Shankar v. Fairview Avenue Properties LLC

CourtDistrict Court, N.D. Illinois
DecidedDecember 6, 2023
Docket1:23-cv-01469
StatusUnknown

This text of Shankar v. Fairview Avenue Properties LLC (Shankar v. Fairview Avenue Properties LLC) is published on Counsel Stack Legal Research, covering District Court, N.D. Illinois primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Shankar v. Fairview Avenue Properties LLC, (N.D. Ill. 2023).

Opinion

IN THE UNITED STATES DISTRICT COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION SHOBANA SHANKAR and RAGHAVENDRA ) JAYANTH CHAKRAVARTHY, ) ) No. 23 C 1469 Plaintiffs, ) v. ) Judge Virginia M. Kendall ) FAIRVIEW AVENUE PROPERTIES LLC, et ) al., ) ) Defendants. )

MEMORANDUM OPINION AND ORDER Plaintiffs Shobana Shankar and Raghavendra Jayanth Chakravarthy claim Defendants Laurena “Lori” Mikosz and Marcin Chojnacki tricked them into buying five run-down apartment buildings. While holding themselves out as their real-estate brokers, Mikosz and Chojnacki allegedly fed them false assurances about the buildings’ condition and profitability. Behind the scenes, Mikosz’s and Chojnacki’s associates, the remaining Defendants, through puppet entities, bought the buildings and resold them to Plaintiffs at a significant markup. Plaintiffs sued, alleging violations of the Racketeer Influenced and Corrupt Organizations Act, 18 U.S.C. §§ 1962(c), (d), and various state-law claims. (Dkt. 1). Defendants now move to dismiss. (Dkts. 66, 69). For the reasons below, the motions [66, 69] are denied. BACKGROUND Plaintiffs Shobana Shankar and Raghavendra Jayanth Chakravarthy are a married couple living in California. (Dkt. 1 ¶ 25). In February 2022, Shankar saw an advertisement on Facebook for CitiPoint Properties (“CitiPoint”). (Id. at ¶ 26).1 According to the advertisement, CitiPoint

1 At the time, CitiPoint was an “unincorporated enterprise,” organized by Defendant Marcin Chojnacki, that appeared to be a real-estate investment firm. (Id. at ¶ 19). Later, on December 28, 2022, CitiPoint reorganized as Citypoint Illinois, LLC, which is owned and controlled by non-party Citypoint Group, Inc. (Id.) helped real-estate investors find undervalued and underperforming properties—so-called “directly sourced” properties. (Id. at ¶¶ 26–27). The advertisement promised “rapidly increasing equity and high cash flow.” (Id. at ¶ 28). Responding to the Facebook advertisement, Shankar sent a message to CitiPoint. (Id. at ¶ 29). Defendant Lori Mikosz, who was in Illinois, replied, telling Shankar that

her company introduces “mom and pop” property owners to investors. (Id. at ¶¶ 30, 34). Mikosz explained that Shankar could invest in a building that was underperforming due to its ownership and self-management by a local, unprofessional landlord. (Id. at ¶¶ 34–35). By purchasing property at a bargain and using an affiliate property-management service, Defendant Mainstreet Property Management LLC (“Mainstreet”), Mikosz proposed, Shankar could expect “substantial cash flow.” (Id. at ¶ 35). In the spring and summer of 2022, Mikosz and Shankar engaged in “sustained email, text and phone interactions.” (Id. at ¶ 30). Mikosz told Shankar that she and Chojnacki were real estate brokers with Chase Real Estate, LLC (“Chase RE”), an affiliate of CitiPoint. (Id. at ¶ 31). Mikosz led Shankar to believe that Mikosz and Chojnacki were agents of Chase RE, and “the transactions

would be safely negotiated and consummated under the auspices of Chase Real Estate.” (Id. at ¶ 32). At the time, the CitiPoint website was “a virtual reflection” of Chase RE’s website. (Id. at ¶ 33, see Dkts. 1-1, 1-2). Mikosz sent Shankar information via email regarding five apartment properties: (1) the Fairview Property; (2) the 135th Place Property; (3) the Melrose Park Property; (4) the 18350 Torrence Property; and (5) the 17909 Torrence Property (collectively the “Properties”). (Id. at ¶¶ 37, 38, 57, 77, 100, 122). Through the negotiations for all five properties, Mikosz and Chojnacki “held themselves out to be agents of and acting on behalf of the Plaintiffs.” (Id. at ¶ 150). Mikosz represented all five properties were “in good condition and fully leased with tenants who were all current in their rent.” (Id. at ¶¶ 40, 58, 79, 102, 123). CitiPoint’s Property Information Portal provided rent rolls for each building that corroborated Mikosz’s representations. (Id. at ¶¶ 44, 62, 87, 109, 127). Moreover, the Portal provided a detailed cash flow analysis for each building to show their profitability at their respective purchase price. (Id. at ¶¶ 41, 59, 80, 103, 124). Relying upon

