Sale of Park Tower condo recalls boom years

Park Tower condo

NORTH MICHIGAN AVENUE
LIST PRICE: $4.4 million
SALE PRICE: $4.1 million

The October sale of a condominium in the Park Tower eclipsed any prices in that building going back two years, before the onset of the real-estate decline. “We were only on the market for three and a half months, which is good [these days], and we got 93.7 percent of our asking price,” says Robyn Brooks, the Prudential Rubloff agent who represented the property.

The sellers, William Elliott III and his wife, Donna, were the original owners of the condo, having bought it in 2000 for $1.747 million from LR Realty, the developer of the 67-story tower at 800 North Michigan Avenue. I could not reach the Elliotts for comment, nor could I determine whether they had paid $1.747 million for a finished space or if they had bought the condo unfinished and then spent more to complete it. The condo occupies half of the 28th floor.

The buyers are Peter and Mary Byrne. Before their marriage, Mary was the widow of Charles E. Scripps, the longtime chairman of E. W. Scripps Co., which controls ten TV stations and newspapers in 14 markets. The last time a Park Tower home sold for more than $4.1 million was October 2007, when a 60th-floor condo there sold for $5.99 million.

Send tips about home sales to dennis@rodkin.com.

 

Photograph: Todd Urban

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