Michael Krasny Sells Chicago Condo for Massive Discount

Michael Krasny, billionaire founder of the tech firm Computer Discount Warehouse, has sold his luxury Gold Coast condo at a significant loss.

Krasny offloaded his three-bedroom, 4,200-square-foot unit on the 50th floor of Park Tower at 800 North Michigan Avenue for $2.35 million, the Chicago Tribune reported.

That’s $2 million less than the $4.35 million he paid for the unit in 2017, and well below the $3.4 million asking price when he listed it last fall.

After slashing the price to just under $3 million in December, the unit ultimately sold in mid-April. The sale works out to about $560 per square foot.

Public records do not yet identify the buyer. Sotheby’s International Realty agent Linda Levin had the listing.

The unit features 3.5 bathrooms, two terraces and views in every direction but west. It also includes an open floor plan, custom built-ins, walnut hardwood floors, high-end kitchen appliances, custom walk-in closets and two garage parking spaces. The building’s monthly HOA fee is $3,796, and the unit carried a 2023 property tax bill of $62,751.

Krasny, 71, made his fortune after founding CDW in the early 1980s and later taking it public. He sold the company to Madison Dearborn Partners in 2007 and has since been a prominent figure in philanthropy and real estate. The Park Tower unit was held in a land trust that obscured his identity.

Krasny still maintains a home in Chicago. He owns a four-bedroom, 5,000-square-foot condo on the 13th floor of a Lincoln Park tower, which he purchased in August for $5.1 million from former Altria CEO Michael Szymanczyk and his wife.

Luxury properties along Michigan Avenue have struggled to hold value in recent years, but the Gold Coast remains one of the city’s most desirable enclaves for high-end buyers, particularly for units with views, outdoor space and access to amenities like the neighboring Park Hyatt.

The sale reflects broader pricing pressure in the downtown condo market, where even trophy units have sometimes traded at discounts despite high-end finishes and prime locations.

— Judah Duke