List Price: $2,800,000
Sale Price: $3,216,098
The Property: Situated south of the Chicago River and west of Lake Shore Drive, downtown’s Lakeshore East is best known as a neighborhood of dramatic new high-rise towers, including Aqua and 340 on the Park. But in its southeast corner, there is a cluster of mid-rise townhomes designed to mitigate the difference between the towers and the ground-level park.
Perched somewhere in between tower life and townhouse life is the penthouse level of the townhouses—a single-floor space on the seventh (top) floor of the townhouse building. One of the two penthouses built so far was sold on June 4th for a little more than $3.2 million, the highest price among the 15 units sold to date at the townhouses, known formally as the Benton Place Parkhomes. Twenty-five of the Parkhomes have been built; the developers’ plans call for 45 in all.
The buyers, who are not yet named in public records, bought 1,300 square feet of space on the floor below the 3,000-square-foot penthouse to create a second level, says Tricia Van Horn, vice president of marketing for Magellan Development Group. The buyers’ chosen upgrades for the interior of the space account for the condo’s sale price being higher than its list price, Van Horn says.
The main floor of the penthouse was advertised as having three bedrooms, three baths, and one fireplace. Van Horn would not comment on how the configuration changed with the addition, or what portion of the sale price covered the purchase of that space. The penthouse has views south to Millennium Park and Lake Michigan and views west across Lakeshore East Park to Aqua and the skyline.
Price Points: This may be the highest price paid to Magellan for any single home in Lakeshore East. (Van Horn would not comment on that question.) A condo on the 62nd floor of 340 on the Park—which is in Lakeshore East but was developed by a different firm, LR Realty (now part of The Related Companies)—was sold for $3.96 million in May 2009. More recently, a condo on 340’s 58th floor sold from one homeowner to another (i.e., no developer was involved) for $3.65 million in May 2010. The remaining Parkhomes are priced from $1 million to $2.6 million, Van Horn says.
Listing Agent: Leila Zammatta of Magellan Development; 312-493-8200