The year’s 2nd priciest condo sale could be this modernist home in Ambassador West

The asking price of $7.85M would make this unit the second highest-priced home sale of the year — if it can break through the languishing market

Jul.July 11, 2019 04:00 PM
The custom spiral staircase at 1300 North State Parkway, Unit 1202 (Credit: Compass)

The custom spiral staircase at 1300 North State Parkway, Unit 1202 (Credit: Compass)

A modernist home in a historic Gold Coast building could fetch the second highest sales price of the year, although the sellers will have to contend with a slowing luxury market.

Britt and Kerim Taner have listed their penthouse unit in the Ambassador West building at 1300 North State Parkway for $7.85 million. The couple bought the unit as raw space when the historic former hotel building was converted to condos in the 2000s and embarked on a two-and-a-half-year buildout resulting in an ultra-sleek, modernist interior, said listing agent Mark Icuss of Compass.

“It’s one of the most striking homes I’ve ever been in,” he said. “While modern, it’s very warm.”

One of two penthouse units in the Ambassador West, the Taner’s 6,000-square-foot home has five bedrooms, five bathrooms, a 1,000-square-foot outdoor terrace and a custom spiral staircase covered in Vienetian plaster. Three parking spots in a heated garage are included with the unit. The listing went live on Wednesday.

Britt Taner handled the interior design — she owns a design firm, according to a feature on the pop-art-adorned home in Luxe. Her husband, Kerim Taner, owns an investment firm. The unit was lightly lived in, Icuss said, as the couple spends time between multiple other properties.

If the unit trades at its near-$8 million asking price, it would be the second priciest home sale of the year, trailing only an $11.3 million buy in No. 9 Walton. Icuss said the sale could be one of the top three priciest sales of the year, depending on how listings like the $13.5 million unit at 840 North Lake Shore Drive fare on the current market.

After a banner year for the luxury market in 2018, this year’s market has slowed considerably with sales of $1 million or more dropping 22 percent year over year. The drop is even more pronounced in the Downtown condo market.

The popularity of new high-end developments like JDL Development’s No. 9 Walton and Related Midwest’s One Bennett Park have hurt the market for older luxury condo units, market experts have previously told The Real Deal.

While some luxury condo listings are languishing, Icuss said the owners’ extensive renovation of the unit will be of benefit to the listing, as it will require no overhauling by a new owner.

The Ambassador’s other penthouse sold previously for $7 million, but it required a multimillion-dollar rehab, Icuss said.

“It definitely stands out against a lot of old, dated condo inventory out there,” Icuss said. “There’s a market for a product that is turn-key, move-in ready. Those really don’t exist right now.”

Related Articles

1400 North Lake Shore Drive & ESG Kullen’s Eric Granowsky (Credit: Google Maps)

ESG Kullen lands big loan on priciest Chicago condo deconversion

Marc Jacobs store at 11 E. Walton St., Marc Jacobs (Credit: Getty Images and Google Maps)

Another one bites the dust: Marc Jacobs closes Gold Coast location

Home sales fell 7.6 percent year-over-year in November (Credit: iStock)

Buyers in the Chicago area remain on the sidelines

Denise Curry and homes along Chicago's Prairie Avenue (Credit: iStock)

This top-producing Baird broker jumped to Compass. She just jumped back

Residential agents are uniquely positioned to assist buyers who are in the in-between phase (Credit: iStock)

Why Compass, @properties and tech startups are diving into bridge loans

Pam MacPherson, Hayley Westhoff and Robert Reffkin

Compass poaches 10-agent @properties team

Compass Chicago broker Jeff Lowe

Compass top broker Jeff Lowe on No. 9 Walton’s impact on the luxury market

Clockwise from left: 1521 North State Parkway, 1040 North Lake Shore Drive, 65 East Bellevue Place, and 21 East Huron Street (Credit: Redfin)

Near North Side dominates Chicago’s 5 priciest resi listings