December 4th, 2012 categories: Chicago Real Estate News
All you needed to buy the 66th-foor condominium unit in Chicago’s Park Tower skyscraper was $15 million.
That is the price that this nine-room condominium fetched in a Nov. 16 private transaction, according to the Chicago Tribune.
The condo sale is a notable one: It ranks as the most expensive condominium sale ever in Chicago.
Who bought the unit? The buyer has not yet been identified in public records, according to the Tribune story.
The seller, though, is known: Hedge fund manager Richard Cooper’s Cooperfund was the official owner of the 7,900-square-foot unit.
What does $15 million worth of condo come with? The Tribune listed such features as four full bathrooms, five half-baths, 16-foot ceilings, a private terrace and three garage spaces. According to the Tribune, Cooper bought the unit as unfinished raw space in 2000, paying $3.316 million for it.
This condo sale outdistances the previous record-holder in Chicago, the $12 million buy that actor Vince Vaughn made for a triplex penthouse in the city’s Palmolive building. That unit, by the way, is on the market. It comes with an asking price of $16.75 million. If Vaughn’s condo fetches that price it would then become the priciest condo sale in the city’s history.
But even Vaughn’s condo isn’t the most expensive condominium listing in Chicago. As the Tribune story says, that honor goes to a $32 million listing for the penthouse unit in the Trump International Hotel and Tower.
It’s fun to throw around these big numbers. But there’s some important positives to note. Yes, $15 million condo sales are rare things. But it is a sign that the city’s higher-end real estate market is in recovery mode. And that bodes well for the rest of Chicago’s housing market.
So let’s keep those high-priced condo sales going.