Month: August 2019

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Mountain of Beverly Hills sells for…

Written by The Real Deal

The Mountain’s sale, to a lender linked to the Mark Hughes Trust, was a tiny fraction of the massive property’s asking price. (Credit: Realtor, Wikipedia, iStock) The Mountain of Beverly Hills, which hit the market last year with a bang for a record $1 billion, has fizzled out, selling for just $100,000 at a foreclosure auction. The buyer and only bidder was the lender, an entity linked to the Mark Hughes Trust. The Wall Street Journal first reported the story. The sale marks a monumental disappointment for the Mountain’s now former owner, Secured Capital Partners. In July 2018, the company got maximum exposure for its splashy listing on the 157-acre parcel above the Beverly Hills Post Office. It enlisted star broker Aaron Kirman to market the property, and received a mountain of publicity. But the dream soon faded and eight months later in February, the price was slashed to . At the auction in Pomona on Tuesday, the gavel banged down at a tiny fraction of the original listing. Any interested buyers would have had to bid at least $200 million to cover the lender’s debt on the property. But no other bidders showed. The Hughes Estate had owned the property previously. , a judge overseeing a bankruptcy case that centered on massive property ruled that the lenders could move ahead with the foreclosure. Secured Capital had filed paperwork for bankruptcy protection in May, and temporarily delayed the auction — originally scheduled for last week — by transferring ownership to Tower Park Properties. Both entities are tied to convicted felon Victorino Noval. The judge ultimately ruled that Tower Park’s bankruptcy case “does not prevent the lenders from proceeding with the foreclosure sale,” paving the way for Tuesday’s auction. It also struck down Secured Capital’s request for bankruptcy protection , siding with the lenders in both cases. [] — Natalie Hoberman

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Near North Side dominates Chicago’s 5…

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Clockwise from left: 1521 North State Parkway, 1040 North Lake Shore Drive, 65 East Bellevue Place, and 21 East Huron Street (Credit: Redfin) The owner of a Gilded Age mansion has put his home back on the market, hoping to find a buyer theGold Coast residence. The home at 1521 North State Parkway — now selling for $10.3 million — was the priciest of the top five new residential listings in Chicago last week. Collectively, last week’s top five are seeking over $25 million. Two of the homes are single-family — both in the Gold Coast — while the three others are for Near North Side condo units. Like a lot of luxury listings, the owner of the home AT 1521 North State, is giving it a second go, in an effort to cut through the glut of . Chicago’s Downtown condo sector has been propelling the local luxury market, but much of that success has been limited to new construction condo buildings. Condo resales, like single-family home sales, are having a rougher time. Price and property details were found using Redfin and records on PropertyShark. 1521 North State Parkway | Gold Coast | $10.3 million This nearly 10,000-square-foot home was built in 1894 by famed architect George Maher and includes seven bedrooms and eight bathrooms. There’s only three homes on this secluded Gold Coast block. The home was relisted last week after hitting the market in August 2018, when dentist Enrique Hernandez , also for $10.3 million. He bought the home in 2012 for $4.6 million and spent an unspecified amount on renovations. Doug Smith of @properties has the listing. 400 West Ontario, Penthouse | River North | $4.85 million A private elevator leads up to this 6,800-square-foot penthouse that has four bedrooms and four-and-a-half bathrooms. A 2,400-square-foot wraparound terrace provides panoramic views of the city. It is located in the Gallery 400 building, which was delivered in 1999, according to Redfin. Benyamin Lalez of Compass has the listing. 65 East Bellevue Place | Gold Coast | $3.9 million This 8,000-square-foot Art Deco single-family home includes four bedrooms, five bathrooms, four fireplaces, two wet bars and a two-car garage. The interior has been redesigned with modern flourishes, according to Redfin. Duane Shumaker of Jameson Sotheby’s International Realty has the listing. 21 East Huron Street, #4401 | River North | $3.3 million This penthouse unit in River North’s the Pinnacle building is nearly 4,000 square feet and includes three bedrooms, three-and-a-half bathrooms and three garage spaces. Amenities in the building include a pool, gym, game room and dog area. The building was delivered in 2004. Listing the unit is Sharon Glickman of Baird & Warner. 1040 North Lake Shore Drive, Unit 36BC | Gold Coast | $2.99 million This unit in the Midcentury Modern Carlyle building has 5,000 square feet, four bedrooms, four-and-a-half bathrooms, an office and a lake-facing balcony. The Carlyle was built in 1964 and includes access to a ballroom, gym, indoor pool, rooftop sundeck and valet parking. Natasha Motev of Jameson Sotheby’s International Realty has the listing.

