Chicago casino operator probably won’t make much money, Tishman Speyer poaches JLL broker: Daily digest

A daily roundup of Chicago real estate news, deals and more for August 15, 2019

TRD CHICAGO /
Aug.August 15, 2019 05:00 PM

Every day, The Real Deal rounds up Chicago’s biggest real estate news. We update this page at 10 a.m. and 5 p.m. PT. Please send any tips or deals to [email protected]

This page was last updated at 5 p.m. CST

 

Top JLL dealmaker heading to Tishman Speyer’s Chicago office. Co-leader of Jones Lang LaSalle’s Chicago investment sales team, Nooshin Felsenthal, will now oversee acquisitions and development locally for the New York development giant. Felsenthal has brokered $12 billion in sales in her time at JLL, including the sales of the Prudential Plaza and the Chicago Board of Trade Building. [Crain’s]

 

Taxes make Chicago casino financially infeasible. A state agency’s feasibility study shows that taxes on a Chicago casino could take up as much as 72 percent of the casino’s adjusted gross receipts. Developer profits from a casino operating in these circumstances would only be a 1-2 percent annual return, much lower than many other development opportunities. [GlobeSt]

 
55 East Jackson and Marc Realty’s David Ruttenberg

55 East Jackson and Marc Realty’s David Ruttenberg

Marc Realty makes tidy profit on East Loop office sale. The local firm led by David Ruttenberg sold 55 East Jackson Boulevard for $63.5 million, more than three times what it paid 16 years ago for the property. The buyer is an entity managed by attorney Paul Downing and tied to David Perlstein and Sung il Moon. [TRD]

 

Kinetic wall approved for River North. Developer North Wells Capital has received approval to build a 15-story office tower at 301 West Huron Street that will include a parking garage covered by a kinetic wall. It will be the second such undulating wall in the city, with Sterling Bay also planning one for its 333 North Green Street project. [Curbed]

 
The Barry Quad condo complex 

The Barry Quad condo complex

Lakeview condo complex lists as deconverion play for $36 million. The 115-unit in three courtyard buildings would be just the latest major condo deconversion in the city. Only one other Lakeview walk-up larger than 100 units has traded in the last decade. [TRD]

 

Want to go to Hudson Yards’ newest restaurant? Only if you’re a friend of Stephen Ross. A new restaurant set to open in Hudson Yards this fall will be a members-only destination reportedly created for developer Stephen Ross’s “super-rich buddies and CEO friends.” [Eater]

 

It’s bad news for Macy’s as the retailer’s earnings guidance was cut. As malls struggled across the country, Macy’s management insisted it was above the fray. But after the company’s earnings guidance was lowered Wednesday, following poor quarterly earnings, it appears the retailer is yet another victim to changing consumer behavior. [Yahoo]

 
EXP Realty broker Sean Cochran (Credit: Facebook)

EXP Realty broker Sean Cochran (Credit: Facebook)

An EXP broker’s parody video of Garth Brooks went viral. EXP Realty broker Sean Cochran cut a promotional video featuring a home-selling parody of the country singers famous song “Friends In Low Place.” Since July, the new broker has racked up over 500,000 views on the video. [Crain’s]

 

Justice John Paul Stevens’s former South Side home is for sale. The late U.S. Supreme Court justice once lived in this large Beverly home that’s now seeking $875,000. The illustrious home was built in 1894 by famed architect D. Everett Waid. [Chicago Magazine]

 

Arlington Heights finally welcomed its first affordable housing development. A decade after voting the original proposal down, village officials are set to help cut the ribbon on Arlington Height’s first affordable and supportive housing complex, an 18-unit building on the village’s north side designed to help those with health needs. The development came in response to a village task force which said the area needs 973 affordable, supportive housing units. [Daily Herald]

 

An 1850s farmhouse is facing demolition in Homer Glen. The village is seeking a buyer to tear down a historic farmhouse that has fallen into disrepair. The house, despite its age, is not worth preserving, village officials concluded. Changes over the years that include aluminum siding and vinyl windows would make it difficult to restore. [Daily Southtown]

 

A long-vacant South Shore storefront is finally getting a tenant. It’s not just South Shore’s multifamily market that is heating up. Six years after Dominick’s left the big box store at 79th Street and South Side Drive, officials have announced that a Shop & Save grocery store, will soon open in the space. [Block Club]

 

Developer Vermilion broke ground on a Wicker Park condo project. The developer is teaming with Hirsch MPG Architecture to begin building Alcove Wicker Park, a 43-unit condominium project in the hot West Side neighborhood. Units all ask between $600,000 and $1.1 million. [Curbed]

 

Morgan Stanley lost the lead in WeWork’s IPO financing. The co-working giant has rejected Morgan Stanley’s pitch to be the top underwriter on its impending IPO, so the financial giant pulled back from the deal entirely. [Bloomberg]

 

WeWork CEO Adam Neumann (Credit: iStock)

WeWork’s IPO filing laid the company bare. CEO Adam Neumann has borrowed almost $1 billion from WeWork and its lenders. This was one of many disclosures in WeWork’s IPO filing Wednesday. We broke down the rest. [TRD]


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