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Unsold Condos Represent a Major Opportunity
Astoria Tower, a 30-story high rise development in Chicago, was faced with lagging sales as the economy took its toll on the luxury condo market. This development represented an incredible opportunity for Crescent Heights, to acquire a quality multifamily project at a very competitive price.
LM Consultants enjoyed working with Crescent Heights on their due diligence process for the Astoria Tower project. As this acquisition was atypical, the primary role we were able to assist with was in verifying square footage. Originally sold as condos, the previous homeowners were able to adjust wall locations and request alterations to their units that varied from the original construction square footage calculations. Through a meticulous process of measuring, recording and mapping, LM Consultants was able to provide a more reliable and objective representation of the square footage involved in each unit floor plan.
For additional information on Crescent Heights acquisition please see the recent article by Andrew Schroedter of Crain’s Chicago Business at http://bit.ly/gKZe3c
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