Mansion in Chicago’s Lincoln Park Sells at Steep Loss

A mansion in Chicago’s Lincoln Park has sold for $5.8 million, marking a $2.3 million loss for its sellers just three years after they purchased it, Crain’s reported.

The five-bedroom home at 1856 North Mohawk Street, designed by architect Dirk Lohan, sold for $8.1 million in March 2022. Spanning 8,700 square feet on less than a quarter acre, it sold then for about $931 per square foot, and now for about $667 per square foot.

The sellers listed it 14 months after they bought it for $8.2 million, but price cuts over time brought the asking price down to $6.39 million.

The property went under contract in February and closed last week. The sellers’ names are hidden behind a land trust.

The buyers, not yet revealed in public records, were represented by Compass agents Eudice Fogel and Jayme Slate. Emily Sachs Wong of @properties Christie’s International Real Estate had the listing.

The sale price still ranks as the seventh-highest for a Chicago-area home so far this year.

It includes a four-car garage, elevator, rooftop deck with a metal pergola and a walled courtyard.

A highlight is the staircase, designed as a modern homage to the iconic metal staircase legendary Chicago architect Ludwig Mies van der Rohe created for the Arts Club. Lohan, the home’s architect, is Mies’ grandson.

Lohan designed the house for lumber scion Harry Seigle, who sold his family’s lumber and home supply business in 2005 for $121 million. The architect is known for designing prominent structures like the former McDonald’s headquarters in Oak Brook and the Shedd Aquarium’s Abbott Oceanarium.

Others among Chicago’s top home sales so far this year include a Gold Coast penthouse at Elm & State that sold for over $10 million. It was previously owned by former Fortune Brands CEO Bruce Carbonari. In Winnetka, two $12 million homes sold last week in addition to a $35 million mansion at 419 Sheridan Road, sold by former Goldman Sachs partner Muneer Satter in February.

Luxury homes in Chicago often sell for less than their last transaction. Most of the market’s priciest homes last year traded for under their previous price.

— Judah Duke