A contract for a penthouse unit at a Lincoln Park tower, which would’ve marked the second-priciest residential sale in Chicago this year, is expected to fall through, putting the apartment back on the market, The Real Deal learned.
Listing agent Doug Smith at @properties for the 38th-floor condo at 2550 North Lakeview asking $6.75 million told The Real Deal the contract was falling apart, without commenting on the reason. The three-bedroom, 4,250-square-foot unit hit the market on Feb. 4 and went under contract two days later, according to Zillow.
If the deal had closed, it would have marked the second-priciest residential sale in the city and the most expensive condo sale in Lincoln Park this year. The largest residential sale was the six-bedroom, 8,400-square-foot mansion at 1837 North Orchard Street, which sold for $8.7 million on Feb. 4. The priciest condo sale this year was in the same Lincoln Park tower, a 35th-floor unit in February; the buyer paid $5.8 million for the 4,700-square-foot, four-bedroom home.
The seller of a penthouse unit at Lincoln Park is James Gearen, head of investment firm Gearen Holdings in Minneapolis and Chicago, and former executive of Chicago commercial real estate firm Zeller Realty. Gearen bought the space in December 2015 for $2.35 million and commissioned architect Kevin Toukoumidis of Dspace Studio to finish it. Garen’s condo features 12-foot ceilings, oversized white oak flooring, and two balconies that offer expansive views of the park, the lake, and the skyline.
The unit, one of two penthouses in the building, was originally offered as a single 12,500-square-foot condo at about $13 million. When the space remained unsold after a few years, the developers split it into two units and Gearan bought it three years after the building was complete in 2012.
At least seven single-family houses and condo units sold in the city for $4 million or more this year as of Feb. 23, setting the stage for another strong luxury residential market. This compares with only one sold in the city during the same period last year and more than 100 homes sold for $4 million-plus in 2021.