The Park Newberry

List Price: $2.25 million
Sale Price: $1.95 million
The Property: Robert Parrillo, a Chicago lawyer who was part of the investor team that in 2009 rescued the Chicago Sun-Times from bankruptcy, has sold a four-bedroom condo at the Park Newberry and is moving to the highest residential floor of the luxe Elysian.

In 1999, Parrillo—a partner at Parrillo, Weiss & O’Halloran and a son of William Parrillo, an attorney who did legal work for Al Capone—bought two units at the Park Newberry, which was then being built on the former site of the Salvation Army’s regional headquarters. According to the Cook County Recorder of Deeds, he paid $1.064 million for the two units, which he combined into a ten-room home with a very large terrace overlooking Washington Square Park and the Newberry Library on the Near North Side.

The terrace, about 75 by 35 feet, “was the equivalent of a backyard,” says Parrillo. “My boy used to scooter there, and my daughter used to Rollerblade out there.” The comparable terrace on the building’s other wing is shared by two distinct condos.

The 4,000-square-foot interior of Parrillo’s condo has three fireplaces and herringbone pine floors, according to the listing. It was “zoned” separately for adults and kids, Parrillo says, with the children’s bedrooms and other spaces on one side and the master bedroom, a den, and an office on the other. The new owners are not yet identified in public records.

With the children both grown, Parrillo is moving to the 59th floor of the Elysian, a full-floor condo for which he paid $3.045 million in November 2010, according to the county recorder. The new place has a much smaller terrace: “It’s about eight feet deep at its widest and five feet at its narrowest,” Parrillo said.

Price Points: From listing to closing was just 49 days—a quick sale in today’s market. (That it closed so fast suggests it was an all-cash sale, but neither Parrillo nor his agent. Lee Cherney, would comment on that.) The sale price is 86 percent of the asking price, but Cherney says that they “expected it to sell for just about $2 million.” He adds that the buyers intend to renovate the 13-year-old space.

Listing Agent: Lee Cherney of @Properties; 312-254-0200