Page 5 - Chicago Cooperator Summer 2019

CHICAGOCOOPERATOR.COM THE CHICAGOLAND COOPERATOR — SUMMER 2019 5 Tuesday, August 20, 2019 CAI-IL: Meetings & Elections CAI-IL 1821 Walden Office Square , #100, Schaumburg, IL 6:00 p.m. - 9:00 p.m. This course is part of the DCAL (Dedicated Community Association Leader) recognition course series. You may take this course as part of the recognition program, or as an individu- al course. For information, visit www.cai-illinois.org. Wed., August 21, 2019 CAI-Webinar: Miss Deeds: Gathering Evidence for the Enforcement of Rules and Restrictions 1:00 p.m. - 2:00 p.m Board members and managers deal with residents violating rules and restrictions on a regular basis. Addressing pet violations, noise and smell nuisances, rental restrictions, and unapproved architectural modifications can be daunting. Gathering evidence to enforce your community’s documents—sometimes referred to as the master deed or declaration of cov- enants, conditions, and restrictions—can pres- ent its own set of challenges For information, visit www.caionline.org. CAL EN D AR Industry Pulse August Transactions Tribune Tower Ready to Go Condo Chicago’s famous Tribune Tower at 435 N. Michigan Ave. has now gone residen- tial with luxury condos, Curbed reported. The former home of the Chicago Tribune newspaper unveiled a new website that revealed that the price of a one-bedroom apartment will start at $700,000, while a four-bedroom unit will cost at more than $7 million. Along with its neighboring buildings, the skyscraper was acquired by Golub & Co. and CIM Group three years ago for $240 million. Last year, the Tri- bune Company moved out of the Tribune Tower to One Prudential Plaza just three blocks down. Chicago Deconversion Trend Still Going On, With Two Potential Acquisitions Deconversions remain popular in the Windy City, as two condo buildings are being eyed as apartments. Citing a Crain’s Chicago Business story, The Real Deal re- ported that developer Strategic Properties of North America made a $60 million deal to acquire a 202-unit condo building on LaSalle Drive, while ESG Kullen is bid- ding for 303 condos at 2 East Oak Street for $92 million. But in the case of the lat- ter, the owners at 2 East Oak voted to re- ject ESG’s offer, according to Crain’s. Still, there’s hope for the deal to go through, as that building’s board plans to extend the voting period for three weeks to give time to owners who weren’t able to cast their ballots. Under Illinois law, a deconversion sale requires the approval of 75 percent of the building’s owners Chicago Blackhawks Star Lists Condo for $7.25M Jonathan Toews, who plays center for the Chicago Blackhawks and has won three Stanley Cups with the team, has put his Chicago condo that he never lived in on the market. Crain’s Chicago Business reported that the hockey star is looking to sell his 4,4000-square-foot condo at No. 9 on the Gold Coast for $7.25 million. Fea- tures of the apartment include 11-foot- high ceilings, an outdoor terrace, and wide plank floors. Toews bought the place for $6.45 million last September as it was being finished and then later added some upgrades. Millie Rosenbloom, an agent handling the listing, told Crain’s: “It was so beautiful when it was all done, he decided to see what the market would say about it.” Penthouse That’s Been Available for Over a Decade Finally Sells It took nearly 14 years, but a River North penthouse condo finally sold for a little more than $3.84 million, according to Crain’s Chicago Business. According to Cook County records, seller George Furla purchased the condo on the 50th floor of the Fordham on Superior Street as raw space in 2005 for just over $3 million; he then put it on the market two months later and listed it for $4.9 million. At some point, Furla took the unit off the market to finish the renovation before putting it back on for an asking price of $7.5 mil- lion (the price was reduced to $4.75 mil- lion when went into contract in April). A kitchen with marble countertops and a media room are among the features that came with the renovation of the three bed- room, 6,400 square foot penthouse. n 2019 PULSE/CALENDAR COOPERATOR.COM THE COOPERATOR —JULY 2019 15 Please submit Pulse items to David Chiu at david@cooperator.com