A 63rd-floor condo at the St. Regis is up for sale, asking $7.1 million in a private listing that went up earlier this month.
If sold for that price, the listing would not be the first over-$6 million sale at the building this year. There were three multi-million dollar sales at the St. Regis in the first few weeks of the year, two of which were over $6 million — a strong start to the year after challenges for the downtown condo market.
The unit has four bedrooms and five full bathrooms and spans 4,850 square feet for a list price of $1,469 per square foot, according to listing information. The sellers put a significant amount of work into renovating the unit and putting luxury finishes onto it, such as a smart home system and custom-made Italian doors, said listing agent Jennifer Ames of Engel & Völkers Chicago
She priced the unit below what the building’s developer, Magellan, is selling similar units for, in an attempt to catch the eye of buyers, she said.
The sales team at the St. Regis has had to make some shrewd business moves to navigate the challenges of Chicago’s downtown condo market, including a bulk sale of 84 units to GD Holdings for $117 million, or almost $1.4 million per unit, in November. The sales team is led by Leila Zammatta, senior vice president of sales with Magellan Development.
The building’s original investor, Dalian Wanda Group, is gearing up for another bulk sale to offload 37 condo units, the remainder of its stake in the property.
Bulk sales can be seen as signs of distress, but Ames said she did not see the bulk sale to GD Holdings as a big deal in this case.
“It’s not like they had the bulk sale and then, all of a sudden, all those units came back on the market at once. Many of those units were rented, and the investor bought them with tenants in place,” Ames said, adding that she has a client who’s renting one.
Compass broker Rafael Murillo, who has three active listings at the St. Regis, with a fourth coming soon, said he, too, feels optimistic about the building and how it has navigated the ups and downs of the last few years.
Sales volume and average sale price this quarter increased year-over-year, according to a report from Murillo’s RM Luxury Group, which often represents sellers at the St. Regis.
Eight units recently went under contract at the building, ranging from $1 million to $3 million.
If anything, the bulk sale showed GD Holdings’ commitment to Chicago, Murillo said, adding that it is natural that the 393-unit building has yet to sell out. Given that there is not much in the pipeline for new luxury condos in downtown Chicago, Murillo said the St. Regis’ ability to hold steady over time positions it as a strong investment for luxury buyers.
Murillo is representing the sellers on a three-bedroom, two-and-a-half bathroom unit coming to market soon at just over $3 million, or $1,081 per square foot, as well as three other active listings at the building with list prices from $1.7 million to $3 million. Most people looking at the homes have been out-of-state buyers, from California to New York, who feel drawn to the city and to the St. Regis in particular, Murillo said.
This outside interest, along with the iconic, Jeanne Gang-designed St. Regis’ consistency through market challenges, makes him feel optimistic about selling there.
“There have been countless external challenges, everything from the pandemic and high-interest rate environment to economic uncertainty, that were beyond anyone’s control,” he said. “Yet, despite it all, the St. Regis has consistently risen like a phoenix.”
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