Condo owners in Ontario Place may finally have had enough.
A growing number of unit owners are looking to reconsider their $190 million deal to sell the entire building in bulk to Yitzy Klor’s investment after learning Friday that Strategic Properties of North America and its lender Fairchild passed another deadline company.
Multiple unit owners said unit owners were told in an email that lawyers for their condominium boards had not been notified by Strategic and Fairchild and that they had not set a new deadline despite Tuesday being the deadline.
Strategy chief Klor has secured multiple extensions from the condo association board since last fall for the 51-story, 467-unit property at 10 East Ontario Place to close Chicago’s most expensive condo renovation project ever.
The deal has been pending for three years. Klor will need to win another extension from the condo board members, who grow angrier after each delay.
“We gave the lenders a deadline and they didn’t meet it. We gave SPNA a deadline and they didn’t meet it,” condo board member Jason Bischoff said at a meeting in March. “We are asking SPNA to come up with strong recommendations [for an extension] They didn’t do that. “
Unit owners feel they are being held hostage by buyers because they cannot sell their homes individually on the market after the vast majority of condo owners who collectively hold at least 85 percent of the building’s value approve the deal, with bulk sales pending. .
“The green-eyed monster caught everyone,” said unit owner Bill Martinez. “If you get divorced, die, get sick or change jobs, you can’t sell a house for three years.”
Representatives for Strategic and Fairchild did not respond to requests for comment. Members of the condominium board, including its president, Ellen Gutiontov, did not respond to requests for comment, nor did a lawyer for the board.
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Buyers have blamed lawsuits from unit owners trying to block the deal and the recent Swiss banking crisis for delaying settlement. But the lawsuit has now been settled. It’s unclear why the deal is still on hold.
The condominium board is scheduled to meet Tuesday to discuss next steps with the deal. Martinez and other unit owners are now pushing for a new vote on the condominium board to allow owners to decide whether they want to walk out of the deal.
“Hopefully the board will be sane enough to call a general vote of all owners,” Martinez said.
