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CHICAGO-Coldwell Banker Residential Real Estate, Inc. will take over sales at 60 W. Erie St., a 24-unit condominium project that is 50% sold. Oak Brook Bank, which owns the luxury condominium project, also is cutting prices on the 12 unsold units.

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.

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