
Gold Coast Condo Owners Okay Conversion Deal
ESG Kullen’s plan to acquire a 391-unit condominium tower, which appeared to be on the ropes two weeks ago, now looks like a done deal. Condo owners at 1400 N. Lake Shore Dr. voted last week to approve the New York City-based investment firm’s $112-million buyout offer after rejecting a similar proposal earlier this month. Under Illinois law, 75% of owners in a condo building must approve a bulk sale.
The sale will represent the biggest condo-deconversion deal Chicago has seen to date. For condo owners at the Gold Coast property, the buyout will mean $425 per square foot, compared to recent sales at $300 per square foot.
Even so, Crain’s Chicago Business reported that not all condo owners are jumping on the deconversion bandwagon. Many refuse to sell on grounds that they believe they couldn’t find a comparable condo nearby for the money they would receive in a sale.
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- ◦Sale/Acquisition