Tuesday, January 10, 2017

Cornerstone Sells "Leland House"

4654-56 Malden

An eagle-eyed reader noticed something afoot at "Leland House," the Cornerstone managed and owned permanent shelter at Leland and Malden. A new management sign listing PARK INC was installed on the building. New sod was laid this past fall and construction dumpsters were outside for some time. Now what has happened is even more clear judging by new apartment listings touting beautiful finishes, granite countertops, in-unit washer/dryer, central HVAC and more with rents starting at $1,600 a month for a 2 bedroom.

Cornerstone appears to have sold the building because they owed $249,786 as of May 13, 2016 on a line of credit on the property that apparently was not repaid, according to the yearly audit of Cornerstone Community Outreach. Inquiring minds would like to know why our local activists didn't protest this sale?
The newly remodeled units starting around $1.600 for a 2 bedroom (Spaces Realty)

3 comments:

  1. Because many of the local activists are part of Cornerstone? Do as I say, not as I do...

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  2. This is going to be an epic post to comment on. "How come Cappleman didn't prevent JPUSA from selling this to a non profit and keeping it affordable."

    The mind reels.

    Let the spankings commence.

    I mean we're all hypocritical at some point, but this is biblical.

    I just looked at the Recorder of Deeds site and the property is showing a "special warranty deed" from September and a 3.7 million dollar mortgage. Nothing about sale price, but perhaps I missed something. Someone who understands real estate deeds can comment if they choose. Not my area of expertise.

    Also a gaggle of government liens showing up, including for the Metropolitan Water District. My guess is the MWRD lien related to their Lakefront Roofing Business on Western Avenue at the River. MWRD owns a bunch of riverfront property and I believe all riverbank land.

    PIN number for property is 14171090120000.

    Recorder search site here.

    http://162.217.184.82/i2/default.aspx

    Just copy and paste as my belly dancing at this prevents me from hyperlinking.

    Oh the humanity.

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  3. Well I'm glad it got sold and will be at market prices.I live across the street and it's been a problem building for ever.

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