Saturday, October 11, 2008

The Fat Keep Getting Fatter in Rogers Park

Fat cat David Gassman, the landlord who allowed a "stealth rehab" program into his apartment building at N. Sheridan and W. Lunt, recently agreed to pay nearly $7 million for another apartment building nearby. Times are tough for many of us, but not for those tied into the local Democrat Machine. From Rogers Park apartment sells for nearly $7 million Nightclub owner and North Side real estate investor David Gassman paid $6.85 million for a 90-unit apartment building at 6954 N. Sheridan Road in Rogers Park. Despite the credit crunch, sales of North Side apartments priced between $1 million and $10 million remain strong, says Gregory LaBerge, a sales manager in the Chicago office of Marcus & Millichap Real Estate Investment Brokerage Co., which brokered the deal. Mr. Gassman, who owns Spin Nightclub, 800 W. Belmont Ave. in Lakeview, financed the deal with a $5.2-million loan from Wyomissing, Pa.-based Sovereign Bank, according to property records. The seller was real estate investor Steven Pekic of Chicago. Messrs. Gassman and Pekic could not be reached for comment. RELATED: Search for "David Gassman" on The Bench Search for "David Gassman" on Broken Heart