Chicago Mob Linked Property Owner facing Michigan Avenue foreclosure files Chapter 11

Crain's Chicago Business reports:

The owner of a Michigan Avenue property once slated for a 52-story hotel-and-apartment tower has sought refuge in Bankruptcy Court, blocking a $24.8-million foreclosure by its lender.

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A venture controlled by Thomas DiPiazza and Richard Ferro filed a Chapter 11 petition last month, more than a year after Northbrook Bank & Trust Co. filed to foreclose on the four-story building at 300-310 N. Michigan Ave.

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