St. Regis Condo sells for $20.6 million, the highest price in Chicago this year
St. Regis Condo sells for $20.6 million, the highest price in Chicago this year

St. Regis Condo sells for $20.6 million, the highest price in Chicago this year

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Rachel Vecchio from Dream Town Realty and Leila Zammatta from Magellan with the St. Regis (Dream Town Realty, Magellan Realty, Zillow)

A sky-high condo at the St. Regis sold for a sky-high $20.6 million, making it the most expensive in Chicago this year.

The four bedroom, five bathroom condominium on the 71st floor has been under contract since 2021. It was originally listed at $18.5 million by the tower’s developer, Magellan Development Group. The buyers of the 10,000-square-foot condo have not yet been identified in public records.

Leila Zammatta of Magellan Realty LLC represented the developer and Rachel Vecchio of Dream Town Realty represented the buyers. At the time of publication, none responded to a request for comment.

The St. Regis Chicago, formerly the Wanda Vista Tower, is a 101-story tower that was completed in 2020. Located at 363 East Wacker Drive, it is the third tallest building in the city. The building’s chief architect is Jeanne Gang, head of Studio Gang Architects.

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Several other big sales should be coming up the tower soon, but none price as high as this sale. The Tower’s Agents have 11 units marked as “pending” on public listing pages, including two units valued at over $10 million. In late February, an 80th-floor unit sold for nearly $8.85 million, a record for the building at the time. A three-bedroom, three-bathroom unit sold for $2.9 million just days after selling $8.9 million.

Prior to this deal, the highest-priced sale in the city was an 89th-floor penthouse at Trump International & Tower in Chicago, which sold for $20 million in the city’s second-highest-priced condo deal.

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The Trump Tower condo was owned by Sanjay Shay, CEO of Hoffman Estates-based software maker Vistex. It was sold on March 7 after being signed in mid-February. Shay purchased the 14,260-square-foot, full-floor penthouse in 2014 for $17 million and listed the unit for $30 million in September.

The buyer’s asking price is the second highest anyone has paid for a single property in the Chicago area. Ken Griffin, Chief Executive Officer of Citadel, purchased four condos for more than $58 million in the Gold Coast building at 9 West Walton Street in four separate transactions in 2017. Only one of his transactions was worth more than $20 million.

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The Trump Tower deal is also the latest example of high-end Chicago-area real estate moving at record speed, even as rising interest rates are holding back buyers in other segments of the market. With at least 49 sales for $5 million or more this year, the number of deals at this price level is already surpassing last year’s all-time high, three months before the end of 2022.

Contact Miranda Davis

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Source : localtoday.news

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