After being set for auction and not selling, the 9,280-square-foot penthouse in Chicago’s Streeterville neighborhood that’s been featured on TV shows “Empire” and “Chicago P.D.” is back on the market with another steep price cut.
The highly customized property on the 32nd floor of 415 East North Water Street is being shopped on an agent’s private network, but a Zillow listing published Friday indicated it was listed for sale for just under $5 million.
A year ago, the property was listed for auction after spending seven years on the market without a sale, and having undergone substantial price chops. The latest knocked $1 million off the last listing price, and amounts to a more than 60 percent reduction of its asking price since it was first listed for $12.9 million in 2015.
The sellers are Cal Fishkin, a co-founder of Chicago trading firm Hard Eight Futures, and his wife, Courtney Fishkin, according to public records. Fishkin purchased the unfinished space in 2008. He paid about $5.8 million and then spent another $8 million to finish the space, with a total investment of $14 million, according to Rick Levin, whose Chicago auction firm, Rick Levin & Associates, arranged an auction for the property at one point.
“The seller has no debt on this, and he’s ready to make a deal and sell it,” Levin told Crain’s last year.
The Real Deal reached out to Levin to ask if the auction that had been scheduled for December was unsuccessful and he did not comment beyond saying he was no longer involved in the property. Levin’s website shows the auction had been postponed at one point. Public records don’t show any transfer of ownership took place in the last year.
The listing agent, Michael Maier with Berkshire Hathaway HomeServices Chicago, declined to comment beyond saying the home was on the private network.
The two-story penthouse includes a basketball court, lake views and three 500-gallon fish tanks. The minimum bid at the auction was $2.5 million. The three-bedroom, four-bath property includes many extravagant details, including a curved marble staircase, a 60-foot terrace, a 16-person hot tub, over $1 million-worth of imported stone and an indoor racquetball court.
The property is one of several being shopped in the spring market at a discounted price after months or even years on the market.
A Magnificent Mile penthouse that once belonged to Chicago-area native Vince Vaughn also took a price cut in its most recent relisting. The property, in the historic Palmolive building in Streeterville, is now seeking $10.5 million, down from its previous list price of nearly $12 million. It last sold for $8 million in 2016, when the comedian moved out of the property.
And a Gold Coast home at 1421 North Astor Street sold for $3.94 million in February, less than half its initial $8.95 million listing price when it hit the market five years ago. The final sale price is less than the amount chopped from the asking price across five separate cuts over the years.
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