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Hawthorne Development’s Pearson on the Park, the 28-story, 219-unit conversion at 222 E Pearson St in Streeterville, is the latest downtown condo high-rise to face a foreclosure suit, Crain’s reports.
The company, headed by developer Ganesan “Dr. Vish” Visvabharathy, failed to pay off a $6.8 million loan to PrivateBank & Trust by March, according to a suit filed in circuit court.
The tower, which is located across the street from the Museum of Contemporary Art and Lake Shore Park and just one block west of Lake Shore Drive, hasn’t been a bust — about 80 percent of its condos had closed as of May 2007 — but 2009 has been a tough year for the project. Hawthorne has sold just three homes in the building this year and has responded by cutting prices by an average of 13 percent, the story says.
Developer units marketed by Jameson Real Estate are listed from the $320s for a two-bedroom condo to the $430s for a three-bedroom. Resales range from the $250s for a one-bedroom to the $620s for a three-bedroom. At least 12 condos are available to rent from $1,425 to $3,900 a month.
Hawthorne upgraded units in the 46-year-old tower with hardwood floors in the living and dining areas, designer kitchen cabinets, granite countertops, stainless-steel appliances, and marble bath finishes. Building amenities include a 24-hour door staff, valet parking, party room, fitness center, and rooftop deck.
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{ 2 comments }
Too Bad
I rent in this building and think this is one of the best locations in the city. And the contractors did a decent job on the upgrades within the condos.
But left the rest of the building with nearly no updates other than carpeting the halls and paint.
I think that if this building would have had the attention it deserved by the developer.
It would have sold out last year and they could have gotten $20,000 more a unit.
NOW The owners are sitting with a build that has about 70 rentals, 22 resales and 20ish units still to sale by the developer.
Most likely the bank will cut a deal with someone to sell these units at a further discount
and placing the orginial owners units deeper in debt.
Rumor has it this developer has had
problems in other buildings as well.
Thanks for the info, Ted.
For those who might not recognize the name, Ted’s a top-notch real estate salesperson who’s been active both in Chicago and in Florida for a number of years.
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