Park Tower penthouse asks $15M, marking Chicago’s fifth-priciest listing

Last two penthouses in Park Tower building sold for at least $15M

Park Tower penthouse asks $15M, marking Chicago's fifth-priciest listing
Park Tower Skyscraper (Google Maps, Wikipedia)

A penthouse on the 63rd floor of the Park Tower building hit the market for $15 million, the fifth most expensive asking price for a Chicago condominium this year.

A four-bedroom, 8,400-square-foot condo on the Gold Coast has been an off-market listing since June and is expected to be publicly listed early next year, the Chicago Tribune reported. The sellers, retired Harris Associates Chairman and Chief Investment Officer Robert M. Levy and his wife Diane, bought it for $3.5 million in 2000.

Levy’s penthouse comes with a private elevator entrance and its own outdoor space in addition to four full bathrooms. Katerine Malkin of Compass represents the sellers.

While Cook County appraised the penthouse at $8.82 million, the last two penthouses were sold for at least $15 million each, about 70 percent higher than property valuations. The building has seven penthouses.

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Citadel founder Ken Griffin paid $15 million in 2012 for one penthouse and “Star Wars” creator George Lucas and his wife, Ariel Investments and co-CEO Mellody Hobson bought one for $18.75 million in 2015.

The listing is the fifth-highest asking price for a Chicago condo. The most expensive is a 14,260-square-feet penthouse on the 89th floor of the Trump International Hotel & Tower that’s being marketed for $30 million.

A 71st-floor penthouse in St. Regis Chicago is under contract with a $18.5 million asking price, while an 8,000-square-foot duplex penthouse at a co-op building at 1500 North Dusable Lake Shore Drive is on the market for $16.9 million. A 65th-floor penthouse in One Bennett Park has a $15.17 million asking price.

A total of 63 luxury condo units priced $4 million or more were sold this year in Chicago, putting the city on track to exceed the 2018 sales record of 73, according to Crain’s. Of the top 10 priciest home sales this year, six were downtown condos.

[Chicago Tribune] – Connie Kim

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