Condo Asks Chicago Park Tower’s Highest Price per Square Foot

A Park Tower condo has hit the market for $7.7 million after its owners invested millions into renovating the unit.

The sellers of the 4,000-square-foot unit at 800 North Michigan Avenue are asking $1,925 per square foot, a price that would set a record for the building.

The unit has two bedrooms, three bathrooms and spans half of the 60th floor.

Its owners are Sequel Capital founder Harvey Kinzelberg and his wife, Mary Ann, the Chicago Tribune previously reported. The Kinzelbergs invested $7 million into renovations, which were overseen by local designers Scott Himmel and Darcy Bonner.

The Kinzelbergs first put the home up for sale in 2016, asking $12 million at a time when no condo in Chicago had ever sold for anywhere near that price of $3,000 per square foot.

They’re trying again, asking 35 percent less as the downtown condo market is off to a strong start this year.

“I think this seller is aware that what they invested in this unit for themselves is not necessarily what they’re going to get back on the return of the home, but I priced it accordingly,” said listing agent Carrie McCormick of @properties Christie’s International Real Estate. The unit is also one of few penthouse-level condos that has a balcony and views to the north, east and west.

McCormick recently sold a Gold Coast penthouse at 4 East Elm Street for $10.1 million, or $1,870 per square foot. That proves the market can tolerate such prices, she said. McCormick represented the sellers in that deal along with Sharon O’Hara and Emily Sachs Wong represented the buyers. All three brokers are with @properties.

The Gold Coast sale set the record for the city’s priciest sale this year so far. It was originally listed for $2,000 per square foot, but the price dropped before it sold last month.

Meanwhile, a penthouse on Park Tower’s 63rd floor is also asking $7.7 million, but offering twice the space for a price per square foot of $917. Jeff Lowe of Compass has that listing, a five-bedroom, six-bathroom penthouse that has been on the market since 2022 with various price cuts along the way.

“We are without question the best price for penthouses in that building right now,” Lowe said of his listing. “I just happened to have a very realistic seller, and he wanted to be the best-priced penthouse in the building. And we are, and we can tell that because other people within the building are giving serious consideration to it.”

The penthouse directly above Lowe’s listing, on the 64th floor, was listed by McCormick and Frank Lowery (also of @properties) earlier this year at $11.7 million, or $1,376 per square foot and has been renovated.

One of the priciest sales at Park Tower in recent years came in January of 2023 when Star Wars Creator George Lucas and his wife Mellody Hobson bought their 8,000-square-foot unit on the 66th floor of Park Tower for $11.2 million, or $1,400 per square foot. That marked the priciest condo sale of the year in Chicago.