It took more than two and a half years, but one of Sammy Sosa’s records has finally fallen. In 2005, the former Cub sold his 55th-floor home at Lake Point Tower for $2.1 million, which was then a record price for the 70-story building. This June, a 64th-floor condo there sold for $50,000 more than Sosa’s, even though it has about 40 percent less space. That means Sosa got $350 per square foot for his condo; this June’s seller, Lewis Weinberg, got $597. According to Midwest Real Estate Data, these are the only two residences at Lake Point Tower to have sold for more than $2 million.
Why the disparity in prices? Sosa’s condo “was all cut up into  rooms and not cleaned up,” says Jean Ward, the Chicago Lakefront Properties agent who represented Weinberg. “Ours had been updated ten years ago, and it was a nice, open layout that showed beautifully.”
Weinberg, the retired chairman of Fel-Pro (the Skokie gasket manufacturer that is now part of Federal-Mogul), bought the condo in 1997 for $725,000 and, according to Ward, updated it then. Weinberg declined to comment on the sale, and at presstime public records did not yet identify the buyer.
Photography: (Image 1) US Presswire, (Image 2) Glow Images/Newscom
1 month ago