A 50th-Floor Magnificent Mile Penthouse Is For Sale
The top of the high-end luxury condo tower The Fordham is on sale, featuring 6,500 square feet with 360-degree views, including a wide angle of Lake Michigan from the bathtub.
Published March 14, 2018, at 1:00 p.m.
The sprawling full-floor penthouse atop The Fordham (25 E. Superior St.) along the Magnificent Mile has returned to the market once again. In December, the asking price for the 50th floor, 6,500-square-foot unit was reduced to $5.995 million, but the pricey property enters the spring market with a new agent and refreshed listing photos.
Decked out in upscale finishes such as distressed walnut floors and custom cabinetry, the property is unique for being a true top-floor penthouse, listing agent George Furla says. “How many truly top-floor penthouse units are there in Chicago?” Furla asks. “I think that there’s definitely a value to be had with this unit.”
Public records show that the penthouse is owned by George Furla, a Hollywood movie producer whose most recent credits appear on the 2013 films Lone Survivor and 2 Guns. Listing agent George Furla indicates that he is a relative of the property’s owner. “Us Greek people all have the same name,” he says jokingly, adding that the two are second cousins.
Furla (the producer) purchased the property back in 2005 as raw space but didn’t complete the penthouse until several years later. Public records show that Furla took out a $1 million mortgage on the property through Lakeside Bank in 2013. The built-out penthouse first entered the market in 2014 with an asking price of $7.5 million.
When comparing the property to the flood of high-end new construction condos being delivered throughout the central downtown area, Furla says that the penthouse property represents a unique opportunity for its features. Being a full-floor unit, the penthouse offers 360-degree views of the city and lakefront, he adds. In addition, the property includes two large outdoor terraces and a private two-car garage space.
Listing information shows that the property was listed for rent earlier this month for $35,000 per month. Furla says that the penthouse was previously rented for $26,000 per month and more recently occupied by a tenant paying a monthly rent in the $30,000 range.