A towering condo at the St. Regis sold for a whopping $20.6 million, making it the most expensive in Chicago this year.
The four-bedroom, five-bathroom condo on the 71st floor has been under contract since 2021. The tower’s developer, Magellan Development Group, originally listed it for $18.5 million. 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, neither 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 main architect of the building is Jeanne Gang, director of Studio Gang Architects.
Several other big sales should be coming up soon, but none are priced as high as this deal. Tower agents have 11 units marked “pending” on public listing pages, including two units valued at more than $10 million. In late February, a unit on the 80th floor 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.
The Trump Tower condominium 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. Citadel CEO Ken Griffin bought 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. .
The Trump Tower deal is also the latest example of high-end real estate in the Chicago area 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
Source : localtoday.news