City cracking down on Chase Knolls

The city is finally getting tough with Friedken Realty Group, the owner of the historic Chase Knolls Apartments in Sherman Oaks.Gregory J. Wilcox in the Daily News..

In a letter dated July 22, the city notified Mort Friedken -- president, chairman and co-founder of the San Francisco-based company -- that it would cancel a contract that reduces property taxes on the complex if much-needed repairs are not made.

It could cost the company millions if it doesn't take action.

"In general, the property does not conform to the provisions of the contract. The property is in a generally dilapidated condition," the letter says in part.