Business Services Industry
Chicago fund blows into Upper E. Side; Apartment building is first investment outside Windy City; accountants expand.(Real Estate)(John Buck Co. and Madison Equities investing in apartment; other real estate news)
Crain's New York Business, December, 2002 by Croghan, Lore
Byline: lore croghan A big real estate equity fund from Chicago has targeted the Upper East Side as the venue for its first investment outside its hometown. The JBC Acquisition and Development Fund I is building a $77 million, 193-unit apartment building on the southeast corner of First Avenue and East 92nd Street.
Its joint venture partner, Manhattan-based developer Madison Equities, assembled the site by buying property from various owners and acquiring air rights. Groundbreaking is scheduled for next spring. It's expected that the 33-story tower will be completed in the fall of 2004. The John Buck Co., the Chicago real estate firm which manages the $89 million fund, will handle the project's development management, financing and leasing. The fund is...
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