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Sosa Outdone

June sale surpasses record price for a Lake Point Tower condo

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 [13] 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.”

Streeterville

List price:
$2.15 million
Sale price:
$2.15 million

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

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