A posh Lincoln Park penthouse has landed a buyer almost four years after it first hit the market, equating to the most expensive condo deal in the neighborhood since 2021.
Longtime real estate executive James Gearen has sold his 38th floor condo at 2550 North Lakeview Avenue for just shy of $6 million, Crain’s reported. Compass agent Brad Lippitz represented Gearen, and Compass’ Joanne Nemerovski represented the buyers, whose identities have not been made public.
Gearen initially listed his 4,200-square-foot unit for $6.75 million in October 2019 and it has since been on and off the market. The sale went down as the second-priciest condo deal in Lincoln Park in at least the past seven years.
In January 2021, a roughly 8,000-square-foot space in the same building, which was previously connected with Gearen’s unit, traded for $9 million. On a per-square-foot basis, Gearen’s sale exceeded the neighboring condo, with a price of roughly $1,417 per square foot compared to $1,125 per square foot.
The recent transaction also marked the 26th Chicago-area home to trade for at least $5 million this year, down from 50 such sales at the same time last year, the outlet reported.
Designed by architect Kevin Toukoumidis of Dspace Studio, the condo features arched ceilings, oversized white oak flooring and a sleek black-and-white interior design. It includes three bedrooms, two balconies and clear views of the Lincoln Park lagoon and Lake Michigan.
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Chicago’s largest residential sale of 2022 was a 71st floor condo on East Wacker Drive that Mexican billionaire German Larrea bought for $20.6 million.
— Quinn Donoghue