreal Estate: $2.8 million for a New York–style hard loft in one of the city’s most famous factories

Neighbourhood: Garden District, Downtown Yonge East Price: $2,850,000 Previously sold for: $870,000 in 2003 Size: 2,487 square feet plus a 1,220-square-foot terrace Bedrooms: 2 Bathrooms: 2+1 Parking spots: 2 Real estate agent: Trevor Fontaine, Sotheby’s International Realty

The Place

A two-bedroom, two-plus-one-bathroom, two-storey penthouse just off Church in the Merchandise Building. The condo has a purpose-built layout that allows floor-to-ceiling windows to line every room—a rarity for industrial conversions in Toronto. It comes with tons of amenities, including a gym, a games room, an indoor saltwater pool, a basketball court and a rooftop dog park. Its neighbourhood, Downtown Yonge East, is becoming more family friendly, with several city proposals in the works for more parks, daycare and community centres. It’s within walking distance of the Eaton Centre, TMU, Allan Gardens and three subway stations. And motorists are a short drive from both the DVP and Davenport.

Related: $8.5 million for a sparkling Bedford Park blockhouse with a vacuum elevator

The History

Simpsons, Toronto’s former go-to department store, built the Merchandise Building in 1910. Then Canada’s largest warehouse, it changed hands and identities many times over the next century. In 1978, for example, it was purchased by the Hudson’s Bay Company before eventually being sold to Sears Canada. Then, in the ’90s, Sears sold the city-block-size building to developers Cresford, who transformed it into 526 residential units.

The Tour

When the warehouse was being converted, developers made sure to preserve the structure’s industrial Chicago School–style façade, defined by brick, concrete columns, deco flourishes and jumbo windows reminiscent of Florida’s historic Blount Building.

The unit’s foyer comes clad with maple floors and a Persian rug.

Custom storage for coats and cold-weather clothes can be found under the stairs, also serving as a graduated plinth for treasures, such as these centuries-old German beer steins. Two portraits by Canadian artist Helen Lucas—a charcoal drawing and an oil painting—hang to the right.

A brief step up leads to the main-floor hallway, currently a gallery for artwork and other curiosities. Those two chairs are antiques from Belgium.

Then there’s this two-piece powder room with a groovy aquamarine glass sink.

In the living room: 11-foot ceilings, barn doors and a double-sided gas fireplace. The owners bought that painting from a hotel in Istanbul.

Sun pours into the open-concept kitchen and dining area through south-facing windows. The owners styled the space with a mix of art deco, mid-century-modern and contemporary accents. That hand-blown glass chandelier (unfortunately not included with the sale of the home) dates to the 1940s.

A closer look at the kitchen hardware highlights granite counters, glossy black cabinets, a Bertazzoni gas stove, and cork floors to help alleviate foot and back pain when preparing marathon feasts.

A reverse angle reveals the fireplace’s other side, plus more antiques.

Here’s the mixed-use room, which is currently set up as an office but could become an additional bedroom—especially since there’s a Murphy bed hiding behind that wood wall on the right.

Attached to the mixed-use room is this three-piece bathroom.

Heading upstairs, residents will find that the entire second floor belongs to the main suite. The partition installed here allows guests to walk out onto the terrace without entering the sleeping quarters.

Here’s the main bedroom, complete with a built-in closet and west-facing skyline views.

From the bed, we can see yet another gas fireplace, flanked by floor-to-ceiling windows and a huge TV.

For maximum privacy, the ensuite bathroom comes with a separate water closet. It also has a spa-like glass shower.

Also in the ensuite: a fantastical vanity and a soaker tub with jets.

One of the home’s best features is its 1,220-square-foot wrap-around terrace.

The grill has its own gas line—no need to lug a propane tank up 12 storeys—and that back-country shed on the left provides storage for outdoor supplies (or less-favoured antiques).

Lastly, here’s a full view of the giant terrace.

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