A Streeterville penthouse is back on the market with a price tag that pales in comparison to what the owners were asking nine years ago.
The two-story, 9,300-square-foot unit in the River View Condominiums building, at 415 East North Water Street, has been relisted for just shy of $4 million, Crain’s reported. That’s about $430 per square foot.
Michael Maier of Berkshire Hathaway HomeServices Chicago is representing the property on behalf of Cal Fishkin, a co-founder of Chicago trading firm Hard Eight Futures. Fishkin bought the condo from the developer for $5.3 million in 2008 and spent at least $6.3 million more on finish outs that included massive amounts of polished stone.
The penthouse initially hit the market at $12.95 million in March 2015. It was asking nearly $5 million last year. Fishkin also tried to sell it via auction in 2022 but failed, despite being “ready to make a deal.”
The condo’s drastic depreciation reflects Chicago’s sluggish condo market, which has been plagued by high interest rates and reduced vibrancy within the city’s core since the pandemic.
Since 2015, condo developments in Chicago have practically vanished as demand plummets. Conversely, demand for rental units has exploded, culminating in an apartment boom that’s showing no signs of slowing.
The Streeterville penthouse is adorned with a sweeping metal staircase connecting its dual levels and three 500-gallon fish tanks. It also features hand-ball and pickleball courts.
Notably, the lavish aesthetic and its 60-foot terrace, boasting panoramic vistas of Lake Michigan, the Chicago River and downtown, have rendered it a sought-after filming location for television series such as “Empire” and “Chicago PD.”
However, uncertainties loom regarding potential obstructions to the condo’s views by a proposed second tower in Related Midwest’s 400 Lake Shore development, the outlet reported.
—Quinn Donoghue
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