Once known as the tallest building on Chicago’s South Side, the current 98-unit residential building located at 5000 East End Ave. in Hyde Park is quickly losing residents’ occupancy and patience. The building is currently facing a lawsuit over the co-op board’s approved plan to revamp into condominiums, according to Crains.
While several residents were previously on board with the plan, due to the difficulty in selling and financing a co-op, the $8.5 million assessment has exceeded previous expectations with the building’s appraisal, which totals $7.9 million. The complaint filed with the Cook County Circuit Court states that the building’s residents were not allowed to vote on the assessment.
Residents are not only upset, but many are left with no option but to evacuate due to the significant cost increase.The complaint from the 10 suing residents stated that each individual would be forced to pay amounts of $63,867 to $176,017 each, as the costs are necessary for those who want to avoid eviction.
“Many of these residents are retired and living on fixed incomes and they were left with only one choice: pay these large amounts in a single lump sum that they could not afford or turn in their keys and walk away from their homes,” Dan Bronson, the residents’ lawyer, says in a statement.
However, Howard Dakoff, partner at Chicago law firm Levenfeld Pearlstein LLC, believes the lawsuit’s main purpose is to avoid costs while gaining the benefits of living in a condo. Crains reports that more than 58 percent of the residents have already converted to condos, and Dakoff states that of the suing residents, one has converted, one voted in favor, and three of them are overdue in rent payments.