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Edgewater Condo Tower Hits the Market for Deconversion Sale

Kiser Group is seeking a buyer for Granville Tower, a 154-unit high-rise at 6166 N. Sheridan Rd. in Chicago’s Edgewater neighborhood. It was developed as an apartment building in the mid-1960s and converted to condominiums in the early 1980s. The condo board has put the property up for sale, reported Crain’s Chicago Business

Director Andy Friedman of Kiser expects the property to sell for nearly $40 million. “We have already had a ton of interest, and we expect it to be well received,” he told Crain’s

Friedman said it’s a good candidate for a condo deconversion because its assessments are high, depressing the resale value of units in the building. Monthly assessments range from $700 to $800 for a one-bedroom unit and $1,200 to $1,350 for a two-bedroom, he said.   

The assessments are “obnoxiously big,” he said. “It doesn’t leave much room for a mortgage payment.”

Photo courtesy of Kiser Group. 


Inside The Story

Kiser Group's Friedman

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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