Michigan Avenue - Niche Media - Michigan Avenue magazine is a luxury lifestyle magazine centered around Chicago’s finest people, events, fashion, health & beauty, fine dining & more!
Issue link: http://digital.greengale.com/i/85092
Haute Property NEWS, STARS, AND TRENDS IN REAL ESTATE A grand office in the penthouse at 159 East Walton Street, which is being sold by an A-list actor. life in the clouds D onald Trump, Bill Wrigley, Juanita Jordan, and a certain anonymous A-list actor have more in common than celebrity right now—all are try- ing to sell their glamorous Chicago penthouses. The going has been a little slower than those boldfaced names probably expected, since all but Jordan's have been on the market (though not necessarily the MLS), for well over a year. Given the relative strength of the luxury market despite the econ- omy, and the cachet and demand for penthouses, the sales lag is surprising. "Penthouses are a pretty hot commodity here and often sell quickly. There aren't that many, and there's always a large group who want them for IF YOU'RE IN THE MARKET FOR A STAR PENTHOUSE IN CHICAGO, THINGS ARE LOOKING UP. BY LISA SKOLNIK the prestige and outdoor space," says Baird & Warner broker Millie Rosenbloom, who estimates she's sold a few dozen in her career. A month was all it took Prudential Rubloff broker Janet Owen to sell an 8,100-square-foot, five-terrace penthouse on the 47th floor at The Fordham in River North in July, snagging $6.4 million for the property. That was just $500,000, or seven percent, below the asking price. And the month before, it took her 54 days to sell a lavish penthouse at The Waldorf (formerly The Elysian) for $6 million, again $500,000 shy of the asking price. Of course, continued on page 120 MICHIGANAVEMAG.COM 119