Wrigley Renovation Thread

[Neuby]

https://www.flickr.com/x/t/0098009/photos/73505181@N00/sets/72157648577263970/ Edited October 27, 2014 by Neuby

[Banedon]

https://www.flickr.com/photos/organize/?start_tab=new_set

 

That link only works for you.

[Guest]

So, with the news that the Cubs are buying George Loukas's 2 rooftops for $6M per, anyone know which ones he owns?

[J.R.]

So, with the news that the Cubs are buying George Loukas's 2 rooftops for $6M per, anyone know which ones he owns?

1032 W. Waveland Ave., 3609 N. Sheffield Ave. and 3643 N. Sheffield Ave.

 

http://www.chicagobusiness.com/realestate/20120118/CRED03/120119795/cubby-bear-owner-refinances-properties-in-wrigleyville

[jumbo]

So, with the news that the Cubs are buying George Loukas's 2 rooftops for $6M per, anyone know which ones he owns?

1032 W. Waveland Ave., 3609 N. Sheffield Ave. and 3643 N. Sheffield Ave.

 

http://www.chicagobusiness.com/realestate/20120118/CRED03/120119795/cubby-bear-owner-refinances-properties-in-wrigleyville

 

http://wrigleyvillerooftops.com/

 

This link makes it pretty easy to see which these are. 1032 Waveland is down the left field line and would seemingly look over the new Cubs Charities sign in this "outfield panoramic" rendering

http://chicago.cubs.mlb.com/chc/restore-wrigley/our-vision/ballpark-renderings/

 

The 3609 is sort of behind the right field bleachers to where the view must look straight at the left field foul pole - not sure about this one

3643 seems like it would be behind the big right-center field sign.

I had wondered if the signs were strategically located knowing that they had the opportunity to buy these locations, but it appears not.

[Guest]

the cottage is on the move

 

https://twitter.com/WrigleyRenovate/status/530399661912510464/photo/1

[Guest]

kind of random, but one of my favorite underplayed details of this renovation is that they're getting rid of these hideous panels

 

http://www.chicagonow.com/waiting-4-cubs/files/2013/03/Wrigley-Field-exterior-wrist-band-day.jpg

[jersey cubs fan]

kind of random, but one of my favorite underplayed details of this renovation is that they're getting rid of these hideous panels

 

http://www.chicagonow.com/waiting-4-cubs/files/2013/03/Wrigley-Field-exterior-wrist-band-day.jpg

completely agree. Like 75% of the stadium looks horrible from the outside.

[Guest]

cottage is on the move

[seanimal]

i will now forever refer to a double-wide as a "cottage"

[Guest]

i will now forever refer to a double-wide as a "cottage"

 

There are brick doublewides?

[jersey cubs fan]

i will now forever refer to a double-wide as a "cottage"

 

There are brick doublewides?

Yes.

 

You can do a lot of stuff to the outside of a doublewide to try and make it not look like a doublewide.

 

 

http://mobilehomeliving.org/10-great-home-exterior-design-ideas-for-double-wides/

[Guest]

I think it's just a rectangular building that they built 90 years ago.

[ConstableRabbit]

Double-wides look like the cottage, not the other way around.

[jersey cubs fan]

Double-wides look like the cottage, not the other way around.

http://media.giphy.com/media/eZygFYZQYPQhG/giphy.gif

[seanimal]

I think it's just a rectangular building that they built 90 years ago.

 

that looks like a double-wide

[Guest]

cool aerial shot from the weekend

 

 

EIDT - more where that came from here

 

http://www.nickulivieriphotography.com/blog/flying-over-the-wrigley-rennovations/#prettyPhoto

[ConstableRabbit]

http://chicago.curbed.com/archives/2014/11/17/wrigley-field-rooftop-owners-owe-36m-facing-foreclosure.php

[WrigleyField 22]

Ouch. 36M? How is that possible when the Cubs are buying two other rooftop buildings for a combined $12M?

 

 

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[jersey cubs fan]

Ouch. 36M? How is that possible when the Cubs are buying two other rooftop buildings for a combined $12M?

 

volatile real estate market and the difference in upgrades to the buildings, plus the potential that other properties not related to Wrigley Field are involved?

[WrigleyField 22]

Ouch. 36M? How is that possible when the Cubs are buying two other rooftop buildings for a combined $12M?

 

volatile real estate market and the difference in upgrades to the buildings, plus the potential that other properties not related to Wrigley Field are involved?

Those are all obvious reasons that still seem like a stretch to account for $12M difference per building (a 200% markup). Height of the market in 2008 until now might make for what 50% difference generously if all else was the same?

 

 

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[Cubswin11]

Ouch. 36M? How is that possible when the Cubs are buying two other rooftop buildings for a combined $12M?