Mikosz’s and Chojnacki’s representations, Plaintiffs purchased all five properties between February and May 2022 and hired Mainstreet to manage the properties. (Id. at ¶¶ 35, 37, 149, 157). Unbeknownst to Plaintiffs, the counterparties to the sale were not “mom and pop” landlords, but various Defendant-entities: • Fairview Avenue Properties LLC (“Fairview Avenue”): Solely owned and managed by Mon Ami TCF LLC (“Mon Ami”). (Id. at ¶ 9). Mon Ami is owned and managed by Defendant Anand Sheth and Defendant Kathleen Long, who is also Chojnacki’s roommate and “paramour.” (Id. at ¶¶ 8, 10).

• 18350 Torrence LLC (“18350 Torrence”): Solely owned and managed by TCF National Holdings Inc. (“TCF National”). (Id. at ¶ 7). Long is the sole member and President of TCF National. (Id. at ¶ 8).

• 2118 Blue Island LLC (“2118 Blue Island”), 1630 N 1 LLC (“1630 N 1”), and Torrence 2 LLC (“Torrence 2”): Managed and owned by Illinois Assets LLC. Illinois Assets is owned and controlled by Chojnacki and Defendant Robert Rixer. (Id. at ¶¶ 11–13, 21)

Throughout the dealings with Plaintiffs, Defendant Rebecca Irwin acted on behalf of Fairview Avenue, 2118 Blue Island, 1630 N 1, 18350 Torrence, and Torrence 2 and Defendant Midwest Title and Closing Services LLC (“Midwest Title”). (Id. at ¶ 52). Through Midwest Title, Irwin provided “registered agent services to the various puppet entities”; she housed “various legal operations” relating to the entities and deals; and she charged Shankar a fee for “closing coordination.” (Id. at ¶ 153). Midwest Title—managed by Irwin and nonparty XYZABC, Inc., of which Irwin is the president—shares office space with Irwin, Chojnacki, Mikosz, Mainstreet, and Defendant EJ Investment Group Inc. (“EJ Investment”), which owns and controls Mainstreet. (Id. at ¶¶ 15, 17, 23, 154). After taking ownership, Plaintiffs discovered the Properties were not fully leased and the tenants were not current in rent; rather, multiple tenants were in eviction proceedings or in arrears.

(Id. at ¶ 148). Nor were the Properties’ purchase prices “bargains” since the Defendants purchased the Properties at low prices and resold them at a premium, all while advertising inflated property values: • The Fairview Property: In February 2022, Mikosz emailed Shankar information about this property. (Id. at ¶ 38). Later that month, Defendants sold the property for $450,000 to Plaintiffs, but had purchased the property for $300,000 two months earlier. (Id. at ¶¶ 50–51).

• The 135th Place Property: On March 17, 2023, Plaintiffs entered a contract to purchase the property for $400,000. (Id. at ¶¶ 60, 69). Prior to closing, on April 26, 2022, Plaintiffs learned that the 135th Place Property’s title report “reflected a recently recorded deed” on March 28, 2022, contradicting the representation that Plaintiffs were buying the property directly from a “retiring mom and pop who had owned the property for many years.” (Id. at ¶¶ 70, 75). When confronted, Mikosz stated that the old couple transferred the property to an LLC while restructuring their assets and this was not a sales transaction. (Id. at ¶ 71). In reality, the recorded deed reflected Defendants’ purchase of the property for $320,000, prior to the parties’ closing on May 19, 2022. (Id. at ¶¶ 73, 75).

• The Melrose Park Property: Defendants advertised that the property was worth $1 million. (Id. at ¶ 82). On August 15, 2022, Plaintiffs closed on the property for $850,000 but Defendants had purchased the property one month earlier on July 7, 2022 for $695,000. (Id. at ¶¶ 96, 98).

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Shankar v. Fairview Avenue Properties LLC, Counsel Stack Legal Research, https://law.counselstack.com/opinion/shankar-v-fairview-avenue-properties-llc-ilnd-2023.