Saturday, February 26, 2011

Uptown Problem Building In Foreclosure

We posted about a month ago detailing the history of 1325 West Wilson (the Norman Apartments) and mentioning the building was up for sale.

Now Crain's Chicago is reporting that it, and another property in Edgewater, both owned by attorney John Klise, are in foreclosure.

Klise and Circle Management have been in housing court several times for these properties, and Ald. Smith went as far to work with the Chicago Department of Housing to yank rental subsidies from the Low Income Housing Trust Fund for Klise/Circle-managed buildings in the 48th Ward.

We hope a buyer can be found and good management practices are put into place for this faded beauty.

Read the entire article from Crain's here.

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