If you know anyone with five and a half million dollars who wants to be the landlord to 153 units, as well as the ground floor retail tenants, show them this sales listing from Redfin.
Bonus: It can be bought as part of a package deal with 5718 N Winthrop.
Double Bonus: Bet the owner can get all sorts of deals on cupcakes and wine.
Thank God this building falls outside of the WY TIF district. Otherwise "you know who" would love to get her grubby little mits on it. Although...who knows, she may try to anyway...
ReplyDeleteBest case scenario: someone buys it and turns it into something Uptown could handle - MARKET rate rentals.
$32,000 per unit would be too low for a TIF. To make this more efficent as corrupt TIF is to tear down this building and put the same size building with units going for $500,000 each. Of course, the promise that critical mass will expode and 5 businesses will magically appear in the retail space.
ReplyDeleteMaybe the company that bought and rehabbed the old beautiful hotel on Wilson and Sheridan can restore this gem too.
ReplyDeleteGreat looking building for a price that seems like a gift, until you consider not only the cost of rehab,but whatever restrictions may apply to the building.
ReplyDeleteFor example, is there anything in place that restricts this place only to low-income subsidized rentals? Some "Project Section 8" buildings have this restriction, I believe as a condition of getting a HUD loan to rehabilitate the place.
This building was rehabbed in the mid-80s as a "rent stabilized moderate income" building, so there might be restrictions. I really don't know.
Strictly an institutional deal, for large landlord with expertise and very deep pockets. Let's hope it doesn't continue to be the type of building it has been for over 20 years.
Yes,market rent!!!
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