Quote:
Originally Posted by Mr Downtown
The only example I remember was when DePaul bought out all the condo owners in that old abbey at Fullerton & Sheffield in the early 1980s.
But perhaps the Lincoln Center owners are facing (like my own building) a big repair bill for that deck or some other part of the exterior envelope, and will think the developer's offer a godsend.
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I think this has also happened a few times in recent years on those megamansion blocks or Orchard and Burling. Luxury Homebuilders have bought out 4,6,8 unit developments etc.
I would have to think this building on Lincoln would be one of the largest condo buyouts in Chicago ever. But I also think you are right that this building could be a prime target for such a play. I'm guessing most of the owners really regret their decision and have been looking for an out for a long time.
This, by the way, is a big problem of the condo boom that gets little mention.
When an apartment building falls into disrepair, its a fairly simple solution (new owner, new capital etc.) When a condo building falls into disrepair, its much much more complicated to fix. In the next 20 years I expect this problem to become much more salient as we start to see problems with a lot of Condo buildings that really should have remained as rentals.