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Park Tower condo sells for $7M in latest pricey Chicago-area pricey deal
Former Kraft Heinz exec Georges El-Zoghbi sold the 51st-floor unit he bought for $4.5M in 2016
A five-bedroom condo in the Park Tower on the Magnificent Mile sold for $7 million, the latest deal to highlight the healthy luxury market since the start of 2018.
Former Kraft Heinz executive Georges El-Zoghbi sold the 6,200-square-foot condo on the 51st floor of the building at 800 North Michigan Avenue, according to the Chicago Tribune. The buyers were not yet identified in public records.
El-Zoghbi paid $4.5 million in May 2016 for the unit, which he renovated after buying it, according to listing information. He listed the unit in December for $7.5 million.
Alexa Hara of @properties represented the buyer, and Sharon Glickman of Baird & Warner represented El-Zoghbi. Both declined comment to the Tribune.
While the overall Chicago residential market lagged in 2018, the luxury market saw a record year for sales of $4 million or more.
A couple blocks from the Park Tower, another luxury condo building — JDL Development’s No. 9 Walton — has dominated the lists of most expensive home sales since late 2017. [Chicago Tribune] — John O’Brien