What was once the Chicago St. Regis skyscraper’s priciest condo sale is about to result in a hefty loss for its owner.
A company registered in Delaware, Latte LLC, put a 91st-floor unit at the New Eastside tower at 363 East Wacker Drive back on the market this week at just under $8 million. The owner paid $9.2 million for the unit in 2022. The 5,400-square-foot unit is raw space, meaning the seller never built out or moved into the unit. The seller’s true identity isn’t clear from public records, but appears from Cook County tax bills to share an address with a West Side service center for supercar maker McLaren.
Laura England, the Compass agent representing the condo listing, didn’t return a request for comment. She also represented the ownership entity in its purchase from St. Regis developer Magellan, a transaction that briefly held the mark of the tower’s most expensive sale ever.
It was eclipsed a few months later when Mexican mining billionaire German Larrea spent $20.6 million to purchase a 71st-floor unit within the 101-story building designed by Chicago-based architect Jeanne Gang’s Studio Gang.
The new St. Regis listing is Chicago’s third-biggest asking price for a condo. Venture capitalist David Kronfeld, the founder of JK&B Capital, is seeking the highest price, at $11.7 million, for his 64th-floor unit inside Park Tower, at 800 North Michigan Avenue. That property has been for sale for over a year.
The second-largest asking price for a publicly listed Chicago condo is $8.9 million for a penthouse unit inside the Palmolive Building, at 159 East Walton Place. It was listed in 2022 for $10.9 million but hasn’t yet sold and has been through several price cuts.
The St. Regis listing would mark the latest loss in unit value for a resale deal. It follows last year’s $117 million bulk sale of 84 developer-owned units by Magellan to Denver-based GD Holdings, a holding company for a Mexican denim company. GD also bought the 192-room hotel portion of the skyscraper for over $100 million in 2023.
St. Regis condos that still haven’t been sold to an individual owner also retain some appeal, as GD sold a two-unit package on the 52nd floor earlier this year for $9 million total to a single buyer. Plus, billionaire Citadel founder Ken Griffin in April sold off the final two unfinished floors of his stack of raw units at No. 9 Walton earlier this year for $15.9 million, putting his total losses on his record-breaking four-floor purchase inside the building at $23.5 million.
The largest price for a finished condo in Chicago so far this year came at 4 East Elm Street, when former Fortune Brands CEO Bruce Carbonari sold his 5,400-square-foot Gold Coast penthouse in the Elm and State building for $10.1 million.
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Development
Chicago
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Development
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