Check out this amazing video from 1948! How much has changed!
Tuesday, May 18, 2010
Monday, May 17, 2010
Trader pays over $7.25 million for Elysian condo
By: Andrew Schroedter May 17, 2010
(Crain’s) — An options trader is taking a gamble on the Elysian Hotel & Private Residences, paying more than $7.25 million for a condominium in the Gold Coast skyscraper that he hopes to flip for more than $10 million.
Igor Chernomzav, a co-founder of Hard Eight Futures LLC, bought a 12,000-square-foot unit on the 56th and 57th floors of the 60-story tower at 11 E. Walton St., which also features a 188-room hotel, according to property records.
Mr. Chernomzav, 33, who paid cash for the five-bedroom, two-level condo, plans to remodel the unit and put it back on the market, according to Tricia Fox of residential real estate firm Keller Williams, which brokered the sale.
The asking price will be between $10 million and $11 million, Ms. Fox says.
This is the second unit Mr. Chernomzav has purchased in the Elysian, after paying a reported $8.18 million in March for a 52nd-floor unit, which he is also remodeling. Whether he also plans to flip that condo could not be determined.
A spokesman for Mr. Chernomzav declines to comment.
Mr. Chernomzav started Chicago-based Hard Eight in 2004, five years after earning a philosophy degree from Princeton University, according to his firm’s Web site. Originally from San Antonio, he began his career in 1999 as an options trader for Susquehanna Investment, part of suburban Philadelphia-based Susquehanna International Group LLP.
For his recent purchase in the Elysian, the entrepreneur bought a contract for a unit signed several years ago by a speculator represented by Ms. Fox. The identity of the speculator and how much Mr. Chernomzav paid for the contract could not be determined.
But Mr. Chernomzav is paying developer Elysian Worldwide 25% less than the speculator’s original asking price of $9.5 million for the unit, which features a 25-foot living room ceiling and 360-degree views.
Zaga Arsic, also of Keller Williams, represented Mr. Chernomzav.
The deal is a sign that the high-end market is improving as sellers cut prices, says Craig Hogan, managing broker of Keller’s Gold Coast office.
“If the price is right, people will come look,” he says.
Mr. Chernomzav has paid the highest prices for units in the Elysian, surpassing the $6.88 million that James McNulty, former CEO of the Chicago Mercantile Exchange, paid in January for a 7,400-square-foot condo on the project’s 37th floor, according to property records. Mr. McNulty didn’t return a call seeking comment.
Buyers have closed on 31 of the 51 residential condo units in the building, says developer David Pisor, who in November was forced to abandon a plan to also sell the 188 hotel units in the building.
Another 15 residential condos are under contract, says Mr. Pisor, president and CEO of Chicago-based Elysian Worldwide LLC, who adds that sales traffic has picked up in the last 45 days.
“It was pretty brutal there for a while,” he says.
(Crain’s) — An options trader is taking a gamble on the Elysian Hotel & Private Residences, paying more than $7.25 million for a condominium in the Gold Coast skyscraper that he hopes to flip for more than $10 million.
Igor Chernomzav, a co-founder of Hard Eight Futures LLC, bought a 12,000-square-foot unit on the 56th and 57th floors of the 60-story tower at 11 E. Walton St., which also features a 188-room hotel, according to property records.
Mr. Chernomzav, 33, who paid cash for the five-bedroom, two-level condo, plans to remodel the unit and put it back on the market, according to Tricia Fox of residential real estate firm Keller Williams, which brokered the sale.
The asking price will be between $10 million and $11 million, Ms. Fox says.
This is the second unit Mr. Chernomzav has purchased in the Elysian, after paying a reported $8.18 million in March for a 52nd-floor unit, which he is also remodeling. Whether he also plans to flip that condo could not be determined.
A spokesman for Mr. Chernomzav declines to comment.
Mr. Chernomzav started Chicago-based Hard Eight in 2004, five years after earning a philosophy degree from Princeton University, according to his firm’s Web site. Originally from San Antonio, he began his career in 1999 as an options trader for Susquehanna Investment, part of suburban Philadelphia-based Susquehanna International Group LLP.
