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.