If that average continues, the tower will be sold at the highest price per square foot in a trio of new condo towers. Jim Letchinger, JDL Principal, developer of One Chicago, said the average goes up as we provide more large and flashy units on higher floors.
Lakeshore East sales at The St. Regis average about $ 1,034 per square foot, according to Crane’s calculations based on developer closings posted on real estate sites. At Michigan Avenue’s Tribune Tower, sales are difficult to calculate because developers disclose little information about square feet.However, in October, a Tribune Tower distributor opened. He said the sale price averaged about $ 1,050 per foot.
Both One Chicago competitors sell individual condos for a higher price. At The St. Regis Two were sold for over $ 8 million. At the Tribune Tower 1.. Price per square foot is a measure of the overall price of a building.
The best-priced delivery to date ($ 6.1 million) at One Chicago is a three-bedroom, 3,700-square-foot tower on the 56th floor. Taken alone, the price per square foot is $ 1,647.
Despite being a McDonald’s kitty corner on Chicago Avenue and State Street, one Chicago has landed benchmark prices. Two people were killed and seven were injured in the May shootings. And near other uncontrollable recent incidents.
“It was isolated in their place and did not affect our building,” Rettinger said. “We are clearly disappointed and have worked diligently with the Chicago Police Department.” “It’s on every street. It’s an urban problem. It’s an urban problem.”
Klein’s Reported last week The crime and its fears were the biggest drivers of price and sales in most downtown condominium markets. The One Chicago unit had a contract with the final buyer long before the shooting outside McDonald’s, but the buyer can cancel the contract.
The 75-story One Chicago has 77 condos on the upper 30th floor. Below them and in the second tower on the premises are 735 rental apartments. According to Rettinger, about 40% of the rent on the lower floors of the condo is rented, and 90% of the rent on the other 49-story towers.
According to Rettinger, the podium, which holds the two towers, includes Whole Foods Store, Lifetime Fitness Gym, Phils Coffee, and two restaurant tenants.
“Attractiveness is equipment like Whole Foods and Lifetime, and the fresh edge of the design,” said compass agent Jeannette Pawula, whose client paid just under $ 2.29 million for a 2,060-square-foot two-bedroom on May 31. Told. 47th floor.
Paula refused to identify a buyer whose name wasn’t yet listed on public records, but said he would move from a nearby 20-year-old condo tower and “want to replace it with a new building with amenities and views.” Stated.
Of the 77 condos, four that closed on May 31st and 17th are marked for pending sale on the real estate site. Letchinger said he and his son Joey have more than 17 contracts, including at least two to buy and move in. Sales-leading agent of Jamesson Sotheby’s International Realty, Nancy Tassone, was unable to offer a more accurate number of contracts.
The highest-priced units under contract are in the $ 5 million range, Rettinger said. He confirmed that the $ 28 million two-story penthouse and some full-floor units in the $ 10 million range have not yet attracted buyers.