For his recent purchase in the Elysian, the entrepreneur bought a contract for a unit signed several years ago by a speculator represented by Ms. Fox. The identity of the speculator and how much Mr. Chernomzav paid for the contract could not be determined.
But Mr. Chernomzav is paying developer Elysian Worldwide 25% less than the speculator’s original asking price of $9.5 million for the unit, which features a 25-foot living room ceiling and 360-degree views.
Zaga Arsic, also of Keller Williams, represented Mr. Chernomzav.
The deal is a sign that the high-end market is improving as sellers cut prices, says Craig Hogan, managing broker of Keller’s Gold Coast office.
“If the price is right, people will come look,” he says.
Mr. Chernomzav has paid the highest prices for units in the Elysian, surpassing the $6.88 million that James McNulty, former CEO of the Chicago Mercantile Exchange, paid in January for a 7,400-square-foot condo on the project’s 37th floor, according to property records. Mr. McNulty didn’t return a call seeking comment.
Buyers have closed on 31 of the 51 residential condo units in the building, says developer David Pisor, who in November was forced to abandon a plan to also sell the 188 hotel units in the building.
Another 15 residential condos are under contract, says Mr. Pisor, president and CEO of Chicago-based Elysian Worldwide LLC, who adds that sales traffic has picked up in the last 45 days.
“It was pretty brutal there for a while,” he says.
Spire developer closes sales office at NBC Tower
By: Eddie Baeb May 17, 2010
(Crain’s) — The Chicago Spire has closed its lavish sales office in NBC Tower after settling an eviction lawsuit filed last fall by its landlord over unpaid rent.
Spire developer Shelbourne Development Group reportedly spent about $10 million to build out the spacious sales center on the 18th floor of NBC Tower, 455 N. Cityfront Plaza Drive, while the landlord kicked in almost $350,000.
The sales center, which included a fully built-out model, overlooked the Spire’s site at 400 N. Lake Shore Drive, where construction of the twisting tower that would be North America's tallest building halted in late 2008.
The closing comes nine months after the owner of NBC Tower, a partnership controlled by the family of German billionaire Hugo Mann, filed an eviction suit in August, alleging that Shelbourne stopped paying rent in April 2009 and that the building was owed more than $316,000.
The two sides settled the case in February, after the landlord obtained a judgment for about $55,000, part of the unpaid rent, according to a March 4 court order. The settlement apparently paved the way for Shelbourne to surrender the space.
Dublin, Ireland-based Shelbourne closed the sales center over the weekend. sources say. The company will now make sales pitches for the proposed 150-story condominium tower at Shelbourne’s local business office on Wacker Drive, the Chicago Tribune reported Monday on its Web site.
A Shelbourne spokeswoman didn’t respond to a call or e-mail from Crain’s.
But the spokeswoman told the Tribune that Garrett Kelleher was “being smart" by closing the sales center. "If you're in a situation where things are slowing down, you need to consolidate and you need to be smart,” she said.
Attorney Scott Kenig, a partner in Chicago law firm Randall & Kenig LLP, which represents the Mann family partnership, declines to comment.
(Crain’s) — The Chicago Spire has closed its lavish sales office in NBC Tower after settling an eviction lawsuit filed last fall by its landlord over unpaid rent.
Spire developer Shelbourne Development Group reportedly spent about $10 million to build out the spacious sales center on the 18th floor of NBC Tower, 455 N. Cityfront Plaza Drive, while the landlord kicked in almost $350,000.
The sales center, which included a fully built-out model, overlooked the Spire’s site at 400 N. Lake Shore Drive, where construction of the twisting tower that would be North America's tallest building halted in late 2008.
The closing comes nine months after the owner of NBC Tower, a partnership controlled by the family of German billionaire Hugo Mann, filed an eviction suit in August, alleging that Shelbourne stopped paying rent in April 2009 and that the building was owed more than $316,000.
The two sides settled the case in February, after the landlord obtained a judgment for about $55,000, part of the unpaid rent, according to a March 4 court order. The settlement apparently paved the way for Shelbourne to surrender the space.
Dublin, Ireland-based Shelbourne closed the sales center over the weekend. sources say. The company will now make sales pitches for the proposed 150-story condominium tower at Shelbourne’s local business office on Wacker Drive, the Chicago Tribune reported Monday on its Web site.
