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KO Real Estate, a Chicago property manager, is now $20 million in debt and its CEO, Chikoo Patel, faces a $63,000 American Express debt, a claim filed in a recent lawsuit. The suit follows a wave of tenant complaints in South Shore, where residents have endured water, heat, and electricity outages, and where four large buildings on Paxton Avenue were shut down by the city and remain boarded up.

    The firm once oversaw 34 apartment complexes in Chicago, 26 of them in South Shore. Despite the shutdown, tenants continued to receive rent notices from CKO, and the company still owes at least $140,000 to a maintenance and cleaning contractor. Former staff were laid off in February after weeks of unpaid wages.

    According to The Real Deal, CKO’s financial collapse is tied to $20 million in debt and broken contracts. The outlet also reports that Patel and investor Shai Wolkowicki are sued by Old National Bank for $16 million over a distressed multi‑family deal in Springfield, IL. Wolkowicki, one of five investors whose South Shore properties were managed by CKO, declined to comment on the lawsuit.

    American Express is among several lenders pursuing the company in Cook County court; the AmEx suit alleges Patel missed a minimum payment on a $63,000 bill last summer. Sources say Patel has been seen driving various luxury vehicles, including two Range Rovers, a sports car, and two convertible Mercedes‑Benzes, though ownership has not been confirmed.

    After CKO severed ties with investors in February, Halsted Taylor and PIP Realty took over the South Shore buildings. Persistent water, heat, and mold problems prompted tenants to form a union under Southside Together. The group staged protests and met with city officials—Alderman Desmon Yancy, Mayor Brandon Johnson, and Buildings Commissioner Marlene Hopkins—requesting annual inspections, compensation, and forgiveness of back rent for repairs they had paid out of pocket. While some residents received a $2,500 settlement, many were left uncompensated, leading to disillusionment and withdrawals from the union.

    In August, former CKO tenants Chynel Cooper and Russell Carter received eviction notices from Halsted Taylor. Carter, a former union leader, had previously sued CKO for retaliation after reporting severe structural and pest issues in his unit, including a collapsing ceiling, water damage from leaking radiators, and rodent infestations.