Chicago developer Fred Latsko is slimming down on mansions as he’s teed up a Fulton Market apartment tower as his next project.
The owner and CEO of Latsko Interests sold a six-bedroom Gold Coast home at 1236 North Astor Street for $1.9 million, after he spent $1.6 million to buy the home in 2016, the Chicago Tribune reported.
Latsko and his company own properties in major urban markets that include office, retail, industrial and residential. He recently revealed an updated design of an apartment tower of more than 500 units at Fulton Market’s 375 North Morgan Street that will rise on the western portion of on the site of the Guinness brewery and taproom that’s being built.
Pamela Rueve and Michael Mandera of Jameson Sotheby’s International Realty were the listing agents for the house. The buyer has not been identified yet. Latkso said the house took a long time to sell. He first listed it in 2018 for $2.9 million and later slashed its price to $2.25 million before another reduction to $2 million in September last year.
While Chicago’s pace of luxury home trades has been rapid this year, sellers have frequently had to cut their initial asking prices to make deals.
Latsko bought the Astor Street home built in 1887 through a land trust, and he and his family didn’t live in the home.
When Latsko bought the Astor Street mansion, he said he planned to use it if and when his family wanted to downsize from their current home, the landmarked 9,768-square-foot Francis J. Dewes mansion in Lincoln Park. He had listed that Gothic-revival style house for sale in 2011 for $9.9 million, though it never sold. He bought it for $1.3 million. Latsko still owns another Gold Coast property that his family can use if they ultimately decide to move.
The three-story Astor Street house sits on a 71-foot-wide lot at the corner of North Astor and East Scott streets, a block south of the Goudy Square Playground Park, and served as the main residence of Chicago’s French consul in the 1960s.
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Former Driehaus mansion sells for $4.5M in Gold Coast loss
— Victoria Pruitt