They were told it couldn’t be done and to follow the formula. Instead, Maryam and Nargues Mansouri trusted their instincts that a condo with standardized luxury finishes could and would sell. Their bet has paid off.
Since beginning sales at the Perry’s Estate Collection in June, all but four suites have sold. The Perry’s Annex Collection has been equally well-received. Since beginning sales last September, all but six suites have sold.
The Perry, as the 11-storey condominium building is collectively known, is a boutique-style development located at Avenue and Davenport Roads – the intersection of Toronto’s Annex, Rosedale and Yorkville neighbourhoods. It’s the Mansouri sisters’ first condo project together downtown.
Not only did Maryam and Nargues flout the formula of using lower-end finishes in the smaller, less expensive units but they confronted the challenges that come with being women – especially young women, Nargues says – in a male-dominated industry. Growing up in a family of developers may have, in part, paved the way.
“We were really fortunate to be exposed to the construction world from such a young age,” says Maryam, whose father started a home construction business in 1988. “We grew up spending weekends on job sites and we became very comfortable and familiar with the world of real estate.”
For her, it was less a decision to pursue a career in development than it was a natural progression.
Maryam, 32, went on to earn her masters in architecture, and Nargues, 29, completed her bachelor of commerce. Maryam believes combining an artistic mind with a business sensibility makes for a great partnership. She handles the pre-development work, including design and rezoning, as well as building the project team, while Nargues analyzes the marketplace and positions a project.
In the beginning, sitting down with consultants and selecting the right project team was the biggest challenge for the sisters.
“You definitely don’t get taken as seriously and you have to fight certain boundaries that are in this industry in terms of being dominated by men and surrounded by men at the table,” says Nargues.
Ultimately, not every member of the team was a “cookie cutter” condo industry player, she adds, but it was a team that supported the sisters’ vision. That vision for standardized luxury finishes was realized through brand partnerships. According to Maryam, no other condo project in Canada comes with Gaggenau appliances and Poliform vanities and wardrobes in every suite.
“Regardless of whether you are a 500-square-foot or a 4,000-square-foot purchaser, (everyone) has access to the same quality of brands in their suite,” she says.
The main differences between the Perry’s Annex and Estate collections is that the latter’s suites have terraces instead of balconies as well as private elevator access.
Bringing a female perspective to the development process may have its benefits, too. Maryam says she and her sister have a certain eye for detail.
“We’ve had purchasers come into our presentation gallery for the first time at the Perry and they’ve looked around and said, ‘Wow, there’s definitely a woman behind this,’” she says.
The Perry may have a distinct women’s touch but it doesn’t limit their clientele. The sisters’ core market ranges from young professionals and families to empty-nesters. Part of the goal in using standardized luxury finishes was to create spaces purchasers would want to remain in for a while, says Maryam.
The sisters have a few projects coming down the pipeline but were mum on the details. It’s safe to say, though, they won’t be held back by any formulas.
Michelle Ervin is the editor of CondoBusiness magazine.
