A Trump Tower Penthouse Unit Takes Its Fifth Price Cut
The 86th-floor condo has been on the market for nearly a year, falling $900,000 in price. Is it finally a bargain?
Published March 11, 2020, at 11:06 p.m.
Text by Ryan Smith
Perched on the 86th floor of the Trump International Hotel & Tower, Unit 86B sits in almost rarefied air.
But dizzying views of the skyline aren’t the only mark of high living in this 2,400-square-foot penthouse unit. The two-bedroom condo, currently asking $2.2 million, also boasts sleek new finishes, hardwood floors, and a master bath flush with Calacatta marble. Plus, it comes with a parking spot.
“It’s a stunning unit with some of the best amenities in Chicago,” says Margaret Baczkowski, the @Properties broker who listed the unit. “I’m a big fan.”
So why has the condo been on the market for nearly a year — and why are there 60 others like it for sale in the River North luxury tower?
In deep-blue Chicago, it’s tempting to blame the Trump brand — and the Trump branding, hung like a vanity plate on the tower’s exterior — for keeping buyers at bay. But in fact, 86B’s long stay on the market may have more to do with its original asking price.
The owners first listed the unit in March of 2019, for $3.1 million. Since then, they’ve slashed the price five times. In the latest cut, last month, it came down from $2.4 million in November to its current $2.2 million — a 30 percent drop from the original asking price.
Now listed at $917 a square foot, the condo is more in line with others in Trump Tower, where units sold for an average of $943 a square foot in 2019. That may seem cheap for a penthouse — but not in Chicago’s still sluggish luxury condo market.
“With the market the way it is now, prices have gone down in a lot of buildings,” says Baczkowski. “Trump Tower is more attractive right now because there are deals to be had.”
In other words, those looking for a bargain at 401 N. Wabash may not need to read The Art of the Deal to find one.