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David A. Nelson Of Convexity Properties Acquires Development Site From Brennan Hitpas For $39M In Chicago

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SOLD
$39,000,000

Illinois

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Development Site
Sold 08/19/2025
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Property Image
SOLD

David A. Nelson Of Convexity Properties Acquires Development Site From Brennan Hitpas For $39M In Chicago

1120 North State Street

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Development Site
Sold 08/19/2025
the dealplayerscompscontact
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Summary

ILLINOIS
Asset Type:Development Site
Transaction Type:Sale

The development site located at 1120-1130 North State Street in Chicago's Gold Coast was sold for $39,000,000. The site spans 31,000 square feet and is positioned in a highly sought-after market, having previously secured city approval for a 304-unit, 345-foot apartment tower. Newcastle Investors, the previous owner, acquired the property for $61,000,000 in 2019 but did not proceed with the intended project.

Summary of transaction details:

  • Property Type: Development Site
  • Transaction Amount: $39,000,000
  • Buyer: David A. Nelson - Convexity Properties
  • Seller: Brennan Hitpas - Newcastle Investors

David A. Nelson represented Convexity Properties in this transaction, while Brennan Hitpas represented Newcastle Investors. The deal reflects a significant change in valuation since the initial purchase by Newcastle Investors.

Players

CP
Convexity Properties
BUYER
CP
Convexity Properties
BUYER
Brennan Hitpas
Newcastle Investors
Brennan Hitpas
2 deals$84M volume
SELLER
Newcastle Investors
Newcastle Investors
SELLER

Details

SOLD
IMAGE: David A. Nelson & Brennan Hitpas DATE: 08/19/2025 ADDRESS: 1120-1130 North State Street MARKET: Chicago ASSET TYPE: Development Site BUYER: David A. Nelson - Convexity Properties SELLER: Brennan Hitpas - Newcastle Investors (@NewcastleInvestors) SALE PRICE: $39,000,000 NOTE: Newcastle Investors sold 1120–1130 N. State St. in Chicago’s Gold Coast to Convexity Properties, the development arm of DRW Holdings, for $39M — a steep drop from the $61M it paid in 2019. Newcastle had city approval for a 304-unit, 345-foot apartment tower on the 31K SF site but never advanced the project

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$2,080,000.01

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$138,558.76
Cash-on-Cash Return-1.27%
Monthly Debt Service$184,879.90
Annual Debt Service$2,218,558.76