Karbowski company files for Chapter 11
Northwest Tower Building at Milwaukee, North and Damen is one of many Karbowski foreclosures
Time Properties lists assets of between $1 and $10 million but debt to creditors as between $10 to $50 million. Time Properties and MCM are but two of many companies Karbowski has used for his various real estate dealings in the community.
"One of the businest condominium developers on the near Northwest Side during the boom, Mr. Karbowski is best known for his trasactions with U.S. Rep. Luis Gutierrez and a controversial plan to convert the Northwest Tower...into a hotel," as Alby Gallun stated in Chicago Real Estate Daily. One of these transactions is on the southwest corner of North Ave. and Leavitt.
Another of his community contested projects which was developed under different company names on the property in the 2100 West block of North Ave., formerly the Association House of Chicago's property.
Earlier this year there was a $4.5 million foreclosure suit filed by the lender on the Northwest Tower Building. It was reported in 2007 that he purchased the building for $5.17 million.
According to Gallun, at least $23 million foreclosure complaints have been filed against Time Properties while 75 foreclosures seeking more than $37 million, since 2008, have involved Karbowski and related parties. His Chicago properties extend beyond our community to the South Loop and East Garfield Park.
Chapter 11 of the Federal Courts Bankruptcy Code provides for reorganization. Usually it involves providing a plan to keep the business alive and pay creditors over time.
For more info: Chicagoist in 2007, Chicago Journal
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