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Residential
Chicago

Broker sets deadline for Lake Point Tower penthouse bankruptcy sale

The 5,200-square-foot space is on the 70th floor of the building and currently home to Cité, a 142-seat restaurant.

The Lake Point Tower (Compass)
The Lake Point Tower (Compass)

A bidding deadline of Aug. 1 has been set for the bankruptcy sale of the circular penthouse unit at the top of Lake Point Tower.

Hilco Real Estate was hired to sell the 5,200-square-foot space is on the 70th floor, which is currently home to Cité, a 142-seat restaurant. The broker previously planned to market the property to restaurant operators, but is also willing to sell it to a buyer to convert to a condominium, since the building is zoned residential.

“I can, without exaggeration, say there is truly no other space in the entire City of Chicago that compares to the 70th floor of Lake Point Tower,” Steve Madura, senior vice president at Hilco Real Estate, said in a release. “From the penthouse, it feels like the building is in the center of Lake Michigan. While it may continue operating as a restaurant offering guests a spectacular dining experience, I believe there will be significant interest in converting the space into a one-of-a-kind personal residence…a veritable castle in the sky.”

Hilco has not publicly posted a price for the space, but a Compass listing marketing the property for residential purposes lists it at $4 million.

Real estate investor and former first lady of New York State Evangeline Gouletas owns the restaurant. A bankruptcy trustee hired the broker to sell the struggling eatery, ending a long battle between Gouletas and her lenders.

The Gouletas venture that owns Cité owes almost $6.1 million to its creditors, including Republic Bank of Chicago, which filed to foreclose on the property in October 2019.

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“The bankruptcy process clears the way for the property to free itself from some of its past financial problems and ensures a direct path to new ownership,” Robert Handler, bankruptcy trustee for Cité, said in a release.

While Gouletas previously told Crain’s she’s close to repaying her $3.6 million debt to Republic, Handler said he wasn’t aware of any deal between Gouletas and the bank.

Hilco is also selling the additional 2,400 square feet of commercial space on the building’s second floor that comes with the property.

While the future of the space is unknown, Cité is currently open and losing money. According to a court filing, the restaurant’s cash flow for March totaled a net loss of $61,075.

Lake Point Tower is the only high-rise building east of Lake Shore Drive, giving the building unobstructed views of both the city’s skyline and Lake Michigan.

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Commercial Real EstateLake MichiganLake Shore DriveStreeterville