He owns a chunk of downtown St. John's. He's now in receivership

CBC

3 days ago

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David Levine and two of his companies owe $1.8M, according to Deloitte Restructuring
An Ontario man who for years has owned a large chunk of downtown St. John's commercial real estate is now in receivership due to the hundreds of thousands of dollars he owes to the Royal Bank of Canada.
In a letter dated Feb. 24, the bank said David Levine owed the bank a total of $1,763,315.13, across three entities: Levine and his two companies, Sir Humphrey Limited and First Metro Commercial Realty Corporations. Those entities are collectively called the Levine Group.
The bank also put the Levine Group into receivership.
The five properties are 168 Water St., 146-152 Water St., 202 Water St., 302-304 Water St. and 177-183 Duckworth St.
The Levine Group owes a total of $1,850,637.17 to secured and unsecured creditors, with the vast majority owed to RBC.
CBC News requested comment from Levine — who lives in Thornhill, Ont., according to documents — but he did not respond to interview requests.
According to the February letter filed by RBC, the Levine Group had collateral mortgages, a mortgage, general assignments of rents, and security agreements pertaining to these downtown St. John's properties.
As the secured creditor, RBC tapped Deloitte Restructuring Inc. as the receiver and manager, which gives Deloitte the ability to sell and dispose of the Levine Group's secured assets.
"For greater certainty, all monies received by Deloitte after providing all costs, charges, and expenses of or incidental to the exercise of its power, including legal fees, shall be applied in and towards the satisfaction of any and all obligations, debts and liabilities," the letter reads.
CBC News asked RBC about its plans for the properties. Over email, spokesperson Lori Smith directed all inquiries to Deloitte.
Deloitte did not respond to CBC News's request for an interview.
Unpaid city taxes
According to a document filed by Deloitte, as of February the Levine Group collectively owes the City of St. John's a total of $82,527.79 in unpaid taxes.
CBC News asked the city if the amount Deloitte cited is accurate, how far the taxes owed date back and if any action had been taken to recoup the unpaid taxes.
Spokesperson Jackie O'Brien said the city doesn't comment on specific individual tax account files, pointing to the privacy law.
"Generally speaking the city would work with a business or resident to recover monies owed," she wrote in an email.
Deloitte also claims the Levine Group owes Newfoundland Power $4,785.25, as well as small amounts to the CRA, the provincial Finance Department and private mortgage company Graysbrook Capital.