Located in Chicago, 663 W. Grace Street condominium association was sold on April 6, 2021 and will be converted into apartments. KSN handled the closing of this 80 residential unit condominium association deal during a peak real estate boom and coronavirus pandemic.
The sale of all units, commonly known as a deconversion, was approved by a vote of the unit owners under Section 15 of the Illinois Condominium Property Act and the Municipal Code of Chicago. Approval of this transaction required approval of 85% of the ownership.
KSN represented 663 W. Grace Street throughout the Section 15 sale. Purchased for $13.85 million, this transaction is the largest condominium deconversion sale in the Lincoln Park and Lakeview area in the last year. The purchase encompasses the entire condominium building consisting of eighty (80) residential units (40 studios, 40 1Bd/1Ba) and forty (40) parking spaces.
KSN attorney Kelly Elmore: “For this particular deconversion, the condominium building had multiple tours and offers. As with all deconversion sales, this building had some unique challenges throughout the process. Nevertheless, our law firm focused on working efficiently and accurately on behalf of the sellers.”
KSN attorney Omar Malik: “Section 15 sales are very complex real estate transactions. COVID-19 has only added more obstacles. However, we were able to work with the buyer, the broker, and sellers to overcome the current, unprecedented conditions and complete this sale in a smooth, timely fashion.”
A final comment from an association board member: “I am super impressed at [KSN’s] abilities to navigate everything we encountered during this process. I was sure the whole thing was dead…You guys are like an elite highly specialized Seal Team Six of lawyers going after the toughest most dangerous tasks in the world. [KSN] made it happen and for that we are super grateful.”
As of April 2021, KSN attorneys have closed over sixty condominium deconversions, including:
- Deerfield Gardens Condominium Association – a Lake County, IL condominium association with 36 units, closed in July 2020
- River City – a downtown high rise-condominium association with 449 units, closed in December 2018
- Flats on LaSalle – a downtown condominium association with 250 units, closed in December 2018
- Surfside Condominium Association – a high-rise association located on N. Sheridan with 188 units, closed in December 2018
- Century Tower – a downtown high-rise condominium association located in The Loop with 296 units, closed in February 2018
- 625 Wrightwood – a Lincoln Park condominium association with 98 units (residential and parking), closed in January 2017
- Clifton Village – a Northside Chicago condominium association with 38 residential units, closed in August 2017
- Loyolton – a Northside Chicago condominium association with 42 residential units, closed in December 2017
- 2625 N. Clark Street – a Northside Chicago condominium association with 272 units (residential and parking), closed in November 2016
If your condominium association has been approached by an interested buyer, your association is in the middle of a potential sale or de-conversion, or you are a buyer interested in converting income property into condominiums, please contact KSN to discuss your legal needs. Please visit www.ksnlaw.com or call 1-855-537-0500.
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