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As North Michigan Avenue landlords face their toughest market in decades, the owner of a building leased to one of the shopping strip’s biggest and oldest tenants has decided to cash out. UBS Realty Investors has hired a broker to sell the 196,000-square foot store at 737 N. Michigan Ave., the home of Neiman Marcus since 1983.
Summary and audio linked here.
Chicago’s political leadership is floating a pension buyout program as evidence it is seriously addressing the city’s thirty-six-billion-dollar unfunded pension liability, but Mark Glennon, founder of the Illinois policy research organization Wirepoints, said that the proposal moves debt from one column to another rather than reducing it, and that the broader fiscal picture facing the city continues to deteriorate across every measurable dimension. Audio here.
Expect no retraction or apology. This what they do.
The state’s existing buyout program for its own pensions is the precedent for Chicago, which should be a warning: Look out for similar exaggerated claims and shoddy analysis.
Full interview and summary linked here.
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Haven’t been to Chicago in years and no desire at any time soon.
Given the new clientele of that area they should turn it into a dollar store.
The communist politicians will have plenty of real estate to take over and convert to living areas for their communist comrades storming America’s borders.
Anything is possible under communism. Communism’s engine is just warming up.
Wonder what pro-rata ownership share retail component holds here, and if its proportionate-share assessment payments are current. This is a multi-use building, containing retail store component, residential condo component, office condo component, and public garage component. If Neimans vacates space, retail component owner probably stops paying its annual pro-rata share of annual base-building maintenance budget, and its individual real estate tax bill. Tough times at what was once Chicago’s premier building. And no, Neimans isn’t move elsewhere downtown, but rather abandoning Chicago and keeping its Oak Brook location as sole outpost. Odd, given supposed wealth within Chicago area. I guess… Read more »
My wife and I once went there, we couldn’t find the chrome shopping carts anywhere, sheesh. They expected us to carry around everything we bought, go figure, I thought it was supposed to be “luxury shopping” there? More like “manual labor” shopping.
Lori will claim this is good thing, the place will provide space for equity start ups. Maybe Neimen Marcus is moving to the area of Obama’s Temple.
Or turn it into apartments for the homeless. The equity possibilities are endless.