Penthouse In Chicago's Cirrus Condo Tower Sells For Record-Breaking $4.5M
211 North Harbor Drive
$4,500,000
$1,228/SF
Building Size
3,664 SF
Asset Type
Condo
Closing
Oct 18, 2023
About this deal
AI
A penthouse in Chicago's Cirrus condo tower, located in Lakeshore East, sold for $4.5 million, setting a record for the building. The two-story unit offers three bedrooms, Lake Michigan-facing terraces, and contributed to the building's success with 14 contracts in the last 60 days, despite pandemic challenges in the condo market.
Summary of transaction details
- Property Type: Condo
- Transaction Amount: $4,500,000
- Square Footage: 3,664 SF
- Price Per Square Foot: $1,228
- Address: 211 North Harbor Drive, Chicago
- Market: Chicago
The sale was facilitated by the seller's representatives, Tony Lombardo and Jon Cordell from Lendlease, as well as David Carlins from Magellan Development. The penthouse's record-breaking price highlights the demand for luxury properties in the Lakeshore East area, despite the challenges faced by the condo market during the pandemic. The unit's desirable features, including its spacious layout, three bedrooms, and stunning Lake Michigan views, likely contributed to its success in attracting multiple buyers.
Players
Chicago Condo Market Snapshot
Boundary boundary · Condo · Sale transactions
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Deal FAQ
About $1.2K per square foot on a published $4.5M for 3,664 square feet (2023).
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
3.53%
Cash-on-Cash
-1.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93