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Knotel joins the unicorn club with…

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Knotel CEO Amol Sarva (Credit: iStock) Well, another unicorn has joined the co-working corral. Knotel raised $400 million, bumping up its valuation to at least $1.3 billion, according to Bloomberg. Investors this round included Kuwait-backed Wafra and Japan’s Mori Trust, Itochu and Mercuria Investment. Previous investors, including Newmark Knight Frank, Norwest Venture Partners and Sapir Organization, also participated in this round. The fundraising was in exchange for 15 to 30 percent of the company and was double the amount by The Real Deal in April. The infusion of capital comes as co-working giant WeWork’s parent, the We Company, gears up to go public. Critics have raised concerns about the and whether the $47 billion company can weather an economic downturn. “Some of the largest asset managers in real estate have doubts about the WeWork model,” Knotel co-founder and CEO Amol Sarva said in an interview. “In looking for an alternative, they found us.” Knotel’s clients are primarily major companies, including Microsoft, Starbucks and AT&T. WeWork, on the other hand, leases desks out on an individual basis. The company has more than 4 million square feet of flexible office space and plans to expand in its existing locations — New York, San Francisco and Los Angeles — and also venture into new cities, including Chicago, Houston, Dallas and Atlanta, as well as Tokyo, Hong Kong, Seoul, Shanghai, Beijing, Shenzhen, Hong Kong, Singapore, Mumbai, Delhi, Bangalore and Hyderabad. [] — Kathryn Brenzel

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Alex Sapir accused of mismanaging family…

