Millennium Properties R/E, a premier boutique real estate brokerage and property management company in Chicago, recently sold a 5.7 acre residential development parcel in Brighton Park which was listed on behalf of the federal court.
At the corner of 36th and Western Ave., this substantial infill site is convenient to public transportation, I-55, shopping and McKinley Park. Previously, the parcel received approval from the city for nine mixed-use buildings with up to 337 residences. The new owner plans to subdivide the parcel and develop more than 35 three-flat properties, adding a significant amount of new housing to the Brighton Park neighborhood.
“We had a lot of developers interested in this property due to the size of the parcel and convenient location,” said Daniel J. Hyman, president of Millennium Properties. “Brighton Park is a growing middle-class neighborhood close to downtown with a strong sense of community; it is an encouraging sign for the market that developers are moving beyond the downtown neighborhoods for opportunities.”
Millennium Properties served as the receiver for the federal court and was also in charge of liquidating the asset. Kevin V. Hunt of Stahl Cowen Crowley Addis and Steven A. Levy of Goldberg Kohn Ltd. acted as counsel on the sale.