Shaker Blvd. buildings at center of 2023 controversy sold for $11.7M

Driving the news: The properties at 12500–12701 Shaker Blvd. sold last month for $11.7 million, per Crain's.

• The seller, Shaker Heights Apartments Owner LLC — a joint venture tied to Chicago's AMG Realty Group and New York's Chetrit family — bought the bundle in 2022 for more than $12 million before falling into financial distress.

The latest: The city of Cleveland and the landlord asked Housing Court Judge Moná Scott to sign off on the sale to settle a city lawsuit, Signal Cleveland reported in September.

• The new owner, The Lenox at Shaker Square LLC, plans more than $5 million in repairs as part of a $20 million overall investment, including new doors, security cameras and long-neglected maintenance.

🧐 The fine print: The new company is led by a New York construction executive named Martin N. Shkreli, who is unrelated to the infamous "pharma bro."

What's next: City officials say the sale sets a "powerful precedent," but Housing Court has urged continued oversight as more than 40 code violations remain.