November was a big month for property sales in Oak Park, with the two most notable transactions connected to the controversial Albion high-rise project at the corner of Lake and Forest, and the sale of a property on Harrison Street once owned by derelict building owner Chris Kleronomos.
In November, Albion Residential LLC purchased the property at 1000 Lake Street for $7.15 million. The seller was identified as OP Office Partners LLC.
It’s the second time the property has been sold in a little over two years. In August 2015, the parcel of land, which is currently occupied by a two-story brick office building, was purchased – along with the adjacent 7-story office building at 1010 Lake St. – by UrbanStreet Group for $6.95 million.
The Albion proposal was among the most controversial issues of 2017 because of the size of the proposed tower – Albion plans to begin building a 19-story tower at 1000 Lake St. in 2018.
The sale of the property is subject to the property transfer tax, which will net the village an estimated $57,200.
Another notable property transaction in November was the purchase of a former warehouse property at 219 Harrison St.
The property was one of many formerly owned by Chris Kleronomos, who gained a reputation on Harrison as an owner who did not maintain, and in many cases find renters for, his properties.
The 219 Harrison property was sold to 221 Harrison LLC for $415,000 by Harrison Street Ventures, which purchased that building and several others formerly owned by Kleronomos when his properties went into foreclosure.
Although Kleronomos lost his properties in foreclosure to Harrison Street Ventures in 2015, he maintained a minority ownership stake through an agreement with Harrison Street. It could not be learned what percentage of the ownership stake he maintained, much to the chagrin of business owners in the area.
The managers of 221 Harrison LLC are identified in public documents as David Greene and Sara Siatlowski. Greene is owner of CrossFit Spero, a fitness studio at 335 Harrison St. Greene could not be reached for comment.
It is uncertain what plans 221 Harrison LLC might have for the location, but Mona Navitsky, Harrison Street Ventures partner and asset manager, told the Oak Park Board of Trustees in August that a group interested in opening a brew pub might be interested in the location.
Navitsky was speaking to the board in August about a tax break the company was applying for with the county for that property and another Kleronomos property at 213-215 Harrison St.
The Cook County Class 7(c) Property Tax Incentive would reduce the tax burden over the next five years. Navitsky said at the time that Harrison Street Ventures was planning to invest a combined $900,000 in the two properties.
CONTACT: tim@oakpark.com
