Property Tax Appeal Board Decision 2001-26104-C-3 Draper & Kramer Apartment Complex

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Based on the facts and exhibits presented, the Property Tax
Appeal Board hereby finds a reduction in the assessment of the
property as established by the Cook County Board of Review is
warranted. The correct assessed valuation of the property is:
DOCKET NO. PARCEL NO. LAND IMPR. TOTAL
01-26104.001-C-3 17-15-309-009-0000 $ 60,944 $ 548 $ 61,492
01-26104.002-C-3 17-15-309-029-0000 $987,525 $6,540,983 $7,528,508
Subject only to the State multiplier as applicable.
PTAB/lbs/070571
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PROPERTY TAX APPEAL BOARD'S DECISION
APPELLANT: Draper & Kramer Apartment Complex
DOCKET NO.: 01-26104.001-C-3 and 01-26104.002-C-3
PARCEL NO.: 17-15-309-009-0000 and 17-15-309-029-0000
The parties of record before the Property Tax Appeal Board are
Draper & Kramer Apartment Complex, the appellant, by attorney
Patrick C. Doody, of Golan & Christie, Chicago; the Cook County
Board of Review by Cook County Assistant State's Attorney Ralph
Proietti; and the intervenors, Chicago Board of Education by
attorney Ares Dalianis of Franczek Sullivan, P.C.; and the City
of Chicago by City of Chicago Department of Law's Senior Counsel
Richard Danaher.
The subject property consists of a irregularly shaped 60,137
square foot parcel improved with a 43-story of reinforced
brick/block constructed apartment building containing 590,754
square feet of building area with four passenger elevators and
two freight elevators. The subject parcel is also improved with
a three-level parking garage containing 78,000 square feet. The
apartment building contains 656 living units and 14,050 square
feet of commercial space; the garage contains parking for 330
vehicles. The living units consist of 82 studio apartments
containing 430 square feet; 492 one-bedroom apartments containing
741 square feet; and 82 two-bedroom apartments containing 1,150
square feet. Each unit has a smoke detector and each floor has
fire extinguishers and stand pipes. The kitchens are equipped
with a stainless steel sink, a refrigerator, an electric range
with oven, metal cabinets and tiled floors. The units are
carpeted as are the hallways and lobby. The apartment building
is heated/cooled throughout by a two-pipe hot and cold water
system with fans. The site improvements include two sun decks,
an outdoor pool and some landscaping. The improvement was
constructed in 1967 and is located in South Chicago Township,
Cook County.
The appellant, through counsel, appeared before the Property Tax
Appeal Board arguing that the fair market value of the subject