A Shelbourne spokeswoman didn’t respond to a call or e-mail from Crain’s.
But the spokeswoman told the Tribune that Garrett Kelleher was “being smart" by closing the sales center. "If you're in a situation where things are slowing down, you need to consolidate and you need to be smart,” she said.
Attorney Scott Kenig, a partner in Chicago law firm Randall & Kenig LLP, which represents the Mann family partnership, declines to comment.
Friday, May 14, 2010
TROLLEY TOUR
Please join us for our New Construction Trolley Tour this Sunday, May 16th!
Space is limited, RSVP to marygeorge@triciafoxgroup.com
This event is for clients of the Tricia Fox Group and their guests only please.
Space is limited, RSVP to marygeorge@triciafoxgroup.com
This event is for clients of the Tricia Fox Group and their guests only please.
Tuesday, May 4, 2010
Monday, May 3, 2010
Free Movies All Summer Long
FREE MOVIES ALL SUMMER LONG!
Cinema/Chicago, the presenting organization of the Chicago International Film Festival, brings the best in international cinema to Chicago through its year-round programming and events. In collaboration with the Chicago Cultural Center and our international and cultural partners throughout the city, we are pleased to host FREE public film screenings at our 7th annual International Summer Screenings Program. Due to the popularity of this program, we've expanded our schedule to include select Saturday matinee screenings, in addition to our weekly Wednesday evening screenings! This weekly film series, running May 5 - September 8, showcases nineteen films from around the world.
Seating is on a first-come, first-served basis and is limited to theater capacity. Films are unrated. Viewer discretion is advised.
May 5 - September 8, 2010 | Wednesdays at 6:30PM | Saturdays at 2:00PM
Chicago Cultural Center | Claudia Cassidy Theater | 77 E. Randolph Street
For a complete schedule and synopses, please visit: Cinema/Chicago website
*****
Wednesday May 5, 6:30pm - BANDIDOS (Mexico)
Wednesday May 12, 6:30pm - MADAME SATA (Brazil)
Wednesday May 19, 6:30pm / Saturday May 22, 2:00pm - BERLIN IS IN GERMANY (Germany)
Wednesday May 26, 6:30pm / Saturday May 29, 2:00pm - DUNYA & DESIE (The Netherlands)
Wednesday June 2, 6:30pm / Saturday June 5, 2:00pm - CAPE NO. 7 (Taipei)
Wednesday June 9, 6:30pm / Saturday June 12, 2:00pm - SCANDAL MAKERS (South Korea)
Wednesday June 16, 6:30pm / Saturday June 19, 2:00pm - BYE, BYE GDR! (Poland)
Wednesday June 23, 6:30pm - MY YEAR WITHOUT SEX (Australia)
Wednesday June 30, 6:30pm* / Saturday July 3, 2:00pm - SEDUCING DR. LEWIS (Canada)
Wednesday July 7, 6:30pm / Saturday July 10, 2:00pm - THE EQUATION OF LOVE AND DEATH (China)
Wednesday July 14, 6:30pm* / Saturday July 17, 2:00pm - WONDERFUL TOWN (Thailand)
Wednesday July 21, 6:30pm / Saturday July 24, 2:00pm - ME AND MY SISTER (France)
Wednesday July 28, 6:30pm / Saturday July 31, 2:00pm - STONES (Stones)
Wednesday August 4, 6:30pm / Saturday August 7, 2:00pm - THE SIGNAL (Argentina)
Wednesday August 11, 6:30pm / Saturday August 14, 2:00pm - DON'T THINK ABOUT IT (Italy)
Wednesday August 18, 6:30pm / Saturday August 21, 2:00pm - SMALL FISH (Austria)
Wednesday August 25, 6:30pm / Saturday August 28, 2:00pm - WILL YOU MARRY US? (Switzerland)
Wednesday September 1, 6:30pm / Saturday September 4, 2:00pm - CASTLE UNDER FIERY SKIES (Japan)
Wednesday September 8, 6:30pm - A TRIP TO THE SEASIDE (Uruguay)
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