Thursday, October 4, 2018

River City Owners Sue to Block Potential Sale of Building

The saga continues at River City on the proposed sale of the building (via Cook County Record):
In the wake of a vote to approve a sale that would reportedly pave the way for the largest condos-to-apartments conversion in Chicago to date, a group of condominium owners in the River City complex have filed suit to block the more than $90 million sale, accusing the condo association board of working with the would-be buyers to essentially target and bribe certain unit owners to persuade them with secret “side deals” to vote to approve the sale.

The collection of condo owners, including owners on both sides of the vote to sell the South Loop condo complex to developer Marc Realty, filed their complaint in Cook County Circuit Court on Oct. 3 through attorneys with the firm of Chuhak & Tecson, of Chicago.

“By conspiring with Marc Realty to target only those owners who had already voted against the sale at the price Marc Realty wanted to offer, the (River City Condominium Association) Board helped Marc Realty pay far less than they had agreed to pay under the original (Purchase and Sale Agreement), instead electing to award the benefit to a minority of owners who could be bribed into switching their votes,” the plaintiffs said in their complaint.

If you're interested in the back and forth of this one we've posted about this story for almost the past three years dating back to January 2016...damn.

(Hat tip: PO!)

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