Updated Feb. 21, 2012 2:00 p.m.
Two properties along Madison Street are in foreclosure, according to records from the Circuit Court of Cook County. They are a commercial building and empty lot belonging to Forest Park residents Brian and Mary Sullivan.
The addresses of the propertiesÊare 7228 ½ Madison St., an empty lot formerly housing Renaissance Furniture, and 7314 Madison St., which houses the American Artworks Gallery and is residential on its upper stories.ÊAccording to records, the total judgment for both properties was $1,279,245, financed by Diamond Bank FSB. The Sullivans also own a portion of Doc Ryan’s and a warehouse at 1525 Circle Ave.
“Diamond Bank’s been a great group and they’ve been working with us,” said Brian Sullivan. “We tried doing something with the properties years ago during the boom that didn’t work out. So unfortunately, it’s where it is today.
“It’s extremely hard on us. We tried to do our best in tough times. We’re going to work with the bank to do the work-out and make of the situation the best we can.”
Sullivan says Doc Ryan’s is not in any danger of foreclosure, “[This foreclosure] is with a different financial institution and different group and has nothing do to with Doc Ryan’s.”
The empty lot is adjacent to Skrine Chops restaurant, which is being rebuilt after a devastating fire on Sept. 2, 2011. Brian Sullivan was formerly a partner when Skrine Chops opened in 2005, said Mary Rita Skrine, but the partnership ended a year later. “We parted on good terms. It wasn’t what we were looking for.” As to whether the Skrines might buy the adjacent lot, Skrine said, “I can’t say that right now.”