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From left: Rotem Rosen, Zina Sapir, Tamir Sapir, Bella Sapir, Elena Sapir, and Alex Sapir (Credit: Getty Images) Rotem Rosen isn’t just seeking from the estate of Tamir Sapir. To corroborate claims that he saved Sapir’s real estate empire from ruin during the financial crisis, Rosen’s legal filings paint a picture of a family unable to manage their finances without him. Pointedly, he claims his former business partner and the late billionaire’s son, Alex Sapir, “mishandled and misused” assets from the elder Sapir’s estate — by making improper distributions to beneficiaries, hiding certain assets and investing in companies (on behalf of the estate) in which he holds an interest. “Alex has taken numerous actions to benefit himself, his holdings, or specific Sapir family members at the expense of the Estate,” court documents claim. But in what’s shaping up to be a family showdown, the estate and Alex Sapir are rejecting Rosen’s “fabricated” claims, which are based on “false or misleading allegations and omitted facts.” In court filings, the estate said Rosen is simply seeking leverage in his from Tamir’s daughter, Zina, whom he wed in 2007. Zina filed for divorce in April. Beneficiaries of Sapir’s estate — including Zina and Tamir’s second wife Elena — have also sided with Alex Sapir. In a July 2019 court filing, Tamir’s adult children called Rosen’s accusations a sham. Representatives for Rotem Rosen and the Sapir family declined to comment beyond the court filings. But Michael Ryan, a court-appointed guardian for Tamir Sapir’s young children, summed things up during a June 28 court appearance. “Reading between the lines… the real parties in interest here are [Zina] Sapir and Rotem Rosen,” he said, according to a transcript of the proceeding. “It’s really a divorce battle fought on a different field.” Roots in the financial crisis The basis of Rosen’s claim is an agreement Tamir Sapir struck with his son and Rosen in the throes of the financial crisis. A few years after marrying Zina Sapir in 2007, Rosen joined his new brother-in-law Alex in business. In 2011, Rosen and Alex Sapir formed ASRR LLC, a 50-50 venture, to help save the family from financial ruin. “Even Tamir’s personal credit card was restricted,” Rosen’s attorneys said in court documents. In a 2009 court filing in Nevada, Alex Sapir “pleaded poverty,” stating the Sapir Group was more than $250 million in debt and had just $4,000 in cash and cash equivalents. In 2010, Sapir defaulted on the mortgage and mezzanine loan at 100 Church, which SL Green bought at auction for a “ridiculously low amount of $10,000.” Rosen claims in court documents that Tamir Sapir agreed to pay ASRR 10 percent of the net value of any restructuring deal it facilitated. Rosen admits that he was paid while the elder Sapir was alive and, to a “limited extent” after his death in 2014. For instance, he was paid $75 million for helping to restructure the Sapir Organization’s debt, including HSBC loans valued at $180 million. 11 Madison Avenue (Credit: Google Maps) But Rosen said he was not compensated for some of the more lucrative deals — including the repositioning and selling of 50 Murray, 53 Park Place and 11 Madison, which SL Green bought for $2.6 billion in 2015. In court documents, Rosen alleges that while Alex Sapir initially said the estate would pay Rosen and ASRR for that work, after a “falling-out between Alex and Rosen in 2017, followed by a separation of certain of their business ventures in 2018, Alex backtracked.” However, documents filed on behalf of the estate allege there is no written agreement for the work and payment Rosen claims he’s owed. As a 50 percent owner of ASRR, Alex Sapir certainly would have known about one, court documents state. What’s more, Rosen didn’t file a claim seeking payment until February 2019, which the filing points out, a divorce with Zina was imminent. Finally, the estate points out that Rosen failed to mention that until 2014, he was compensated for his role as CEO of the Sapir Org. In that capacity, he earned $600,000 a year and Zina Sapir was paid $11,600 weekly. “Rosen claims that ASRR is due compensation for the very same services for which he was personally compensated,” the filing stated. Estate shenanigans In an attempt to compel the estate to provide a full financial accounting, Rosen says Alex Sapir mishandled Tamir’s estate even before he died. According to court filings, Alex assumed power of attorney for his father when Tamir Sapir fell into a coma in February 2013, after suffering a heart attack and brain damage. Tamir Sapir died in September 2014, around which time his fortune reportedly shrunk from $2 billion to $600 million. In court documents, Rosen posited that in paperwork preceding Tamir Sapir’s death certificate, Alex Sapir intentionally listed his father as divorced (even though he was married to Elena Sapir) to prevent Elena from claiming a portion of Sapir’s assets. Rosen also said Alex Sapir made “improper distributions” to family members “with the goal of buying the silence of any beneficiary that might challenge his power over the Estate.” Alex allegedly gave his mother and Tamir’s first wife, Bella, $25 million for a debt related to her 2006 divorce from Tamir. And he struck a deal to pay $750,000 to Tamir’s sister (Rozita Sofia), who previously threatened to sue Alex for violating his power of attorney for Tamir. Finally, he bought a for Elena Sapir, Tamir’s second wife, who lives there with their children, Eli and Zita Sapir. According to Rosen, Sapir failed to disclose some of his father’s assets to the court — including Tamir’s jewelry collection, a wine collection that was stored at Rosen’s apartment at 250 Mercer, and Tamir’s collectible Ford Motor cars, which are now housed at Bella Sapir’s Hamptons home. In a June 2019 court filing, Alex Sapir categorically denied Rosen’s allegations. He said there was no intentional concealment of assets from the asset. And he offered a simple explanation for the townhouse purchase: that he used his discretion to buy the home for Elena, whom Tamir Sapir supported financially while he was alive. “This point is reinforced,” court filings state, “by the fact that none of the beneficiaries — who are all fully familiar with the administration of the Estate — is seeking an accounting or removal” of Sapir as executor. Self-dealing But among Rosen’s accusations, there is one with potential business implications: that Alex Sapir engaged in self-dealing, using the estate’s money for his own benefit. In two instances — related to the Nomo Soho Hotel and Sapir’s Surfside development project — Rotem alleges that Alex Sapir obtained loans from the estate at favorable and/or below-market terms, benefitting Sapir Corp. At Surfside, Bella Sapir and Alex’s sister, Ruth Sapir-Barinstein, purchased two units for a total of . The suit alleges they also agreed to loan Sapir $3 million each. The suit also claims that Alex Sapir bought out Rosen’s stake in their joint venture through a partnership owned by his half-brother and half-sister, both minors. In court documents, Sapir said the allegations of self-dealing are “patently false.” He said Rosen set of carefully selected “facts” range from “misleading to plainly untrue.” Further, he said each transaction was “subject to commercially reasonable terms” made at arms-length and involving an audit committee. Each deal earned a “commercially reasonable return” for the estate. Untangling Sapir’s estate Settling Tamir Sapir’s complex estate has been a laborious, court filings for both parties reveal. Although Rosen claims Alex made improper disbursements, Alex’s attorneys have cited the complexity of Tamir’s empire, which was comprised of at least 30 separate businesses and property in Manhattan, Mexico, Vermont and New Jersey. They also said Sapir’s estate had been under audit by federal and state tax authorities since his death. In 2017, the IRS rejected Sapir’s valuation of certain properties and deductions, and suggested its value was $1.029 billion (about $500 million more than the estate claimed) and imposed $250 million in penalties. The estate whittled that down to $30 million and settled last year. In court documents, he said the estate is solvent with more than $300 million in assets. But, court documents also state that Sapir is prepared to create and maintain a reserve fund with enough money to satisfy Rosen’s allegations. A full accounting of how Alex Sapir has handled the estate would be a “burdensome and costly” process with no benefit to the estate. In addition, “numerous controversies” around Sapir’s beneficiaries will have come up, prompting each to lawyer up. Those lawyers have been meeting regularly for months to work out an amicable resolution. “This Court should not permit Rosen, the soon to be ex-husband of Zina Sapir and now family outsider, to interfere with these objectives,” court documents state.

