Related Midwest thinks it can get up to $17M for raw space at One Bennett Park

The three units top the luxury condominium/apartment complex at 451 East Grand Avenue in Streeterville

TRD CHICAGO /
Aug.August 01, 2019 03:00 PM
Related's Curt Bailey and One Bennett Park

Related’s Curt Bailey and One Bennett Park

Related Midwest listed the three penthouses at the top of One Bennett Park Thursday, with eye popping asking prices of $14.3 million to $16.8 million — for the raw space.

The three full-floor units crown Related’s luxury combination apartment/condo complex at 451 East Grand Avenue in Streeterville. They check in at $14.3 million for the 7,100-square-foot unit on the 66th-floor, $15.2 million for the 7,600-square-foot unit on the 65th floor and $16.8 million for the 8,400-square-foot unit on the 64th floor, according to Crain’s.

Ann Thompson, senior vice president for architecture and planning at Related Midwest, told Crain’s the units are being marketed as raw space — rather than the finished product sold in the 66 other condos in the building — because buyers at those prices have “a very specific lifestyle and very specific taste.”

At $500 to $1,500 per square foot for high-end finishes, buyers could be looking at spending anywhere from $4 million to $11 million more to build out each unit, according to Crain’s.

The condos would be among the priciest residential listings on the market right now, though they’d have to sell as a package to match the most expensive: a Lincoln Park mansion asking $45 million.

Even then they’d still be dwarfed by hedge fund billionaire Ken Griffin’s record purchase of the four floors atop No. 9 Walton for $59 million in late 2017.

[Crain’s] — John O’Brien


Related Articles

arrow_forward_ios
Optima CEO David Hovey Sr. and 220 E. Illinois Street (Hovey via Optima; Google Maps)

Chicago developer converts space into “Pandemic pod” classrooms

Chicago developer converts space into “Pandemic pod” classrooms
GMH CEO Sir Nadhmi Auchi and Tony Rezko with a rendering of the 78 (Getty, GMHSA)

Shocker: Investors sue over deal struck with Tony Rezko for piece of The 78

Shocker: Investors sue over deal struck with Tony Rezko for piece of The 78
Tower of power: a look at who’s buying at No. 9 Walton

Tower of power: a look at who’s buying at No. 9 Walton

Tower of power: a look at who’s buying at No. 9 Walton
Cityfront Place at 400 N. McClurg (Credit: Google Maps and iStock)

Strategic Properties pulls trigger on big Streeterville apartment buy

Strategic Properties pulls trigger on big Streeterville apartment buy
One Bennett Park and Curt Bailey of Related Midwest (Credit: FishSaucer via Wikipedia Commons and Related)

Related’s One Bennett Park scores year’s priciest condo sale

Related’s One Bennett Park scores year’s priciest condo sale
Related Midwest President Curt Bailey & project rendering for 400 Lake Shore Drive

Related Midwest drops new details on $1B plan for former Chicago Spire site

Related Midwest drops new details on $1B plan for former Chicago Spire site
A rendering of Related’s proposal for the former Chicago Spire site and Related Midwest president Curt Bailey (Credit:  42nd Ward and Related Midwest)

Related drops hotel from twin-tower resi megaproject

Related drops hotel from twin-tower resi megaproject
Rendering of The 78 with Related Midwest President Curt Bailey and and University of Illinois Systems President Tim Killeen

Related’s The 78 will include University of Illinois tech-innovation hub

Related’s The 78 will include University of Illinois tech-innovation hub
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...