NBC-5 Exec has a backup Trump Tower condo, Hines tops off at Wolf Point East tower: Daily digest

UPDATED, Sept. 4, 12:30 p.m.: Each day, The Real Deal rounds up Chicago’s biggest real estate news. We update this page in real time, starting at 10 a.m. Please send any tips or deals to tips@therealdeal.com.

It was an offer for his Trump Tower condo he couldn’t refuse. NBC-5 exec David Doebler sold his condo unit when an unsolicited buyer offered $3 million. The buyer plans to expand a neighboring unit. Doebler owns another condo in the building and will relocate to his second Trump Tower home. [TRD]

Hines tops off construction on the 698-unit Wolf Point East apartment building in the Near North Side. The tower is the second residential building on the property and will be joined by a Salesforce office building in 2023. [Curbed]

The developers of One Winnetka condo homes have called it quits. SB One Winnetka and Stonestreet Partners never secured financing on their planned $98 million project, and have given up after six years of lawsuits and redesigns. [Crain’s]

Mayor Lori Lightfoot

In her first State of the City speech, Mayor Lori Lightfoot cautioned about a potential property tax hike. That would be one of the ways to help close a looming city budget shortfall of $838 million in the 2020 budget. It would be the largest in Chicago’s recent history, she said. [Chicago Tribune]

Angelo Gordon-owned River North residential complex gets a facelift. The 400-unit building, called River North Park, received a $15 million upgrade. Renovations on the 24-story building, which was built in 1986, included a new rooftop deck, 24-hour fitness center and upgraded resident lounge. [Connect Media]

Two of Lakeshore East’s new residential towers have broken ground. Co-developers Lendlease and Magellan are building the Cirrus and Cascade, with a combined 866 units. Construction is expected to be completed by 2021. [Curbed]

A Ravenswood Manor bungalow hits the market. The three-bedroom home on Sunnyside Avenue is listed for $1.25 million. It’s next to the Chicago River but also near a CTA station. Matthew Shrake of Coldwell Banker has the listing. [Crain’s]

Thor Equities CEO Joe Sitt (Credit: iStock)

Thor Equities, one of the most prominent retail landlords, is launching a new e-commerce business, and plans to spend $900 million on logistics space. Thor appears to be joining many companies in a move away from brick and mortar to online shopping by developing warehouse facilities. ThorLogis already has two developments in the works — one in Red Hook, Brooklyn and one in the Netherlands. [WSJ]

With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)

The S&P 500 is up two percent this week and 19 of the 29 stocks that The Real Deal follows have risen, signaling somewhat diminished fears of a trade war with China. The winners this week were commercial brokerages Marcus & Millichap, which rose 4.12 percent, and Newmark Knight Frank, which rose 4.11 percent. Realogy, on the other hand, was down 26 percent this week, another terrible week for the resi brokerage conglomerate. [TRD]

A New Mexico Attorney General says that the state should take possession of Epstein’s ranch. Epstein apparently planned to inseminate hundreds of women at his ranch before his death at a New York City jail by suicide. The Attorney General said Epstein should never have been granted the leases in the first place and suggested turning the lands over to local farmers. [WSJ]

Builders around the world are using novel construction methods to reduce emissions. Former Whitehouse adviser Steve Bannon suggested using “hempcrete” to build walls, while firm JustBio Fiber Solutions plans to fill orders to produce enough hemp bricks to build 2,000 homes. [Bloomberg]

A Benchmark Realty real estate agent added a “sexy selfie” Tuesday to an otherwise unremarkable listing. The photo, which has since been removed, was attached to a listing for a four-bedroom home asking $399,000. The risque shot shows the agent engaging in a sex act with a lover faced away from the camera in a bedroom. [NYP]

Correction: A previous version of this report incorrectly stated that Hines had finished construction at Wolf Point East.