A stripped-to-the-wires penthouse at the Ritz-Carlton Residences on Michigan Avenue has sold for $8 million, the seventh Chicago deal this year to reach that number.
The condominium is located on the 39th floor of the 40-story tower and has 12-foot ceilings, three terraces, and totals 6,600 square feet, according to Crain’s.
By this time last year, there were only two sales at $8 million or up.
The Ritz-Carlton deal pencils out to around $1,200 per square foot. It could cost around $500-per-square-foot to build out the space, which would come out to around $3.3 million on top of the sales price, according to Crain’s.
The listing agent, Kathleen Malone of @properties, declined to comment to the publication. The Ritz-Carlton penthouse is the 17th unit at the Prism Development Company-built tower to sell this year. Eight units remain.
The practice of stripping a space before a sale, often called “whiteboxing,” has gained popularity in the high-end segment. Billionaire heir Evan Metropoulos turned some heads when he listed his 7,000-square-foot penthouse atop the Sierra Towers in West Hollywood for $58 million in March. [Crain’s Chicago Business] – Dennis Lynch