search

The Real Deal Logo

Trending

The rate race: Chicago developers look for a lane in luxury resi projectsThe rate race: Chicago developers look for a lane in luxury resi projectsWhole new world: How NYC values 421a, 485x sites nowWhole new world: How NYC values 421a, 485x sites nowFriend or foe? Here’s what the new tax break means for office-to-resi conversionsFriend or foe? Here’s what the new tax break means for office-to-resi conversionsTwo Trees concerned 485x won’t work at River RingTwo Trees concerned 485x won’t work at River Ring
Residential
Chicago

Two units sold together at One Chicago are quickly back on the market

Owners bow out with a foreseeable loss after just four months

14 W Superior St (Zillow, Getty)14 W Superior St
14 W Superior St (Zillow, Getty)

Some foods have longer shelf lives than the ownership of a set of condos at One Chicago. After just four months, the fickle owner of the luxury units is looking to move on.

Combined, the two units make up around 4,200 square feet of space. Both are on the 53rd floor in the main tower. The smaller of the pair, is a 1,200 soiree-foot one-bedroom, 1.5-bathroom apartment that includes a den. The larger is 3,000-square-feet with three-bedrooms, three bathrooms and also features a den.

The properties were purchased together in June with the buyer planning to convert them into one large condo. Those plans are still available for another buyer, according to the public listing.

The units are being listed together for $5.3 million, and separately at $4 million and $1.3 million, respectively.

Sign Up for the undefined Newsletter

The seller purchased the three-bedroom condo for $3.85 million and the smaller condo for $1.75 million, totalling $5.6 million. So unless they sell above ask, the properties are poised to deliver a loss.

Katherine Malkin, an agent with Compass, is representing the listing. She said the seller was looking for a specific amount of square footage when they purchased the units, and the easiest way to do that was through buying two and combining them..

Developed by Chicago-based JDL Development, One Chicago has 77 condos on the top 30 floors of the 75-story building. The remainder of the building includes 735 apartments and retail space with a Whole Foods, a Lifetime Fitness and a Philz Coffee. One Chicago rises with two towers — a 75-story structure with condos, retail and apartments, and the other is 49-stories with apartments.

In July, the developer said apartments in the main tower were 40 percent leased, while those in the secondary tower were 90 percent.

Read more

Tags
Housing MarketLuxury Real Estate