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Mark your calendars: These are Chicago’s…

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There are two real estate events coming up next week. Host: NAIOP Chicago Date: August 28 Time: 6 p.m. to 8 p.m. NAIOP Chicago is hosting its at the East Bank Club, 500 North Kingsbury Street from 6 p.m. to 8 p.m. Attend for an evening of drinks and networking with professionals from nine different partner organizations. Host: Chicago Association of Realtors Date: August 29 Time: 9:30 a.m. to 2:30 p.m. The Chicago Association of Realtors is holding its at Lucky Strike Social, 1027 West Addison Street from 9:30 a.m. to 2:30 p.m. Come to this event to learn about the latest renovations at Wrigley Field. To search for future industry events or browse past ones, click . And to submit more industry events, please reach out to .

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Lawsuit questions former alderman’s tactics in…

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Vermilion President & CEO Dave Cocagne, a rendering of 1650 West Division Street, and former Alderman Joe Moreno (Credit: Vermilion Development) In April, a month before leaving office, Alderman Proco Joe Moreno quietly — and improperly — enabled RDM Development’s controversial apartment building project in Wicker Park to clear its hurdle for approval. That’s the allegation that Vermilion Development is making in its lawsuit against the city, according to Crain’s. Vermilion is charging that RDM’s planned 121-unit construction near its own condo and townhome project was improperly approved during Moreno’s last days in office. at 1628 West Division Street is next to Vermilion’s planned construction. Vermilion wants to build 43 condos and at 1650 West Division Street. According to the lawsuit, on Moreno’s final day as alderman, he called a vote on the RDM project but never listed it on the agenda. The measure — which included a zoning change to allow the construction to move ahead — passed without opposition, Crain’s reported. This came a year after Moreno had halted plans for the project, when RDM Development donated $1,000 to his campaign, drawing sharp criticism as the developer received City Plan Commission’s approval. Vermillion’s lawsuit is against the city, and does not name Moreno and RDM Development as defendants. Real estate-related donors comprised almost 60 percent of Moreno’s donors, with at least from developers. Moreno was ousted from office by housing advocate Daniel LaSpata early this year. [] — Sarah Paynter 

