Here's another article, this time from Midwest Real Estate News, with details of the pricing. We're rolling our eyes at the descriptions (oh, if only Lawrence House could accurately be described as "senior housing" once again), but it does give a more complete description of the number of units and what the Menettis are asking for them.
The two Uptown rental properties are:
- The 376-unit Lawrence House, a 12-story elevator building at 1020 W. Lawrence Ave. The largest property in the collection is listed individually for $10 million, or $26,596 per unit. Lawrence House currently operates as senior housing, serving a large market of renters seeking clean, affordable and well-located apartments.
- The 102-unit Sheridan View Apartments at 4526 N. Sheridan Road. The seven-story building offered for sale by Essex Realty at a price of $3.75 million. Built in 1926, the vintage brick and stone building has been well maintained by current ownership, and is operated under Class-9 tax status.
26k per unit is outrageous beyond words for studios in a building that needs extensive repairs.
ReplyDeletefor reference there are number studios/1bdrms in functional buildings in margate park for under 50k.
ReplyDeleteLawrence should go for 5-10k a unit tops.
10 million is way too much for L house. They will take what they can get for it. But these also probably arent the biggest units either. L house really needs to be shut down and reconstituted. And fumigated. Just shutting it down would have a very positive impact on the area.
ReplyDeleteIf someone did that and then slowly restored it, that would help the area like nothing else.
@jeffo
ReplyDeleteI believe they are mostly if not all studios.
@Alek, probably not all originally studios? Maybe they were all that size originally as it was a hotel.
ReplyDeleteA building that size shouldnt be only comprised of studios/SROS. That is tyranny of the large buildings over the smaller buildings.
I'll be shocked if LH's future is anything but studios/SRO...I believe the alderman has said as much as well (could be mistaken).
ReplyDeleteI think we'd all like to see it purchased by a reputable management company that will renovate it and lease it out as market studio/1bdrm but everything I hear points to a building that's simply too far gone (expensive) to bring back. My guess is it will remain a dumpy SRO and eventually be razed when the property is worth enough.
I lived there about a year and a half ago, for the last month that I stayed there, there was a waterfall of water pouring out of the light socket nearest the cargo elevator. The library was absolutely destroyed by water and toxic mold.
ReplyDeleteI honestly think the place is beyond repair due to that and other things I observed.
I look back in rage at all the times I had to take 9 flights of stairs (elevators were dangerous to ride) and bolt to and from the building because of the desperate addicts looking to prey upon me.
"Lawrence House currently operates as senior housing, serving a large market of renters seeking clean, affordable and well-located apartments."
ReplyDeleteHAHAHAHA!!!!
Should read...
Lawrence House currently operates as senior housing and crack depot, serving a large market of renters seeking rundown but well-located apartments.
Sorry but this building has to go. Yes it might be affordable housing for some that need it, however, if the building manager/owners/residents cannot control the excessive drug dealing and loitering then it has no business being open.
Now that's funny as hell. Well said!
DeleteThe building is grossly overpriced. The place needs so much rehab, it might as well be considered a "build from scratch".
ReplyDeleteThere are condos with 3 rooms or more available on the north side for $20K to $35K. Some are in fairly decent neighborhoods.
I feel very sure that the first $4M that can show it has $30M to spend gutting and rehabbing the place will take it.
From City Web site:
ReplyDeleteCook County Class 9 Program offers a 50% reduction in assessments and taxes to developers who complete major rehab on multifamily buildings and keep rent below certain levels.
Have they been audited recently?
H. Post-Construction or Post-Rehabilitation Verification. The applicant must submit written
evidence to the Assessor that the new construction or major rehabilitation has been
completed and that the property complies with all local building, safety, and health codes.
These requirements are more completely described on Page 7 of the Bulletin, “Required
Information and Documentation”.
How did this building get this delicious tax deduction -and- have so many code violations at the same time.
Perhaps a audit is required. Or a FOIA regarding Shiller and the assessor and the Department of Buildings?
The crime in there is disheartening, one of the final times I was offered stolen goods some fine "gentleman" had knocked over an elderly lady and tried to sell me her wire grocery basket, and had a tantrum when I refused.
ReplyDeleteI had endless arguments with social workers about how their hands were tied in regards to these people's lifestyles, therefore, the laws must change and I think some of the people responsible for filling that place with unsupervised criminals need to have civil or criminal charges filed against them.
Those descriptions are not fooling anyone.
ReplyDeleteAnyone with the capacity to purchase Lawrence House in this environment should have the capability to evaluate the investment for what it is.
I personally hope the buyer is not interested in operating Lawarence House as an SRO, but it is not up to me since I am not buying it.
After years of govt. intervention, I think this is a perfect opportunity to test market forces and for the City/Alderman's Office to support a project that is more in line with the Master Plan for the area and Uptown.
LH, in the right hands, could be another small piece needed to fit the Entertainment District puzzle back together.
Dream Big Uptown!
I also understand that the reason they lost their Precinct/Voting booth rental was because it was so infested with bedbugs, the poll workers complained... I do not know if that is a fact, but that is the story out there...
ReplyDelete