Quote:
Originally Posted by ChicagoChicago
$85 million in liens, minus the $32 million Teng itself filed on the project, equals $53 million. I say they foreclose on the property, sell it to a developer with deep pockets for $53 million (a bargain, really), pay off all the liens (excluding Teng) and watch this fucker be built. That would be justice.
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am i the only one who believes this foreclosure is a good thing? the bank will obviously want to move quickly and surely there is a developer in chicago who can afford this building if it is sold at the $53 million some are suggesting. if $53 million turns out to be the correct range for the sale of this thing, i think that is a HUGE steal. hell, the beanie babies guy paid around $40 million for the spire penthouse, my point is, there is people with money out there who will see this as a huge opportunity to make money.
it's my opinion that if a developer were to come in and buy this building, a good amount of the original buyers might buy back into this project if it is to be completed as originally planned.
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