Second West Loop condo to sell for $5M dips below mark with upcoming listing
The residential market may be softening in some pockets across the Windy City, but that’s not the case for a West Loop condo that just shattered a sales record.
The $7 million condo on the 15th floor of the Embry tower at 21 North May Street is under contract, and though the exact sale price can’t be revealed until the deal officially closes, Compass listing agent Tim Sheahan confirmed the buyer paid close to the asking price, Crain’s reported.
Only two other West Loop condos have sold north of $5 million, both in the Noir building at 900 West Washington Boulevard. One sold for $5.6 million in January 2022, and the other for $5.7 million in 2019. So if this deal closes, it will shatter the previous record by a considerable margin.
The condo hit the market at $8 million when it included plans for a swimming pool. However, the buyer opted out of the pool and other outdoor amenities, which lowered the unit’s value to drop.
Delivery of finished condos at the Embry is expected to happen later this summer, so details of the pending deal may be delayed. Contracts have been locked down for 39 of the 58 condos at the site.
Sulo is developing the building at 21 North May and first announced plans for the project in 2021.
The developer’s other projects include the ritzy Menomonee Rowe in the East Lincoln Park neighborhood, which features 4,000-4,500-square-foot floor plans with bedrooms and five-and-half bathrooms, according to its website.
In West Loop, Sulo has built the Hayden, an eight-story, 28-unit condo building at 1109 West Washington Boulevard.