Bulk Auction of Remaining Units at 1610 W. Fullerton
In December 2007, Crain’s ran a story about smaller developers who were facing foreclosure on their developments.
The Ashton Lofts at 1610 W. Fullerton in Lincoln Park was included as one of the developments in trouble in the article. From Crain’s:
In October, LaSalle Bank N.A. filed a foreclosure suit to collect $5.3 million on an overdue construction loan for the Ashton Lofts, a 39-unit project at 1610 W. Fullerton Ave.
Several condo buyers bailed out of the project as it struggled with construction delays, preventing Teiva Hirshon of Premiere Midwest Developers LLC from paying back the loan by a June 1 maturity date. Pushing the due date back to September didn’t help, either.
Yet sales have picked up in the last few weeks. Nineteen units have been sold or are under contract, says Mr. Hirshon, who also is trying to refinance.
“I’m actually quite enthused,” he says.
Apparently, the enthusiasm was short-lived because the buildings remaining units are going up for bulk sale in an auction in April. [Thanks to the Tipster who alerted me about the auction.]
From the listing:
5-STOREY, 39 UNIT CONDO DEVELOPMENT IN PRIME LINCOLN PARK @ FULLERTON/ASHLAND/CLYBOURN. BULK SALE OF 22 REMAINING CONDO UNITS, 4150SF OF 1ST FLR RETAIL, DIVISABLE, 42 GRG PRKG SPCS 15 UNITS & 15 PRKG SPCS HAVE BEEN SOLD & CLSD.
UNSOLD UNITS INCL 1, 2, 3 BDRMS FROM 935SF TO 1700SF. PH W/PANORAMIC SKYLINE VWS & PVT TERRC SPACE. FLR-TO- CLNG WNDWS. 10′ CLNGS BULK SALE ONLY AUCTION DATE SET FOR MID-APRIL ’08.
Here are some pictures of interiors of the units:
Currently, Baird and Warner is handling the listings.
I really like the location and look of this building. Given I haven’t seen it on MLS before and its a
I’m beginning to wonder if the people who design/paint these things are blind…
Ecker: It’s amazing some of the things you see if you look at enough condos.
What exactly is a bulk auction? Does it affect the people who already own in the building?
i checked this place out during the summer and thought it was a cookie cutter development and very overpriced. they were desperate to sell units but not too flexible on price. the 1br layout is tiny but expensive in sq ft terms.
Bleh original posting got truncated. I actually like the look of this building (aside from concrete ceilings) and its a low rise and low number of units in the building, but its still priced pretty high. Cheapest unit on MLS is a 1br/1ba for 300k. I don’t think that includes parking, either.
From the listing agent:
PUBLIC AUCTION MAY 6, 2008 @ 11 AM. BULK SALE of 24 condo units, 42 garage parking spaces, 4150 square feet of 1st floor retail space at Fullerton/Ashland/Clybourn in PRIME West Lincoln Park. 5-Story, 39-unit condo building. 15 units and 15 parking have been sold and closed. 24 condo units remain. Unsold units include 1, 2, 3 bedrooms from 935 square feet to 1700 square feet. Penthouses with panoramic skyline views and private terraces. All units have balconies, floor to ceiling windows, 10’ ceilings. ALL UNITS, PARKING and RETAIL will be sold to one bidder.