Chicago’s ultra high end condo market has a new listing.
A penthouse in the Park Tower building at 800 N Michigan Avenue will be listed next month for $15 million, the first time any penthouse in the building has been on the market since 2006.
The condo, on the 63rd floor of the building, has views in every direction. The layout is an entire single floor with 8,400 square feet. The four bedroom, four bath home includes a private elevator entrance and 12 foot ceilings. The seller wasn’t revealed in property records.
The building also has an uncommon perk: access to the amenities of the Park Hyatt Hotel, including the hotel’s pool, health club and room service.
“It sort of becomes their back door pantry,” said Katherine Malkin, the Compass agent representing the listing.
The Park Hyatt Hotel is currently undergoing renovations, but will reopen this summer, Malkin said.
The apartment itself is hard to find on the market, and Malkin said other sales at this level within the building have been private. Beyond that, the combination of a single-floor layout of this size and the concierge service from the hotel is uncommon. The building also maintains select clientele, Malkin said, something that appeals to buyers who want to be around those willing to invest in their condos.
“For people that don’t want to be in a suburban home, it’s a way to get it while still having all of the things you love about being in a city,” Malkin said.
The listing comes at a turning point for Chicago’s luxury condo market. Sales have been up, with the record breaking $20 million sale of a penthouse at Trump Tower Chicago earlier this month. Some brokers say that sale is a sign that buyers don’t care about rising interest rates and global uncertainty with the war in Ukraine.
Five condos in Chicago sold at $4 million or more as of March 9, compared with just two during the same period last year, according to the Multiple Listing Service. In all of 2021, 42 condos sold for more than $4 million, with an $11.25 million sale of an 8,800-square-foot 26th-floor penthouse unit at 840 North Lake Shore Drive setting the highest-priced condo sale last year.
The condo market has struggled in the pandemic, in comparison to the suburban single-family home market and the rental market within the city. The market can’t keep up with the demand for rental housing, while the condo market lags behind. Residents looking to move downtown tend to want modern units, while most of the condo inventory is more dated, larger and requires a down payment.
After the Trump Tower condo sale, the 7,500-square-foot full-floor penthouse unit on the 65th floor at One Bennett Park in Streeterville is now the highest-priced condo on the market at just over $15 million. The 800 N Michigan Avenue listing would be slightly under that at $15 million.
A 47-story condo tower, known as Cirrus Condominiums, in Lakeshore East is expected to deliver 350 units with prices ranging from $400,000 to $5 million in the first quarter. Luxury condo developments are set to expand to Fulton Market from the Streeterville and Lakeshore East neighborhoods, where One Bennett Park and St. Regis are located. Dubbed Momad, four units for the 10-story, 25-unit condo at 1010 West Madison Street, already went under contract at just under $6 million in November, even before breaking ground.
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