Equity International CEO Sells Fast on Gold Coast
List Price: $2.95 million
Sale Price: $2.85 million
The Property: It took just 11 days for Gary Garrabrant, the chief executive officer of the Chicago-based real-estate-investment giant Equity International, and his wife, Susan, to sell their condo on the 12th floor of a vintage building on Astor Street.
“There were buyers who had been [looking] in the building, so when these sellers said they were going to list, the buyers came in and wanted it,” says Emily Wagner, assistant to the Garrabrants’ agent, Katherine Chez. “It’s a beautiful, neutral unit in complete move-in condition, so it was an easy, quick sale.” The property went on the market December 6th, and the sale closed December 17th.
Housed in a 12-condo brick and limestone building designed by Andrew Rebori and completed in 1928, the 4,100-square-foot full-floor condo has four bedrooms, four-plus baths, and two fireplaces. Since buying it in 2003, the Garrabrants had updated the bathrooms and installed all new windows, Wagner says.
In 1999, Gary Garrabrant co-founded Equity International with Sam Zell, who is now the firm’s chairman as well as the chairman of Tribune Company. (Tribune owns Chicago magazine.) Garrabrant has been big on cultivating home-building companies and other real-estate ventures in fast-growing markets like Mexico and Brazil.
Price Points: According to the Cook County Recorder of Deeds, the Garrabrants paid $2.775 million for the condo in June 2003. Their sale this month at $2.85 million might represent a slender profit, depending on how much they spent on renovations after buying the place. Wagner declined to comment, and Gary Garrabrant did not respond to a request for comment for this article.
The sellers of another unit in the building recently cut their asking price from $3.15 million to $2.9 million.
Listing Agent: Katherine Chez of Coldwell Banker, 312-440-7533