In the West Loop condo market, another multimillion-dollar hit
An eighth-floor penthouse in a new building on Washington Street sold for $4 million. In this single building, nearly as many condos have sold at $2 million and up as have sold in all of the Gold Coast in the past year.
Dennis Rodkin
A penthouse in a newly built West Loop condo building sold for a smidgen over $4 million, and the listing agent said two more will follow in the next couple of weeks.
The condo, 4,835 square feet with an 820-foot terrace, is on the eighth floor of Hayden West Loop, a new building that Sulo Development built on Washington Street. The sale closed Oct. 10. Tim Sheahan, one of the Compass agents representing the building, said two other penthouses will be delivered to their buyers and the sales closed within the next two weeks or so, and both of those will close at roughly $4 million as well.
They're not setting a new record for the West Loop. A penthouse at a new building two blocks down Washington set the neighborhood's record when it went for $5.72 million in September.
Even so, the three $4 million sales affirm the new status of the West Loop as the city's place to be and buy.
The $4 million buyers at Hayden West Loop are not yet identified in public records, and Sheahan declined to provide their names. He said their total investment in the property will be around $4.7 million when the upgrades they've commissioned are complete. They have not yet moved in, he said.
The 28-unit building, designed by the eminent architecture firm Booth Hansen Associates, is sold out, Sheahan said, and at least 16 of the sales were at $2 million or more. That figure for a single building compares to the 17 sales of $2 million-and-up condos that have sold in the entire Gold Coast in the past 12 months, according to Midwest Real Estate Data.
In the West Loop overall, there have been 23 condo sales at $2 million or more in the past 12 months, according to MRED.
Having seen a strong appetite for upper-end condos at Hayden, the developers will soon announce plans for another building, Sheahan said. It, too, will likely have multiple penthouses available in the $4 million range, he said.
That's not to say there's nothing left to buy at that level in the West Loop. At 900 W. Washington St., where the $5.7 million record-setter sold, a five-bedroom penthouse of just under 5,000 square feet has been on the market at $5.5 million since July.
Here's what's selling in our bleak real estate market
Related Midwest proposing West Loop office building
A rare female homebuilder built this bungalow in 1916