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Disgraced casino mogul Steve Wynn drops…

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Steve Wynn and 1960 South Ocean Boulevard (Credit: Sotheby’s and Getty Images) Embattled casino mogul Steve Wynn paid $43 million for an oceanfront estate in Palm Beach, property records show. Emma Cisneros of 1960 South Ocean Blvd. LLC, part of the billionaire Venezuelan family that owns a media conglomerate, sold the eight-bedroom, 24,600-square-foot mansion at 1960 South Ocean Boulevard. The buyer is 1960 LLC, in the care of a Las Vegas company tied to ’s Wynn Fine Art. Juan Pablo Molyneux designed the 2.25-acre property in Palm Beach, according to the listing. It was on the market with Cristina Condon of Sotheby’s International Realty for $56 million, but first hit the market in 2018 for $59 million, according to Zillow. The home includes a billiards room, a chef’s kitchen with butler’s pantry, a wine cellar and staff quarters, loggias, terraces, a guest and pool house and more. Records show that the seller paid $33.6 million in 2005 for the property. In July, the sold a 3-acre property at 555 Leucadendra Drive in Coral Gables for $23 million. Wynn, Wynn Resorts’ former chairman and CEO, from the company he founded in February 2018 after multiple allegations of sexual misconduct were revealed by the Wall Street Journal. In addition, his ex-wife filed a lawsuit alleging that he paid a manicurist $7.5 million after forcing her to have sex with him. Wynn, who sold the lot at 1350 South Ocean Boulevard last year for over $20 million, was previously rumored to have made an offer on the former estate of Broadway producer Terry Allen Kramer at 1295 South Ocean Boulevard. The latest sale adds to a string of ultra high-end deals to close in Palm Beach over the past few months. Kramer’s estate sold her property in June for about , not including commissions, creating a new single-family home sale record on the exclusive island.

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The New Fulton Market? Local developer…

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IBT Group’s Gary Pachucki and renderings of Humboldt Lit (Credit: LinkedIn and IBT) Chicago’s central business district has been creeping westward for years, but can it get as far west as Humboldt Park? One local developer is betting it can. Gary Pachucki is working to redevelop three warehouse buildings in the 1300 block of North Kostner Avenue into a mixed-use complex, featuring retail and “creative work space” the developer is calling Humboldt Lit. The loft-style office space will be marketed toward companies in creative fields, which may have been priced out of years ago, said Pachucki, who leads development firm IBT Group. “We’re trying to provide a vertical creative work environment that doesn’t exist in Chicago,” Pachucki said. Cowley Chicago’s urban development team will market the new office space. The buildout is being spearheaded by Ratio Architects. IBT Group is under contract for the three warehouse facilities currently occupied by a furniture company, Pachucki said. The total project is slated to cost about $50 million, including potential extensive buildouts for technology firms. The plan is to turn the 6-plus-acre property into a campus-style office development with 240,000 square feet of space dedicated to retail and office uses. The space could accommodate a number of tenants, or have a single tenant, Pachucki said. He envisions uses like a coffee shop and a bike store. There will be about 1 acre of outdoor space. The booming Fulton Market, which home to trendy restaurants and hotels, along with gleaming office towers, already commands the rental rates of any submarket. Increasingly, traditional corporate tenants — like — have moved into the neighborhood. Humboldt Park is an increasingly popular neighborhood, at least for homeowners, with the neighborhood seeing escalating . Fulton Market’s office and developments have steadily inched westward, with projects popping up closer to Ashland Avenue. This is not IBT Group’s first foray into the speculative West Side development game. In 2009, the firm purchased a 4-acre warehouse in the 1100 block of West Jackson Boulevard with plans for 300 residences, a Mariano’s and a movie theater. With the recession throttling development, IBT’s financing partners backed out, though the firm helped to develop a Target store on the site. Pachucki also hasn’t abandoned Fulton Market entirely, The firm has a project in the works there, though it was too early to discuss.

