According to Crain's Real Estate Daily, the Menetti family, who own Lawrence House and 4526 N Sheridan, which are both in Housing Court, has put its entire housing portfolio up for sale.
"The Park Ridge-based Menetti family is offering a five-building, 740-unit portfolio of North Side apartments for sale. Chicago-based Essex Realty Group Inc. has been hired to sell the Uptown and Rogers Park buildings, with an asking price of $29.95 million, or about $40,473 per unit. FirstMerit Bank N.A. has filed foreclosure suits on several buildings owned by the Menettis, including some of those offered in the portfolio, according to Cook County records. The family did not immediately return a message.If a company similar to Horizon, which is known for pulling decrepit properties out of despair and rehabbing them, as it did with the Sheridan Plaza and 5050 N Sheridan, can buy and restore them, we would gladly dance a jig in the JJ Pepper's parking lot.
Uptown buildings in the portfolio are at 4526 N. Sheridan Road and 1020 W. Lawrence Ave. [...] Offers will accepted for the portfolio or for individual buildings, says Matt Welke, principal and managing director at Essex. He says the buildings are mostly studios but that the portfolio includes some one- and two-bedroom apartments. The units need cosmetic updates. [UU Note: 110 code violations in Lawrence House alone! More than "cosmetic updates" in our book.] 'With low interest rates and banks lending again, a lot of investors are flocking to apartment buildings,' Mr. Welke says. 'People like the Menettis see this as a great time to sell.'”
Im glad you posted this, I think I beat you to it on everyblock.ReplyDelete
This is a beautiful old building, a classic little Art Deco skyscraper. Maybe it will sell cheaply enough in foreclosure to make it worthwhile to gut it clear back to the bricks and build it out as decent-sized, market rate apartments.ReplyDelete
There is surely a demand for nice middle-tier rentals in Uptown. The beautiful Sheridan Plaza seems to have no problem staying rented at $1000 a month or more for 1 bed apts.
I've heard rumors the Holstein Group have it/want it. Same folks who have Wilson Yards complex.ReplyDelete
Yes I agree North Coast, market rate apts ala Sommerset Place which is in the works would fill a market demand and make the area much safer and interesting.ReplyDelete
This building would be a great investment into the Uptown neighborhood for the right buyer. It is just waiting to be transformed into a high quality complex of apartments. I just hope it does not become a problem generating, low-income type housing complex, that we have so many of now scattered through the Uptown area.ReplyDelete
Horizon removed beautiful period-style facades and details in 5050 N. Sheridan and kicked out great tenants in their bid to revamp the building.ReplyDelete
Certainly the building needed some TLC and not all the tenants were stellar, but good luck to them trying to charge double or triple the price for their not-so-desirable Uptown units.
The North Coast and Jeffo- I'm not so sure there's that much demand. Why would someone pay $1,000 a month to live in that area? I lived in 5050 and still live in Uptown (we bought a place), but I wouldn't have paid that much in rent. I'd move to Edgewater, Andersonville, or Lakeview for that price.
Let's hope I'm wrong.
It is maybe 7 to 10 percent of that building's population that makes the rest live in terror, however, they are talented in their areas of dysfunction. Those people need to be evicted by the new owners whenever they take over.ReplyDelete
Where will all the elderly residents go?ReplyDelete
I don't think any elderly people actually live there. I have always seen young to middle-aged people in front of and coming out of the building.ReplyDelete
Quite a few elderly people live there and have for years. In the last decade or so, the owners began renting to younger people, often with addictions, criminal records and/or mental problems. That combination and lack of upkeep on the building is what has led to its becoming a blight on the community. My hope is that new owners can come in, institute tenant screening procedures, make the place habitable again, and install good management. It's a gorgeous building and I really feel for the elderly who have been there so long and now live in horrible conditions and are terrorized by their neighbors.ReplyDelete