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

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


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