Condo Deconversions Heat Up
With rents on the rise, developers and investors are looking for creative ways to enter the Chicago apartment market.
One option, condominium deconversions, has continued to gain steam. Several Chicago buildings were sold recently with intentions to turn the properties into apartments. This option is popular amid a backdrop of high material and labor costs, but the process itself isn’t always easy. In a recent REJournals.com story, Taylor Johnson client Sonny Ginsberg, co-founder of Chicago-based law firm Ginsberg Jacobs LLC, gave an overview of the various challenges associated with a deconversion, such as getting 75 percent of unit owners to sign off on a sale.