Tuesday, December 23, 2014

Lincoln Square re-sale shop on Western Avenue closes doors, property originally sold 10 years ago

The one and two story retail up and down North Western Avenue from North Center through Lincoln Square is slowly being developed one by one (all photos Eric Rojas, Broker, Kale Realty).
Patty Wetli of DNAinfo did a nice write up on the Penn-Dutchman antique store at 4912 N Western, Chicago IL 60625.  I walked by the property several times over the last few weeks and observed some crowds in and out of the store for it's final days. 

The owner of the antique store and property had sold the entire two lot property in 2005 for $667,500.  The two unique lots at 4881 North Lincoln Avenue and 4912 North Western Ave run contiguous back to back for a combined 25'x190'.  However, the store remained until this month.

The 4881 N Lincoln Avenue Chicago IL 60625
Since then the property has been listed for sale in 2010 for $2,500,000 (!) then reduced to about $1,200,000 before going off the market in 2012.  In 2013 the mixed use property was listed for sale at $305,000 as a short sale.  It took a contract but the deal never went through according to MLS records.  I don't see any record of a sale since then.

The storefront at 4912 N Western, Chicago, IL 60625

Nevertheless, the 47th Ward Alderman's office has indicated the Chicago Printmakers Collaborative will move there and has qualified for the Small Business Improvement Fund.  The property will be considered in the 40th Ward with the new ward mapping taking affect.  It's a very high profile busy location with unique access to both North Lincoln and North Western.   

This gateway to the "bend" at Lincoln should be ripe for development considering the immense popularity and expensive real estate of Lincoln Square.

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