Storefront Negotiation
We had our offer accepted to purchase a foreclosed commercial condo in West Loop, Chicago. The intended use is a hair salon. Current access is a private door just inside the building's lobby, which is accessible by keypad. A private entrance (a small garage door) had been bricked over but the structural elements and supports needed to reopen this entrance are still in place. Renderings of a private entry were included in the marketing package for the unit. We were told the previous owner had already gotten approval from the condo board for the private entry, so it wouldn't be an issue to "reactivate" the approval. We included a private entry contingency in our purchase agreement that the bank would need to obtain board approval prior to the sale. The bank's request to the board was denied. This was likely because very little information, renderings, and assurances were included in the proposal. However, it seems to have soured things with the board and now seems uncertain what will happen if the bank resubmits the proposal with more detail. 

We would still consider buying the property without private entry, as it is a short 10 steps to let clients in. However, without private entry we would want to renegotiate the purchase price ($700k). The question is without a storefront/private entry how much should we look to have the price reduced on the unit?
[{"id": "fwjbg68", "text": "Impossible to say without more information, but I\u2019d say offer 20% less, then us half of that savings to go back to the board. How big is the unit?", "replies": [], "depth": 1}]