The Real Deal Chicago

Trump Tower condos hit record prices, but sales down since 2015

The River North skyscraper recorded a pair of penthouse sales last year at $7.7M and $9.4M
January 10, 2019 11:00AM

Trump Tower at 401 North Wabash Avenue (Credit: Highrises)

A few high-profile sales pushed the average price for condos at Trump International Hotel & Tower to $930 per square foot last year, a new record for the 10-year-old supertall.

The 98-story building counted 20 condo sales in 2018, including an 87th-floor penthouse that sold for $9.4 million and an 88th-floor penthouse that sold for $7.7 million, according to Crain’s.

The 20 total sales in 2018 were up from 17 the previous year, but down from 56 sales notched in 2015, before Donald Trump began running for president.

Brokers selling in the building have to deal with some buyers’ negative reaction to its connection to Trump. Last spring, broker RKF left Trump’s name off a marketing brochure for the tower’s riverwalk-level retail space, which has never been leased. But in the fall, a new flyer emerged touting the Trump brand.

Trump has no financial stake in the condo portion of the building, but he reported making more than $8 million off the tower in 2017.

Hotel bookings fell sharply in the building in 2018, despite a 169-percent spike in travelers from Saudi Arabia between 2016 and 2018. [Crain’s] — Alex Nitkin