Chicago Cheat Sheet: Rental buildings tied to Ponzi scheme up for sale…& more

Also, Point B Properties wants to convert century-old church into condos

Nov.November 28, 2018 05:00 PM

7549 South Essex Avenue (Credit: Apartments and Pixabay)

Apartment properties tied to Ponzi scheme hit market

Six South Side apartment properties are being put up for sale as part of a plan to recover millions of dollars lost in an alleged Ponzi scheme. SVN Chicago Commercial is marketing the buildings, part of a 1,700-unit portfolio acquired over the past few years by Florida-based EquityBuild.The Securities & Exchange Commission has sued EquityBuild, accusing it of defrauding investors. [Crain’s]

Point B plans to convert Humboldt Park church into condos

Developer Robert Linn, principal of Point B Properties, wants to put condos in a more than century-old Humboldt Park church building that was damaged in a fire this year. Linn wants to carve out 13 condos inside the church at 3300 West Pierce Avenue. Linn said Salvation and Deliverance Ministries International approached him about a year ago about selling the building. [Block Club]

Seven Lions faces eviction from Michigan Avenue space

Seven Lions, the restaurant started by “Check, Please!” host Alpana Singh, is facing eviction from its Michigan Avenue home. Building owners Gerard Valerius and Christine Geraghty are suing Maj Restaurant, which operates Seven Lions, for nearly $764,000, saying the restaurant refused to pay full rent due from August 2017 to April. Singh said she sold her stake in Seven Lions to a partner last year. [Crain’s]

“Chicago” series actors love this West Loop building

Three actors who work on Dick Wolf’s interconnected “Chicago” shows on NBC all have homes in the same West Loop building. Marina Squerciati of “Chicago P.D.,” Taylor Kinney of “Chicago Fire” and Yaya DaCosta of “Chicago Med” all own condos in the 180-unit building on Washington Street not far from the Cinespace Studios headquarters where the three series are shot. Squerciati now owns two units on the fifth floor, [Crain’s]

Lake County forms land bank to help sell vacant properties

Lake County municipalities are teaming up to form a land bank to help sell vacant and abandoned properties. Proponents said the effort can help reduce blight and increase property values. The villages of Fox Lake and Round Lake Beach are already on board, and a total of five to seven towns are expected to join by early next year. [Daily Herald]

Related Articles

SEC chair Jay Clayton (Credit: Getty Images)

SEC investigating financially troubled housing nonprofit

Founder and CEO of Level Ex Sam Glassenberg and 180 North LaSalle St. (Credit: Google Maps)

Medical gaming company inks sublease deal in River North

Ald. Andre Vasquez (40th) and 5500 N. Wolcott Ave. (Credit: Google Maps)

Ald. Vasquez says Temple Steel campus won’t give way to luxury housing

A rendering of the Target warehouse at 3501 S. Pulaski Road and Target CEO Brian Cornell (Credit: Hilco Redevelopment, Target)

Target takes aim at massive warehouse in Little Village

924 N. Clark Street and owner of the mansion, Rishi Shah

Revealed: What accused fraudster Rishi Shah paid for one of Chicago’s grandest mansions

Wolf Point East at 313 W. Wolf Point Plaza and Nema Chicago at 1210 South Indiana Avenue (Credit: Hines, Nema Chicago)

Over 10K new apartments could flood Downtown Chicago by 2022. But there’s a catch

From left: CEO and founder of CA Ventures Thomas Scott, CEOs of WeWork Sebastian Gunningham and Artie Minson, and a rendering of the building

WeWork has troubles, but it also has a new location in River North

EquityBuild's Shaun and Jerome Cohen and one of the corporation's properties at 7549-7559 South Essex Avenue (Credit: Google Maps)  

Ponzi scheme fallout: South Side has thousands of distressed apartments