A condominium association in Chicago is suing an elite private school, alleging school officials and others engaged in a “covert scheme” to acquire the building for a campus expansion.
The Chicago Tribune reports that the condo association, 327-335 Belden by the Park, contends that the Francis W. Parker School used straw buyers to acquire condo units in the building on its behalf.
Also named as defendants in the suit are current and former owners in the building and Michael Demetriou, president of Baum Realty and a Francis Parker parent.
The condo association alleges the school conspired to commit fraud when it hid its identity and bought some of the building units “under the cover of night."
[From January 2020: Chicago school's acquisition plans rile neighbors]
The suit contends that Parker was planning to covertly take control of the condo’s residential board and force unwilling to sell out of their homes.
Parker would need 85% approval of unit owners to gain control of the building.
A representative from the school did not immediately respond for comment.
More than 900 students, from junior kindergarten through high school, attend Parker. Tuition reaches almost $40,000, depending on the year in school.
The lawsuit asserts that two separate trusts each purchased a unit in the building, but did not disclose that Parker was the beneficiary.
