Michael Newman is reeling in his next deal for a pricey Tribune Tower condo.
Golub & Company, whose CEO is Newman, found a buyer for a condo unit last listed at $4.7 million in the iconic former longtime home of the Chicago Tribune. The listing was marked as “pending” on public listing sites on Thursday, a sign that a sale is likely imminent and will be closed once the unit is turned over to the buyer.
The three-bedroom, four-bathroom condo is one of several to come under contract this year as the tower’s renovation nears completion. The sale price won’t be known until the deal closes.
The home would be the 114th this year to sell at or above $4 million should it close for its listing price or at least within 15 percent of it. More condos in Chicago have sold for $4 million or more in 2022 already than in all of 2021, when there were about 100 sales at the same price level.
Details on the condo, including square footage, are not included in the public listing. It’s represented by Jeanne Martini, an in-house broker for the developer Golub & Company. The developer did not return a request for comment.
The renovation of the 36-story Gothic Revival-designed building first built in 1925 at 435 North Michigan Avenue is nearly complete. It started after the final Tribune media employees moved out of the building in 2018.
The tower was purchased for $240 million by developers CIM Group and Golub in 2016, and the residential conversion has turned it into 162 condo units. More than 60 percent of the building’s condos are now under contract. Its first residents moved in last year, according to the developers.
The property currently has eight condos available on public listing sites. Those range from $1 million for a one-bedroom to nearly $7 million for a four-bedroom.
In April, Judith McKenna, president and CEO of Walmart’s international division, and her husband bought a $4.9 million condominium on the 20th floor of the tower.
Also in April, a four-bedroom, five-bath condo at the Tribune Tower redevelopment closed for $3.6 million.
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