 

volatile real estate market and the difference in upgrades to the buildings, plus the potential that other properties not related to Wrigley Field are involved?

Those are all obvious reasons that still seem like a stretch to account for $12M difference per building (a 200% markup). Height of the market in 2008 until now might make for what 50% difference generously if all else was the same?

 

 

Sent from my iPhone using Tapatalk

If they bought them at the peak of the market and then borrowed against/stuck a ton of money into for renovations it's entirely possible. Also the properties could be part of a larger portfolio of a developer/owner and the $36 mil owed isn't tied directly to the properties, but to other ones and these were used as collateral or something.

[jersey cubs fan]

Ouch. 36M? How is that possible when the Cubs are buying two other rooftop buildings for a combined $12M?

 

volatile real estate market and the difference in upgrades to the buildings, plus the potential that other properties not related to Wrigley Field are involved?

Those are all obvious reasons that still seem like a stretch to account for $12M difference per building (a 200% markup). Height of the market in 2008 until now might make for what 50% difference generously if all else was the same?

 

 

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Fifth Third Bank, which lent rooftop owners Thomas Gramatis, Max Waisvisz, Daniel Finkel and various holding companies about $18.6 million between 2006 and 2012, says the owners haven’t kept up with mortgage payments and owe in excess of $36 million in principal, interests and other fees, according to the court document.

 

The bank on Friday afternoon filed in federal court for foreclosure of the famous properties at 3617-3619 Sheffield Ave.

 

Waisvisz, one of the owners listed in the suit, said revenue was down as a group of rooftop owners battled with the Cubs over plans to renovate Wrigley Field.

 

“It was a slow season,” he said. “With the Cubs last year, [there was] a lot of negativeness towards the rooftops.”

 

The other rooftop owners named in the foreclosure declined to comment, through a spokesman.

 

A source close to the team said, “The rooftop owners have operated with unobstructed views for the last several seasons and this suit has absolutely nothing to do with what the Cubs have said or done toward the rooftops.”

 

The rooftop owners association has been locked in a long, losing battle with the Cubs and the city over the Cubs’ plans to renovate the ballpark by installing two jumbotrons and advertising that will restrict the views of the field from the rooftop.

 

The association in August filed a lawsuit against the city for approving the plans.

 

Teardown work began at Wrigley last month.

 

Waisvisz said he would consider selling his ownership in the properties.

He said, “It was a beautiful thing while it lasted and we hope it continues, but you never know.”

[WrigleyField 22]

So possibly they bought at the height of the market at about $9M a piece and then sunk 8 digits into tear down/rebuild on each (is that a reasonable figure?) in 2008 plus upgrades and then increasing interest and late fees for the past 1-2 years? Lol.

 

 

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[Gmoney08]

Ouch. 36M? How is that possible when the Cubs are buying two other rooftop buildings for a combined $12M?

 

volatile real estate market and the difference in upgrades to the buildings, plus the potential that other properties not related to Wrigley Field are involved?

Those are all obvious reasons that still seem like a stretch to account for $12M difference per building (a 200% markup). Height of the market in 2008 until now might make for what 50% difference generously if all else was the same?

 

 

Sent from my iPhone using Tapatalk

 

 

Fifth Third Bank, which lent rooftop owners Thomas Gramatis, Max Waisvisz, Daniel Finkel and various holding companies about $18.6 million between 2006 and 2012, says the owners haven’t kept up with mortgage payments and owe in excess of $36 million in principal, interests and other fees, according to the court document.

 

The bank on Friday afternoon filed in federal court for foreclosure of the famous properties at 3617-3619 Sheffield Ave.

 

Waisvisz, one of the owners listed in the suit, said revenue was down as a group of rooftop owners battled with the Cubs over plans to renovate Wrigley Field.

 

“It was a slow season,” he said. “With the Cubs last year, [there was] a lot of negativeness towards the rooftops.”

 

The other rooftop owners named in the foreclosure declined to comment, through a spokesman.

 

A source close to the team said, “The rooftop owners have operated with unobstructed views for the last several seasons and this suit has absolutely nothing to do with what the Cubs have said or done toward the rooftops.”

 

The rooftop owners association has been locked in a long, losing battle with the Cubs and the city over the Cubs’ plans to renovate the ballpark by installing two jumbotrons and advertising that will restrict the views of the field from the rooftop.

 

The association in August filed a lawsuit against the city for approving the plans.

 

Teardown work began at Wrigley last month.

 

Waisvisz said he would consider selling his ownership in the properties.

He said, “It was a beautiful thing while it lasted and we hope it continues, but you never know.”

 

TR is going to buy up the foreclosures abd become a slumlord!