Crowns Sell Water Tower Place Jewel for Nearly $6M

Lester and Renee Crown sold their Water Tower Place condo at the $5.5 million asking price.

The billionaire couple listed their five-bedroom, 6,200-square-foot home on the 37th floor in March. The condominium at 835 North Michigan Avenue was purchased in chunks by the Crowns in 2015 and 2016, combined to separate units in the tower. In the first year, they paid $2.7 million for 3,400 square feet, and $3.3 for the remaining 2,754-square-foot unit the following year, according to the Chicago Tribune.

The condo was recently renovated by Kara Mann Interiors, and features a walk-in coat closet, multiple wet bars, a bedroom fitted into a nursery, as well as a breakfast room that overlooks Lake Michigan. The pair of units had a $60,000 property tax bill in 2024, and monthly HOA dues to the tune of $56,500 per year, according to the publication.

Lester Crown, at one point, ran Material Service Corporation, his father’s building materials company. He was also the chairman of the Chicago Bulls at one point, and held a significant ownership stake in the Bulls and the New York Yankees, according to the outlet. Lester and his wife were also philanthropists, primarily advocating for Jewish causes. The Crown’s primary residence is in Wilmette. The Water Tower Place condo’s listing agent is Kathleen Malone of Malone Residential. The buyer is unidentified in public records.

Water Tower Place is set to receive a sweeping $170 million revamp from MetLife. Significant portions of the upper floors were converted into medical office space to fill gaps when big box retailers exited the Magnificent Mile fixture. As the structure pivots in the wake of the pandemic, renewed excitement has come for Chicago’s prominent commercial district. Retail vacancy is dropping, and high-profile tenants like American Eagle, Nike, and Levi’s are looking to shuffle around the area.

— Hunter Cooke