Yet another luxury condo building is currently in the works for Toronto's Yorkville neighbourhood, and it could put the future of one of the city's oldest diners in jeopardy. 

Greybrook Realty Partners announced Wednesday that they successfully closed an equity investment worth $41,765,000 to acquire five properties in Yorkville. The properties are located at 148, 152, and 156 Avenue Rd., as well as 224 and 234 Davenport Ave.

In partnership with Tribute Communities, Greybrook plans to build a luxury high-rise condominium consisting of over 380 units and more than 6,000 square feet of commercial space at grade at the northwest corner of Avenue and Davenport. 

Avenue Diner, which has been serving the community since 1944, is located right nearby at 222 Davenport Ave. and could potentially be included in the development site.

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blogTO has asked Greybrook how the neighbourhood staple might be impacted the development, but they did not respond in time for publication.

Greybrook is also currently developing a number of other sites in the Yorkville neighbourhood.

This includes a residential development called the Vertical Forest at Davenport Road and Bedford Road which will support over 350 tall trees on the exterior balconies of the building, and an ultra-luxury 29-storey mixed-use condominium building at the corner of Yorkville Avenue and Avenue Road. 

As of Jan. 20, according to the city's Application Information Centre, an official planning application has yet to be submitted for the new Yorkville development. 

"We are very excited to further participate in the growth and development of Yorkville and the surrounding area and we are thrilled to be partnering with our long-standing and well-respected developer partner, Tribute Communities, on this project," said Peter Politis, CEO of Greybrook Realty Partners, in a statement. 

"Residential development sites such as this site have become much harder to find in the City of Toronto, particularly in the best neighbourhoods in the City. With the federal government's planned increase in immigration over the next three years, Toronto will need new housing to support the growing population and transit-oriented developments such as this site will be in high demand."