An appraisal done two months ago put the value of the 1.2-acre site at 3030 N. Broadway at $9.8 million, according to a copy of the appraisal obtained by the Chicago Sun-Times. That's far less than the $18 million in mortgages on the property, including the $7.9 million in city pension money from Daley's nephew Robert Vanecko and his business partner Allison S. Davis.You'll want to read the whole article.Great moments in urban real estate.
Tuesday, June 02, 2009
Obama's Ex-Bosses' Bad Deal For Chicago Public Pension Funds
The Chicago Sun-Times reports:A year after Mayor Daley's nephew and his business partner lent $7.9 million in city pension funds to developers hoping to build a Dominick's grocery store and condos on a vacant lot on the North Side, the value of the property has plummeted.
An appraisal done two months ago put the value of the 1.2-acre site at 3030 N. Broadway at $9.8 million, according to a copy of the appraisal obtained by the Chicago Sun-Times. That's far less than the $18 million in mortgages on the property, including the $7.9 million in city pension money from Daley's nephew Robert Vanecko and his business partner Allison S. Davis.You'll want to read the whole article.Great moments in urban real estate.
An appraisal done two months ago put the value of the 1.2-acre site at 3030 N. Broadway at $9.8 million, according to a copy of the appraisal obtained by the Chicago Sun-Times. That's far less than the $18 million in mortgages on the property, including the $7.9 million in city pension money from Daley's nephew Robert Vanecko and his business partner Allison S. Davis.You'll want to read the whole article.Great moments in urban real estate.
