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Chicago

LG Development exits unfinished Lincoln Park overhaul for $5M

Buyers will take over a massive renovation project

Lauren Goldberg and Samantha Porter with Jameson Sotheby’s and 1862 North Dayton Street in Lincoln Park (Porter Goldberg, Google Maps)
Lauren Goldberg and Samantha Porter with Jameson Sotheby’s and 1862 North Dayton Street in Lincoln Park (Porter Goldberg, Google Maps)

LG Development’s exit from a Lincoln Park home renovation project came earlier — and at a lower price— than initially expected even as Chicago’s luxury housing market is staying strong amid rising interest rates straining buyers unable to pay all cash.

Chicago-based LG Development, headed by founder and CEO Brian Goldberg, sold the unfinished home at 1862 North Dayton Street in for $5 million, Crain’s reported. The unnamed buyer was represented by Susan Nice of Dream Town Realty, and made this year’s third deal for $5 million or more in the Chicago area.

It puts 2023 on a track that so far outpaces last year’s record volume of deals at the extremely high end of the residential market for sales of $5 million or more, and was followed by a Tuesday sale of a Lake Forest estate for $5.8 million. At this time last year, two sales for more than $5 million had closed.

In Lincoln Park, LG bought the lot for $3.35 million in 2021 with plans to completely reimagine the Tuscan-style mansion that sat on the site. LG previously said it would sell the finished remodeled home for $7.2 million.

The home was listed by Samantha Porter and Lauren Goldberg of Jameson Sotheby’s International Realty. The sale closed on Jan. 9.

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LG’s principal Brian Goldberg said the developers gutted the house and installed new windows and a roof, but the renovation is otherwise unfinished. The buyer will resume the update and choose an architectural style, which may or may not be the California-modern style LG had been planning.

Less than a mile east, down West Armitage Avenue, the home that was the residence of investor Anne Dias trimmed $1.7 million, or 18 percent, from its asking price, dropping the home to $7.8 million from $9.5 million. Dias is a philanthropist as well as the ex-wife of billionaire hedge funder Ken Griffin.

The residence tied to her at 2026 North Mohawk Street was listed for sale on the public market in October for $9.5 million, a drop from when it last sold for $10 million on July 12, which marked the neighborhood’s priciest deal in 2022 and may have been a formality to transfer ownership of the property within the wealthy family of Dias, who is the ex-wife of billionaire Ken Griffin, according to Cook County records.

Last year concluded with 62 sales at $5 million or more in the Chicago metro area, a record high and a jump of 29 percent from 2021’s count of 48 such deals.

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— Victoria Pruitt

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Lake ForestLincoln ParkLuxury HousingLuxury Real Estate