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Crains: These big condo towers could be rentals once again

June 1, 2017

Condo deconversions are in the news again.  The article discusses how deconversions are attractive for buildings of all sizes.

 

Some highlights from the article:

 

"Many owners are willing to sell out because developers typically pay a premium over current market prices in their building. They can afford to pay more because units in many buildings are worth more as apartments than as condos.

 

Based on recent sales at Kennelly Square, Theobald estimates his unit is worth about $125,000. But he reckons he could receive $147,000-plus from a developer, based on an estimated price for the entire building of $70 million or more."

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CCDS is a division of Pearson Realty Group formed by A.J. Manaseer in 2016 to focus on the burgeoning deconversion trend happening in the Chicago area. CCDS consists of a group of real estate and legal professionals whose mission is to leverage our knowledge and experience to achieve the best possible results for our clients. 

 

A.J. has been active in Chicagoland real estate as an investor, broker, and developer for over 15 years. Since 2012, A.J. has completed over $325MM worth of residential and commercial real estate transactions. 

 

A.J. has a degree in Economics from Duke University and an MBA from DePaul University.  

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