This past Friday was a big day in Chicago’s downtown real estate market. Chicago saw the highest-ever recorded sale of a condo. The head of an Oak Brook-based hedge fund, Richard Cooper, sold his 66th floor penthouse at the Park Tower (800 N. Michigan) for a whopping $15 million. Not only is this the highest condo sale, it’s the third highest price paid in Chicago for any private residence.
The condo occupies the entire second highest floor and has 7,900 feet of living space along with an extra 660 for the private terrace. According to the listing sheet, it has views on all four sides with 16-foot ceilings. What makes this even more interesting is that the condo was listed and sold on the same day. I could definitely be wrong but I’m assuming this was a deal that was worked out prior to the listing because there was no hesitation; the new owner paid full asking price and all.
Cooper’s hedge fund bought the place in 2000, when the Park Tower was new and just raw space, for a little over $3.3 million. The reason it was sold as raw space was so the buyers could finish it to their own specifications. Cooper isn’t the only hedge fund owner that made Park Tower their home: billionaire owner of the hedge fund Citadel, Ken Griffin, lives one flight up in a penthouse he shares with his wife Anne (for those who are interested, the Griffins paid 6.9 million in 2000 for their condo). This sale is just another indicator of how truly amazing the Michigan Mile/Gold Coast area is. Chicago is full of luxury residences, shops, restaurants and so much more.
Source: Chicago Mag