Condo in Chicago’s Park Tower Trades for $2.8M

Chicago’s condo market continues to show signs of life after a sluggish 2023.

Former Chicago White Sox executive Kenny Williams and his wife, former TV reporter Zoraida Sambolin, have sold their 3,200-square-foot condo on the 29th floor of the Park Tower, on North Michigan Avenue, for $2.8 million, the Chicago Tribune reported. That’s about $867 per square foot.

Margaret Baczkowski of @properties represented the buyers, whose identities have not been disclosed. Philip Skowron represented the sellers.

The couple purchased the three-bedroom unit in March 2021 for $1.85 million and performed an extensive renovation. It features two-and-a-half bathrooms, hardwood floors, stainless steel appliances and views of downtown Chicago.

The sellers initially listed the condo for $2.95 million in September before lowering the price to a tad under $2.8 million in February. The couple’s exact reason for selling is unclear, although Williams was fired as the White Sox’s executive vice president in August.

The condo incurred a property tax bill of $55,288 in the 2022 tax year, the outlet reported.

The 70-story Park Tower was home to the largest residential transaction in Chicago’s city limits last year. Billionaire Ken Griffin sold his 8,000-square-foot on the 66th floor for $11.2 million, down roughly 25 percent from the $15 million that Griffin paid for it in 2012.

Home sales in Chicago dropped by 20 percent in 2023 compared to the year prior, largely because of a spike in mortgage rates, low inventory and overall economic uncertainty. However, the market is expected to bounce back this year due to a slight dip in mortgage rates, relatively stable prices and more balanced supply-and-demand levels.

Several notable condo sales started the year. Also in Park Tower, Fox Sports TV host Colin Cowherd paid $3.25 million for a three-bedroom, 3,200-square-foot unit in February.

In the West Loop, Chicago Cubs outfielder Ian Happ bought a 3,400-square-foot unit in the newly constructed Embry building, at 21 North May Street, for more than $3 million.

—Quinn Donoghue