C
KO Real Estate, a notorious slumlord on the South Side, has finally met its demise. The company's investors have fired the remaining employees and shut down its social media accounts. A new era of hope has dawned for the tenants who suffered through extended periods without water or heat.

    However, CKO Real Estate's problems persist, with investigators still determining whether a recent fire at one of its apartment buildings was intentionally set. The company remains under scrutiny, and investors are holding their breath as they try to navigate the firm's mounting debts.

    At the center of CKO Real Estate's downfall is CEO Chikko Patel, who has been accused by former employees of being a polarizing and distrustful leader. Patel has been named in several lawsuits, including one filed by Byline Bank alleging that he breached his contract after obtaining a loan for an apartment building in Rockford.

    Patel's leadership style was marked by a lack of regard for some members of his staff or tenants, according to former employees. He allegedly ordered the power and gas at one building to be turned off to drive out tenants who didn't want to leave. Patel has also been accused of using racist language, with text messages obtained by The Crusader showing him calling Black tenants derogatory names.

    CKO Real Estate's financial problems were exacerbated by Patel's mismanagement, which included failing to pay employees and vendors on time. The company was forced to move from its office in the West Loop due to unpaid rent, and investors have found that the firm lost nearly $4 million under Patel's leadership.

    The Crusader has learned that CKO Real Estate's problems began long before the recent fire at 6733 S. Paxton. Tenants had been complaining about mice, lack of heat, and water problems for months, but their concerns were ignored by management. The company's website references Ascend Apartments, which was a previous name for the firm.

    CKO Real Estate's troubles began in 2022 or 2023 when Patel had a falling out with an investor and started the new company. In 2023, The Real Deal reported that Patel and other investors spent $35 million on 19 buildings in Hyde Park and South Shore, which were plagued by financial conundrums and allegations of mismanagement.

    The city has issued numerous citations to CKO Real Estate's properties for violating building codes, including renovating units without permits. Court documents show that the city has sought to fine the company nearly $7,000 a day for violations at one apartment building.

    As CKO Real Estate's problems continue to unfold, tenants are breathing a sigh of relief. The company's investors have fired Patel and several remaining employees, and the staff page on CKO Real Estate's website is gone. Tenants were told not to pay their March rent to CKO Real Estate because it was no longer a company.

    The future of CKO Real Estate's properties remains uncertain, but one thing is clear: the days of Chikko Patel's leadership are over.