The founder of Chicago-based venture capital firm JK&B Capital is selling his Park Tower penthouse condo for $11.7 million. Recent sales of other condos in the building paint a grim picture for the downtown luxury condo market.
The 64th-floor condo spans 8,500 square feet with five bedrooms and five and a half bathrooms. The home is owned by David Kronfeld, founder and chairman of major software investor JK&B Capital, and his wife Larisa Kronfeld.
If it sells for its asking price of $11.7 million, about $1,370 per square foot, it will surpass Citadel CEO Ken Griffin’s sale of his Park Tower penthouse in January of last year. Griffin sold the 66th-floor condo for $11.2 million — a 25 percent loss from the $15 million he bought it for in 2012.
Griffin is still looking for a buyer for his other Park Tower property, a 9,250-square-foot unit, the full top floor, asking $15.75 million.
The Kronfelds’ asking price puts their home within Chicago’s top five priciest residential listings, with Griffin’s Park Tower penthouse claiming the top spot, according to public listing information.
Park Tower, at 800 North Michigan Avenue, is an art deco-style skyscraper in Streeterville, built in 2000. The tower is one of the Chicago luxury condo buildings — much like Gold Coast’s 9 West Walton Street or River North’s One Chicago building — that is seen as a barometer to track trends in the broader downtown luxury condo market.
Lately, listings at these luxury condo buildings have seen price reductions, longer stays on the market and value losses. As the residential market outside the city center and in the suburbs heats up, the new listing at Park Tower will be a test of a challenging downtown market.
The Kronfelds bought their condo in 2002 for $4.9 million, meaning they likely stand to make a profit on the home, even amid the current market challenges.
The condo has three garage parking spaces, a total of 15 rooms, including a home gym, and city views on all sides of the unit.
Carrie McCormick with @properties Christie’s International Real Estate has the listing.
Read more
Residential
Chicago
Ken Griffin finds buyer for Park Tower condo
Residential
Chicago
Ken Griffin endures 25% loss on $11M Park Tower condo
Residential
Chicago
New year, same condo market: Bob Levy cuts $3M from Park Tower penthouse ask
Residential
Chicago
Here’s the homeowners behind Chicago’s priciest tax bills