We are now more than three years into the condominium deconversion wave that took the Chicagoland real estate industry by surprise in 2015. While deconversions may appear to be commonplace, so are the challenges to these unique large sale transactions.
Some unit owners have mounted vocal and often caustic challenges in opposition to these sales. Others … Read More ›
Until recently, the word “conversion” was generally thought to mean the process through which an apartment building was converted into a condominium association. However, in the wake of the 2007 market crash and real estate downturn, few condominium conversions have been occurring in the Chicagoland area. In the past year, as the … Read More ›
Located in Chicago’s Lakeview neighborhood, Barry Quadrangle Condominium Association was sold on April 13, 2021 and will be converted into apartments. Purchased for $32.3 million, this transaction encompasses three condominium buildings. KSN handled the closing of this 115 residential unit condominium association deal during a peak real estate boom and coronavirus pandemic.
The sale of all … Read More ›
(June 5, 2020) CHICAGO—Kovitz Shifrin Nesbit (KSN) handled the closing of a 36-unit condominium association deconversion deal amidst Coronavirus setbacks. KSN Attorney Omar Malik describes this deconversion sale as, “Unique in that it was able to close, despite the turmoil caused by COVID-19”.
Located in Lake County, the sale of the Deerfield Gardens … Read More ›