The price reductions amount to more than $100,000 per unit, says First Oak Brook Bancshares, Inc., parent company of Oak Brook Bank as well as West Erie, LLC. The bank will write off $791,000 after taxes from its third-quarter earnings, officials add.
West Erie, LLC acquired the partially completed project in November 2002 from developers Jeffrey Grossman of Chicago and Donald Grauer of Highland Park. They both have pled guilty to charges of bank fraud in connection with the project. Although both have been ordered to pay restitution, bank officials say they cannot estimate how much they will receive.
Coldwell Banker Residential Real Estate replaces LR Realty as sales and marketing agent. Katherine Chez of the firm's Michigan Avenue office will lead the sales team.
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
