Did Mac Properties purchase the Cloisters?
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Elizabeth Cook
Jul 6, 2021, 9:57:41 PM7/6/21
to Good Neighbors
I have heard that Mac Properties has purchased the Cloisters. Is this true?
Elizabeth "Lee" Cook
Sid Colton
Jul 6, 2021, 10:24:47 PM7/6/21
to Elizabeth Cook, Good Neighbors
I do not know if this is true.
However it would be consistent with U of C having sold about 100 out of 110 of its residential apartment buildings over the past five years or so. So within a year or so ... there may be NONE owned by the UofC.
Yours,
Sid
On Tue, Jul 6, 2021 at 8:57 PM Elizabeth Cook <elizabet...@gmail.com> wrote:
I have heard that Mac Properties has purchased the Cloisters. Is this true?Elizabeth "Lee" Cook
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Michael Kremer
Jul 7, 2021, 5:18:41 AM7/7/21
to s2...@uchicago.edu, Elizabeth Cook, Good Neighbors
According to this realty website the Cloisters are for sale, and under contract. It doesn't say who the buyer is.
Michael Kremer
Mary R. Morton Distinguished Service Professor
From: goodne...@googlegroups.com <goodne...@googlegroups.com> on behalf of Sid Colton <s220...@gmail.com>
Sent: Tuesday, July 6, 2021 10:24:38 PM
To: Elizabeth Cook <elizabet...@gmail.com>
Cc: Good Neighbors <goodne...@googlegroups.com>
Subject: Re: [Good Neighbors] Did Mac Properties purchase the Cloisters?
Sent: Tuesday, July 6, 2021 10:24:38 PM
To: Elizabeth Cook <elizabet...@gmail.com>
Cc: Good Neighbors <goodne...@googlegroups.com>
Subject: Re: [Good Neighbors] Did Mac Properties purchase the Cloisters?
To view this discussion on the web visit
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Michael Kremer
Jul 7, 2021, 7:37:24 AM7/7/21
to s2...@uchicago.edu, Elizabeth Cook, Good Neighbors
I am not completely sure the University owns the Cloisters, though.
The realty ad says
"Currently, the property is *managed* by the University of Chicago and leased to faculty and staff. A new investor may elect to appeal to student or market tenants to broaden the prospective tenant base."
It does not say that the property is *owned* by the University, and I have heard from various people that it is owned by the Baptist Theological Union. That's confirmed by the book "Chicago Apartments: A Century and Beyond of Lakefront Luxury" by Neil Harris,
Teri J. Edelstein -- see screenshot from the book below.
Michael Kremer
Mary R. Morton Distinguished Service Professor
From: goodne...@googlegroups.com <goodne...@googlegroups.com> on behalf of Michael Kremer <kre...@uchicago.edu>
Sent: Wednesday, July 7, 2021 5:18:37 AM
To: s2...@uchicago.edu <s2...@uchicago.edu>; Elizabeth Cook <elizabet...@gmail.com>
Sent: Wednesday, July 7, 2021 5:18:37 AM
To: s2...@uchicago.edu <s2...@uchicago.edu>; Elizabeth Cook <elizabet...@gmail.com>
To view this discussion on the web visit
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Sid Colton
Jul 7, 2021, 9:00:59 AM7/7/21
to Michael Kremer, Elizabeth Cook, Good Neighbors
Michael and Neighbors,
Is this an "indicator" that U of Chicago will sell its remaining eight residential apartment buildings located in Hyde Park?
Thank you,
Sid
Michael Kremer
Jul 7, 2021, 9:03:55 AM7/7/21
to s2...@uchicago.edu, Elizabeth Cook, Good Neighbors
If the University only manages the building, which is owned by the BTU, then this would indicate nothing about the University's intentions for its properties.
Michael Kremer
Mary R. Morton Distinguished Service Professor
From: Sid Colton <s220...@gmail.com>
Sent: Wednesday, July 7, 2021 9:00:45 AM
To: Michael Kremer <kre...@uchicago.edu>
Cc: Elizabeth Cook <elizabet...@gmail.com>; Good Neighbors <goodne...@googlegroups.com>
Sent: Wednesday, July 7, 2021 9:00:45 AM
To: Michael Kremer <kre...@uchicago.edu>
Cc: Elizabeth Cook <elizabet...@gmail.com>; Good Neighbors <goodne...@googlegroups.com>
William Kobak
Jul 7, 2021, 9:11:26 AM7/7/21
to Michael Kremer, s2...@uchicago.edu, Elizabeth Cook, Good Neighbors
Does anyone know why the University began selling off their properties? One of the results seems to have been a considerable increase in rent cost for the students. Was this factored into the decision?
Colleen McDonough
To view this discussion on the web visit https://groups.google.com/d/msgid/goodneighbors/CH0PR11MB553944141B85FB23FFF0CF44BB1A9%40CH0PR11MB5539.namprd11.prod.outlook.com.
Sid Colton
Jul 7, 2021, 9:30:38 AM7/7/21
to Good Neighbors, Michael Kremer, Elizabeth Cook, William Kobak
" to “reinvest resources to support its teaching and research activities.” -- March 31, 2015, dnaInfo
See below and: https://www.dnainfo.com/chicago/20150331/hyde-park/university-of-chicago-selling-off-more-than-600-apartments/ which I've pasted below.
See below and: https://www.dnainfo.com/chicago/20150331/hyde-park/university-of-chicago-selling-off-more-than-600-apartments/ which I've pasted below.
Yours, Sid
=====================================================================================================
"University of Chicago Selling Off More Than 600 Apartments
By Sam Cholke | March 31, 2015 1:50pm
@SamCholke
A graduate student building at 5514 S. Blackstone Ave. is one of 19 apartment buildings being sold in May by the University of Chicago.
