Residents at 1400 N. Lake Shore Drive in Chicago’s Gold Coast neighborhood recently rejected a de-conversion offer from a New York-based investor, according to Crain’s Chicago Business.
As mentioned in the report, ESG Kullen offered $111 million for the building, which if approved by owners, would’ve been Chicago’s most expensive de-conversion deal to date. In order for such a deal to be approved, 75 percent of condo owners much approve the offer under Illinois law, and the final vote of 74.6 percent came up just short.
Also noted by Crain’s, ESG’s offer would’ve paid owners close to $410 per square foot, which is quite an increase from the roughly $300 per square foot some units inside the building sold for most recently.
Condo building de-conversions in Chicago have recently been on the rise thanks to a red hot apartment market that isn’t showing any signs of slowing down.