October 8, 2019
What could have been the largest condominium deconversion sale by far in Chicago history may never actually occur. Weeks after receiving correspondence from a broker purporting to represent an investors’ group, the condo association at the 70-story Lake Point Tower enacted measures to prevent the building from being changed back into apartments.
The first measure caps the number of units that may be leased at any time at 25%. A second measure prohibits any unit owner from controlling more than a 2% interest in the association. Both were adopted unanimously by the LPTCA board, and by a supermajority of owners.
“The LPTCA board is vehemently opposed to engaging in a sale of the building to a large investor or any hostile takeover efforts of the association,” said JoAnn O’Brien, association president.
Crain’s Chicago Business reported that a sale of the 875 units could have garnered more than $600 million.
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