DNAinfo/Sam Cholke
HYDE PARK — The University of Chicago announced Tuesday it will sell off 19 of its buildings, putting 690 units on the Hyde Park real estate market at once.
The university said in a statement that it was selling off the 19 buildings and two vacant lots to “reinvest resources to support its teaching and research activities.”
The sale will most dramatically affect graduate students. Thirteen of the buildings being sold this summer have 543 units for graduate students, many in prime locations in Hyde Park.
The Gaylord, 5316 S. Dorchester Ave., is the largest of the properties being put on the block with 86 studio, and one- and two-bedroom apartments. The property is just off 53rd Street and in the attendance area for Ray Elementary School, making it an alluring property for the private market.
At all the buildings, tenants must be students, faculty or staff to lease an apartment, many of which go for a steal — a two-bedroom apartment at the Gaylord rents for $966 per month.
The university said that existing leases and rental rates would be honored.
The sale represents less than half of the university’s residential properties, according to a statement from the university.
The properties will be listed in May, with an expected closing in the fall.
A spokesman from the university was not immediately available to say whether potential buyers were already lined up.
The university will hold a series of meetings in coming weeks with residents to answer questions about the sale, but no dates have yet been set.
No staff will be laid off as a result of the sale, according to the university.
The full list of properties being sold includes:
Faculty Housing
5623-25 S. Dorchester Ave., six units
5533-35 S. Blackstone Ave., six units
5447-57 S. Woodlawn Ave., 18 units
5439-45 S. Woodlawn Ave., 18 units
5427-29 S. Greenwood Ave., six units
5409-11 S. Blackstone Ave., six units
Graduate Student Housing
5532 S. Kenwood Ave., 43 units
5514 S. Blackstone Ave., 92 units
5428-32 S. Kimbark Ave., 18 units
5410-18 S. Ridgewood Ct., 31 units
5316 S. Dorchester Ave., 86 units [<--- Sid is moving here July 20 2021; with a GoFundMe for moving expenses ]
5233-37 S. Greenwood Ave. (1100-1110 E. 53rd St.), 27 units
5220 S. Kenwood Ave., 57 units
5125 S. Kenwood Ave., 66 units
5118 S. Dorchester Ave., 75 units
1334-40 E. Hyde Park Blvd and 1335-41 E. Madison Pk., 28 units
1318-24 E. Hyde Park Blvd. and 1319-25 E. Madison Pk., 26 units
1310-16 E. Hyde Park Blvd. and 1311-17 E. Madison Pk., 25 units
1215 E. Hyde Park Blvd., 56 units
Vacant Lots
1400 E. Hyde Park Blvd.
1330 E. Hyde Park Blvd.
"University of Chicago Selling Off More Than 600 Apartments
By Sam Cholke | March 31, 2015 1:50pm
@SamCholke
A graduate student building at 5514 S. Blackstone Ave. is one of 19 apartment buildings being sold in May by the University of Chicago.
DNAinfo/Sam Cholke
HYDE PARK — The University of Chicago announced Tuesday it will sell off 19 of its buildings, putting 690 units on the Hyde Park real estate market at once.
The university said in a statement that it was selling off the 19 buildings and two vacant lots to “reinvest resources to support its teaching and research activities.”
The sale will most dramatically affect graduate students. Thirteen of the buildings being sold this summer have 543 units for graduate students, many in prime locations in Hyde Park.
The Gaylord, 5316 S. Dorchester Ave., is the largest of the properties being put on the block with 86 studio, and one- and two-bedroom apartments. The property is just off 53rd Street and in the attendance area for Ray Elementary School, making it an alluring property for the private market.
At all the buildings, tenants must be students, faculty or staff to lease an apartment, many of which go for a steal — a two-bedroom apartment at the Gaylord rents for $966 per month.
The university said that existing leases and rental rates would be honored.
The sale represents less than half of the university’s residential properties, according to a statement from the university.
The properties will be listed in May, with an expected closing in the fall.
A spokesman from the university was not immediately available to say whether potential buyers were already lined up.
The university will hold a series of meetings in coming weeks with residents to answer questions about the sale, but no dates have yet been set.
No staff will be laid off as a result of the sale, according to the university.
The full list of properties being sold includes:
Faculty Housing
5623-25 S. Dorchester Ave., six units
5533-35 S. Blackstone Ave., six units
5447-57 S. Woodlawn Ave., 18 units
5439-45 S. Woodlawn Ave., 18 units
5427-29 S. Greenwood Ave., six units
5409-11 S. Blackstone Ave., six units
Graduate Student Housing
5532 S. Kenwood Ave., 43 units
5514 S. Blackstone Ave., 92 units
5428-32 S. Kimbark Ave., 18 units
5410-18 S. Ridgewood Ct., 31 units
5316 S. Dorchester Ave., 86 units [<--- Sid is moving here July 20 2021; with a GoFundMe for moving expenses ]
5233-37 S. Greenwood Ave. (1100-1110 E. 53rd St.), 27 units
5220 S. Kenwood Ave., 57 units
5125 S. Kenwood Ave., 66 units
5118 S. Dorchester Ave., 75 units
1334-40 E. Hyde Park Blvd and 1335-41 E. Madison Pk., 28 units
1318-24 E. Hyde Park Blvd. and 1319-25 E. Madison Pk., 26 units
1310-16 E. Hyde Park Blvd. and 1311-17 E. Madison Pk., 25 units
1215 E. Hyde Park Blvd., 56 units
Vacant Lots
1400 E. Hyde Park Blvd.
1330 E. Hyde Park Blvd.
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