Sale of the Week—Doing a Double Take in River North
List Price: $4.95 million - Sale Price: $4.95 million
List Price: $4.65 million - Sale Price: $4.7 million
The Properties: Two adjacent nine-room penthouses occupying parts of the 59th and 60th floors of the Millennium Centre (at 33 West Ontario Street) sold over the past few weeks, each for more than $4 million. Although the penthouses went to separate buyers, their sales were connected. Only the northeast penthouse was on the market in November, when two different buyers showed strong interest, says Steve Graf, the @Properties agent who was representing that unit. So he approached the owner of the southeast unit, who was the brother of the other unit’s seller, and said, “This might be a good time to sell.” Soon, both buyers had deals; the southeast sale closed on February 29th and the northeast on March 4th.
Graf says the two penthouses have different feelings—“the southeast is more contemporary”—but that they are similar in some important ways. Each has a 1,000-square-foot outdoor terrace with an “entertainment kitchen,” as well as a high-design kitchen indoors, and each has a whole-home entertainment system, as well as automatic shades that adjust to the ambient daylight levels.
According to Graf, the selling brothers were a builder and an architect who bought the spaces unfinished from the developers. Graf would identify neither the sellers nor the buyers—and none of them is identified in public records—but he did say the sellers were not part of the Gouletas family, the longtime Chicago real-estate developers whose American Invsco built the Millennium Centre in 2005.
Price Points: Having sold for more than $4 million, these River North penthouses are on par with the penthouse occupying the 62nd and 63rd floors of the Olympia Center (at Michigan and Chicago avenues). That penthouse, which was being sold by the estate of Barry and Beverly Crown, was featured here on December 13th, with an asking price of $4.3 million. It sold in February for $4.1 million. The other recent sale at the Millennium Centre is a six-room unit on the 50th floor that sold at foreclosure on March 4th for $901,000. That’s about half what its listing agent says the former owner had paid for it in December 2005.
Listing Agent (for both condos): Steve Graf of @Properties, (312) 254-0200; email@example.com