$8.4M sale at Park Tower condo is Chicago’s priciest this year

The 6.2K sf unit sold last week for more than the combined amount of the 5 priciest homes in Chicago the week before

3309 N. Hamilton Ave. and 800 N. Michigan Ave. (Credit: Redfin)
3309 N. Hamilton Ave. and 800 N. Michigan Ave. (Credit: Redfin)

The $8.4 million sale of a condo at Park Tower was by far the priciest residential sale in Chicago last week. It also topped the list of most expensive sales in 2020.

The 6,200-square-foot combined unit on the Magnificent Mile propelled the week’s tally of the five priciest resi sales in Chicago to $14.4 million. Coming in at a distant No. 2 was a single-family home in North Center, which sold for $1.7 million.

The luxury market, like the overall housing market in Chicago, has been in decline during the coronavirus crisis, and without the Park Tower closing, last week’s total would have likely continued that slide. The priciest sale recorded the week before last was a $2.1 million home in West Town, followed by a $1.75 million home in Lakeview.

Though Gov. J.B. Pritzker has mapped out a path for the state to reopen businesses, the plan will be carried out in phases, and Chicago is expected to be among the last cities to fully return.

Overall, the five priciest residential sales last week included three condos and two single-family homes. Two of the properties were in North Center, one on the Near North Side — Park Tower — one on the Near West Side and one in Lincoln Park.

Price and property details were found on Redfin, from May 5 to 11.

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800 N. Michigan Ave. #5101 | $8.4M | Near North Side
This combined condo unit on the 51st floor of Park Tower has five bedrooms and four and a half bathrooms. At 6,240 square feet, the unit’s price-per-square-foot penciled out at $1,346. It eclipses the year’s previous highwater mark sale for the year, which was a $6.25 million condo at One Bennett Park in March. The Park Tower unit last sold for $7 million in January 2019. The seller at the time was former Kraft Heinz executive Georges El-Zoghbi.

El-Zoghbi paid $4.5 million in May 2016 for the unit, which he renovated. Alexa Hara and Guido Piunti of @properties had the most recent listing — Hara also represented El-Zoghibi when he bought the condo. Randi Pellar of Baird & Warner brought the buyer.

3722 N. Claremont Ave. | $1.7M | North Center
This new construction home has five bedrooms, six bathrooms, and two fireplaces. The sale came out to $370 a foot for the 4,600-square-foot home. There is a private yard with a stone patio and a rooftop deck over the garage. Mark Bystrowicz of RE/MAX City had the listing and William Cheeseman of Baird & Warner represented the buyer.

3309 N. Hamilton Ave. | $1.6M | North Center
This five-bedroom, six-bathroom home is another new construction. The 3,100-square-foot property penciled out to $406 a foot. It includes a fireplace, backyard with a brick-paver patio and a roofdeck over the garage. Christopher Demos of Century 21 Elm, Realtors had the listing and North Clybourn Group’s Michelle Berger brought the buyer.

40 N. Carpenter St. Unit 2N | $1.4M | Near West Side
This four-bedroom, three-bathroom condo is in a building that opened in 2016. At 2,321 square feet, the price per foot for the deal worked out to $585. The unit features five-inch plank wood flooring throughout and window shades on remote. There is a large, private terrace with composite decking and privacy fencing. Garage parking is included. Nicholas Colagiovanni of Baird & Warner had the listing. Sarah Marsh of @properties brought the buyer.

1911 N. Mohawk St. #1 | $1.3M | Lincoln Park
This is the second condo unit to sell in this new construction building in two weeks. The unit has four bedrooms and three and a half baths, with an open floor plan and wide plank oak flooring. There is also a rear outdoor terrace that leads to the full garage rooftop deck. Sam Jenkins of Jameson Sotheby’s International Realty had the listing and Kevin Hinton of Keller Williams Chicago-Lincoln Park brought the buyer.

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