Abbott executive buys Michigan Avenue condo for $4M

A top executive at Abbott Laboratories bought a Michigan Avenue condo for more than $4 million, one of 45 homes in the Chicago area that sold for $4 million or more so far this year.

John Ginascol, executive vice president of core diagnostics for the Abbott Park-based company, along with wife Denise Stefan, bought the condo in the Bloomingdale’s building at 900 North Michigan Avenue for $4.1 million, Crains’ reported.

The sellers paid $3.65 million for the 26th-floor condo in 2017, significantly less than the original list price of $4.56 million in 2008.

Last month, Walmart executive Judith McKenna bought a $4.9 million condominium on the 20th floor of the Tribune Tower.

Earlier this month, a condo in the St. Regis development on Wacker Drive sold for a record $8.97 million. The 6,200-square-foot condo is now the highest priced unit to sell in the building.

Last year was a record-breaker year for luxury homes in the Chicago area. Some 101 homes sold for $4 million or more, compared to the six-year average of 52.

Ginascol has been at Abbott since 2008, when he was vice president of supply chain for Abbott’s nutrition business. He took his current position in 2019.

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