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Homebuilder Toll Brothers looks to higher-earning…

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Douglas Yearley of Toll Brothers UPDATED Wednesday August 21, 2019, 4:07 p.m.: Amid a softening , homebuilder Toll Brothers is developing lower-priced properties as it reaches out to higher-earning millennials. But the company is still enduring a difficult period, and its third quarter results released Wednesday saw a nearly 25 percent drop in net income year over year. The company reported a net income and earnings per share of $146 million and $1 respectively, down from a net income $193.million and $1.26 over the same period last year. While the value of its signed contracts had ticked up to $1.87 billion, contracts were still down 3 percent from the same period in 2018, disappointing analysts and causing the stock to sink more than 6 percent. Toll Brothers’ chairman and CEO Douglas Yearley pointed to positive “tailwinds” in the form of low mortgage rates, limited supply and strong employment. “While our third quarter contracts were down modestly, we are off to a good start in our fourth quarter,” he said in a statement. Toll Brothers’ City Living segment, which includes the New York City and Chicago metro areas, saw contracts down as well. The company reported 40 contracts totaling $63.5 million with an average price per unit of $1.58 million. That was down from 49 contracts of $80.7 million at $1.6 million per unit. The results were an improvement on the second quarter, however, which saw net income of $129 million and $0.87 earnings per share. Meanwhile, the company’s first quarter results were its , with home contracts plummeting 24 percent year over year with a net value of $1.16 billion. Building off last quarter’s increased demand, Yearley said Toll Brothers has expanded its buyer segment, pricing homes between $275,000 and $3 million. “We are carefully and slowly expanding the price point,” he said during the company’s Wednesday earnings call. He said Toll Brothers is aiming to capture first-time millennial homebuyers with larger budgets. Yearley added that move will speed up the pace of sales, though it will take some time for those results to show in the company’s reports. Toll Brothers continues to focus on projects where the company knows it can build immediately, he said. Earlier this month, the firm its first New York City property in years for $44 million. It was the site of a controversial hotel on the controversial on the Upper West Side. When asked about it, and the company’s outlook on New York City’s struggling condo market, Yearley declined to comment. “New York has felt better this summer,” he said vaguely. The city accounts for “only 3 percent of our business at the moment, but it feels better this summer.” Barclays’ analyst Matthew Bouley noted that Toll Brothers has generally been “pulling back” in New York, and City Living’s business has been shifting into joint ventures outside of Manhattan. “It’s a pullback from NYC on-balance sheet exposure to off-balance sheet joint ventures in other regions,” he wrote in an email. In June, the penthouse at the Toll Brothers’ condo at 1110 Park Avenue finally at half its original price, meanwhile, the firm completed its 140-unit condo at in Gramercy Park, which is aiming for a $450 million sellout. Clarification: A quote from Bouley was added to clarify his point.

