Investors cut prices at Pearson on the Park

Pearson on the Park, 222 E Pearson St in Streeterville, ChicagoA group of investors recently bought up all of the unsold units at the failed Pearson on the Park conversion at 222 E Pearson St in Streeterville and will soon relist them at 25 to 40 percent below their original prices, according to Crain’s.

The group purchased the 30 condos for about $173,000 apiece and should be able to turn a profit even with the discounts, the story says.

Details of the discounts actually came from Ted Guarnero of Baird & Warner, who has listed a short sale in the building. The nine condos currently listed in the building (none of which are the developer-owned units) include one-bedrooms priced from the $220s to $320s, two-bedrooms from the $240s to $420s, and three-bedrooms from the $470s to $1.3 million.

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