Tuesday, May 3, 2022

Stewart School Lofts on the Move

Stewart School Lofts - Morningside USA

More development news to share this morning, as Stewart School Lofts has been sold to a developer for $23 million, a premium of $7 million factoring in sale and rehabilitation costs

Longtime readers will recall that Stewart's attendance had dwindled to less than 20 students per grade and was closed in a systemwide consolidation in 2013

Morningside, the previous owner, bought the landmarked building from Chicago Public Schools in 2016 for $5.1 million and then invested $11.6 million to rehab the building into residential units

The article discloses that the sale, at $363,000 per unit, is the highest per-unit multifamily sale in Chicago so far in 2022, higher on a per unit basis than a multi-unit sale at Astoria Tower earlier this year. This, along with a 100% occupancy rate, suggests that the commenters who frequently paint the Stewart School conversion as a boondoggle may be a bit misguided.

While the newly formed LLC (March 2022) has remained anonymous, information on the sale is slowly leaking out. We will update as we hear more.

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