St. Regis condo fetches $20.6M in Chicago’s priciest sale this year

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

The four-bedroom, five-bathroom condo 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 are not yet identified in public records.

Leila Zammatta of Magellan Realty LLC represented the developer and Rachel Vecchio of Dream Town Realty represented the buyers. Neither responded to a request for comment at the time of publication.

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

Several other major sales should be coming to the tower soon, but none as high-priced as this sale. The tower’s agents have 11 units labeled as “pending” on public listing sites, including two units over $10 million. In late February, a unit on the 80th-floor went for nearly $8.85 million, a record in the building at the time. A three bedroom, three-bathroom unit was sold for $2.9 million just days after the $8.9 million sale.

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

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

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

The Trump Tower deal is also the latest example of high-end properties in the Chicago area moving at a record pace, despite rising interest rates thwarting buyers in other segments of the market. With at least 49 sales for $5 million or more this year, the count of deals at that price level already exceeds last year’s historic high with three months still to go in 2022.

Read more

Chicago

Another St. Regis sale breaks $4 million

Chicago

St. Regis condo sells for almost $9M