Former CEO’s Gold Coast condo hits market for $10.8M

It’s the biggest price tag anyone has hung on a Chicago residential property this year, and it’s a bargain if you consider the degrees of amenities on offer.

That’s one way to look at the Gold Coast penthouse condo that just hit the market with an asking price of $10.8 million, Crain’s reported. 

Another way would be to look from north, south east and west — it boasts terraces providing a 360-degree view — and call it $30,000 per degree for having the whole world outside your door.

A reality check on that lofty notion puts the price of former Fortune Brands Chairman and CEO Bruce Carbonari’s 5,400-square-foot, 23rd-floor luxury pad in the Elm and State building at $2,000 per square foot.

Carbonari and his wife, Kate, will take $10.8 million no matter how a buyer slices it — their primary residence is in Florida, and the couple bought a second home in the Detroit area to be near grandchildren.

“We’re not using it; not coming to Chicago as much as we did before grandkids,” Kate Carbonari told Crain’s.

@properties Christie’s International Real Estate’s Sharon O’Hara and Carrie McCormick have the listing, which would go for $1.5 million more than the priciest residential deal in Chicago so far this year. The current high is $9.3 million for a condo on nearby Goethe Street. A Lincoln Park mansion last listed at $23.5 million is under contract.

Hedge funder Ken Griffith is the last seller in Chicago to get more — the Citadel CEO got $11.2 million for a Park Tower penthouse last year.

The Carbonaris paid $6.7 million for the Elm Street condo in 2016, before it was completed. They made some changes to the interior layout, including a reconfiguration that yielded 1,700 square feet of terrace space that opens on to the view.

“We were going to be here mostly in the summertime, so the outdoor space was very important,” Kate Carbonari said.

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