Magellan being undercut by residents at St. Regis looking to sell

At the St. Regis, the competition for buyers might just be one floor up. 

That’s the case with at least one unit in the building, where the re-listing of a property is undercutting Magellan Realty’s pricing.

The 17th floor, 2,500-square-foot, three-bedroom unit was originally purchased in 2021 for $2.3 million, and is now asking $2.395 million.

Compass’ Rafael Murillo, who did not return a request for comment, is representing the sellers and is advertising the listing as “below developer pricing.” 

A similar three-bedroom, 2,600-square-feet unit on the 16th floor is seeking $2.9 million.

The unit isn’t the only one with lower-than-developer pricing. A $4.3 million, 3,700-square-foot unit on the 58th floor that last sold for $4.2 million in 2022 is asking slightly less than a $4.4 million, 3,600square-foot listing on the 56th floor that the developer is listing. 

The residential tower has had some of the priciest condo deals in the city in recent years, including a $20.6 million sale, which was Chicago’s priciest residential transaction in 2022. 

The property has 27 condos listed for sale on public listing sites, with prices ranging from $940,000 to over $11.5 million. Six of those are currently marked as contingent, so they could come off the market in the coming months, assuming the deals go through. That includes the priciest unit in the building, a 6,000-square-foot, four-bedroom unit asking $11.5 million. 

Seven of the properties listed are resales from original buyers.

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.

The hotel portion of the building sold earlier this year for about $134 million, making it the city’s biggest hotel sale in years.

The buyer, a joint venture of Miami-based Gencom and Denver-based GD Holdings, came close to setting a Chicago record for the price per room it paid for the 192-key asset at about $700,000.

Read more

Chicago

St. Regis Chicago hotel fetched $134M

Chicago

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