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Structured Development JV sells Chicago residential tower for $75M

Property developers Structured Development LLC., Bucksbaum Retail Properties LLC and JP Morgan Asset Management sold a 16-story apartment building in Chicago for $75 million to a venture of Gelman, Crain's Chicago Business reported, citing Cook County records.

The 199-unit Residences at NewCity building at 1457 N. Halsted St. is projected to generate net operating income of $4.1 million in 2019, the publication wrote, citing data from broker Eastdil Secured.

The tower sits on top of the 400,000-square-foot NewCity shopping center, which will continue to be owned by Structured and its partners.