Gold Coast condo split into two listings sees $2.9M price cut

It’s been a year since the sellers of a Gold Coast condo offered to split their home in two to attract more buyers. This week, they slashed the price once again in an attempt to close a deal. 

The condo spans the entire third floor of a parisian style building at 65 East Goethe Street and is now listed at just under $13.9 million, for those interested in purchasing the entire 12,400-square-feet home, according to public listing information. That’s almost $1,118 per square foot and a 17 percent drop from its February 2023 asking price of $16.8 million. 

The 7-bed, 11-bath condo — one of the priciest listings in the city right now — has seen three price cuts since it hit the market last year. 

“The seller would like to sell,” listing agent Julie Harron of Jameson Sotheby’s International Realty said of the most recent reduction. “You have to adjust and move with the market.”

Last year, the condo was split into two, but the option to purchase the whole floor is available. The smaller unit (3W) is now listed at just under $4 million, and the larger unit (3N) is priced at $9.9 million. 

“Clearly, we would love to sell the full floor, and our client would love that,” Harron said. “However, we’ve divided it up just to create more opportunity.”

Founder and CEO of Valor Equity Partners, Antonio Gracias, and his wife, Sabrina, own the property. They purchased it in two transactions over two years, buying the larger unit on the north end first. They paid $13.6 million for the two units, according to previous reports.

Harron called the condo “an entertainer’s paradise,” adding that it feels more like a single-family home than a condo. It has a home theater as well as a rec room, gym and wine room. 

The whole condo comes with seven parking spaces in a covered garage. For those looking into the separated units, there are two parking spaces given to the smaller unit and five to the larger.

Harron said she feels confident that features like those will draw out Chicago’s ultra-luxury buyers. The market here is smaller than New York’s or Miami’s, but Chicago has a lot to offer right now, she said. 

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“It’s a value proposition for somebody that wants to move into a city,” Harron said of the Gold Coast condo. “Chicago’s affordable, and it has great schools.”

Splitting up a large property is a tactic sellers have used before.Several years ago, developer ZSD Corp bought a historic Gold Coast mansion for $2.35 million — less than a quarter of the 2013 list price of just under $10 million. The development firm went on to rehab the building into four condo units priced at $2 million each.