In a hot ultra-luxury market, Gold Coast mansion lists for $8M after gut-rehab
Noah Properties bought the 19th century mansion at 1246 North Astor Street in early 2018 and launched a complete renovation
A completely renovated Gold Coast mansion hit the market this week at $8 million, looking to cash in on a strong ultra-luxury housing market Downtown.
Anita Lisek and Bart Przyjemski of Chicago-based developer Noah Properties bought the 19th century stone mansion at 1246 North Astor Street from a trust in January 2018 for $3.2 million, according to Cook County property records.
They financed the purchase with a $1.9 million mortgage from Park Ridge Community Bank, records show.
They then launched a gut-rehab of the property designed by Axios Architects and Lisek Interiors, according to the listing from Beata Gaska of Sergio & Banks Real Estate.
County records show they took out a new, $15.1 million mortgage from First Eagle Bank three months after buying the property.
The home now has five bedrooms plus a den, six bathrooms, two powder rooms, an elevator, rooftop deck and four-car attached garage.
The listing is hitting during a strong run for the ultra-luxury market, starting in 2018, a record year for the sector — despite the struggling overall Chicago-area luxury housing market. Sales of homes priced at $4 million or more were up 16 percent in the second quarter, according to Re/Max Premier.
Gaska declined comment on the listing Thursday morning. Noah could not be reached for comment.
The firm is an active developer around the Chicago area and has had luck already with similar Gold Coast gut-rehabs. Lisek and Pryzjemski in 2014 paid $3.2 million for another mansion in the neighborhood that they gutted, rehabbed and eventually sold to a Red Bull heir for $7.5 million, according to Curbed.
Noah earlier this year took out an $87 million mortgage on a vacant block in Noble Square with plans to build a row of walk-up condo buildings. It also is building a cluster of small apartment buildings and a community center in Galewood, expanding an existing gated rental complex.