The Real Deal Chicago

Marc Realty offers $440K per unit for Gold Coast condo deconversion

A deal at that price would be among most expensive for a deconversion
May 02, 2018 08:00AM

110 East Delaware Street (Credit: Zillow)

Marc Realty Capital is offering to buy a 68-unit Gold Coast condo building in what could end up being one of the most expensive condo deconversions in terms of per-unit price.

Marc Realty made an offer of $30 million on the 20-story building at 110 East Delaware Place, according to Crain’s. That works to an average of about $441,000 a unit, over double the typical per-unit price in recent deconversions, which has been in the $200,000s.

The firm’s David Ruttenberg told the publication that it’s willing to spend a further $50,000 per unit on renovations.

“Given the ability to really push rents in this location, the plan was not really to spare a dollar in the renovation,” he said. CBRE is representing the Delaware Place association on the sale.

Marc Realty is also involved in a large deconversion at the 448-unit River City complex in the South Loop. It agreed to pay $100 million for that property, which averages out to $223,000 per unit. [Crain’s] — John O’Brien