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John Buck and Morgan Stanley want…

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Every day, The Real Deal rounds up Chicago’s biggest real estate news. We update this page at 10 a.m. and 5 p.m. PT. Please send any tips or deals to  This page was last updated at 5 p.m. CST   John Buck wants a big payday for ‘Big Red.’ The John Buck Company and New York-based Morgan Stanley are seeking $375 million for the office tower at 333 South Wabash Avenue known as “Big Red.” The venture had redeveloped the property in recent years, helping to lure Northern Trust to a 462,000-square-foot lease in the famous building. []   Former city development chief joins major development firm. Former Mayor Rahm Emanuel’s planning chief, David Reifman, has joined the development arm of Clayco. He will serve as a partner and senior vice president for strategic development initiatives. Reifman helped steer through City Hall some of the biggest developments in the city’s history, including Lincoln Yards and The 78, which are both long-term projects.[]   Lincoln Park public housing development getting major expansion. The Chicago Housing Authority and Ohio-based PIRHL are embarking on a massive redevelopment of a 1960s public housing complex in the 2700 block of North Sheffield Avenue. Plans call for a new six-story building that will connect to the two existing 11-story structures, adding 91 apartments to the property. []   GW Properties moves forward with Logan Square warehouse redevelopment. The developer has unveiled renderings for its project that seeks to turn a 107-year-old warehouse facility into a mixed-use project including offices, restaurants and retail. GW is foregoing original plans to include loft apartments, saying there is enough residential development in Logan Square. []   Oak Brook corporate HQ expansion breaks ground. Morgan/Harbor Construction broke ground on a 135,000-square-foot expansion of Hub Group’s corporate offices in Oak Brook. The firm is building a replica of the company’s existing offices that will be connected via an underground walkway. []   Local developer sets sights on Humboldt Park. IBT Group’s Gary Pachucki is working to redevelop three Humboldt Park warehouses into a $50 million mixed-use development with loft-style office space. The complex will try to lure creative companies who may have been priced out of Fulton Market. []   Near North Side dominates last week’s priciest listing. Of the five priciest listings to hit the market last week, all of them were in the Gold Coast or River North. Two of them were for single-family homes, while the rest were for condo re-sales. []   Howard Lorber doesn’t fear a recession. As the Douglas Elliman chair prepares an entry to Houston, Texas, he has dismissed fears that recession would impact the brokerage business. “Could things slow down? Yeah, they could,” he said. “I’m not sure they will, but it’s not something I worry about.” []   Former Ald. Joe Moreno (1st) and the site of RDM Development’s Wicker Park project Too close for comfort. Vermilion Development is suing the city, alleging that a residential complex next to its own planned Wicker Park condo and townhome project was improperly approved during the twilight hours of Alderman Joe Moreno’s tenure. The project in question is RDM Development’s 121-unit complex, which is close to Vermilion planned 55-unit construction.[]   Chicago Housing Authority boss resigns. Eugene Jones Jr. resigned his post as CEO, effective Sept. 27. Jones, a popular City Hall figure, is leaving a year before his contract is up, exiting to pursue other opportunities, he said. []   601W Companies unveils new amenities at Aon Center. Construction firm J.C. Anderson has wrapped up work on the nearly 30,000-square-foot amenity floor on the Aon Center’s 70th floor, which includes a gym, conference center, a bar, eatery and dining area. 601W is also planning to put an observation deck on the top of the 83-story tower. []   Design firm is moving to the Loop. Canopy /Architecture + Design will move from Logan Square to a second floor space at 180 West Washington Street. The firm behind the Oso Apartment complex is just the latest creative company to move to the Loop, giving some hope for the area’s resurgence ahead of some major tenant relocations. []   Watch One Bennett Park’s rise in one minute. Related Midwest and EarthCam have released a timelapse video of the Streeterville high rise’s construction. The combination apartment and condo building has been racking up major condo sales this year, and is the tallest residential-only skyscraper in the city. []   Risky loans to homebuyers are on the rise. Protections put in place following the 2008 financial crisis, that bar borrowers from taking out loans they can’t pay back, are being avoided by a new mortgage category known as non-qualified loans. Last year $45 billion of these loans were issued, and 2019 is on track to top that figure. []   Landlords are using co-working companies to fill space in Opportunity Zones. A major challenge for building owners has been to draw businesses, and tenants, to distressed areas. The answer, for some, is to introduce co-working companies to their buildings, which in turn, attract startups, and entrepreneurial activity, giving those areas a boost. []   Compiled by Joe Ward