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John Novak Of Novak Construction Acquires 18.4 Acres From J.P. Morgan Asset Management For $34M

Property Image
SOLD
$34,000,000
Jamie Dimon
Andy Gloor
John Novak

Illinois

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Development Site
Sold 01/06/2026
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Property Image
SOLD

John Novak Of Novak Construction Acquires 18.4 Acres From J.P. Morgan Asset Management For $34M

1229 West Concord Place

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Development Site
Sold 01/06/2026
Jamie Dimon
Andy Gloor
John Novak
the dealplayerscompscontact
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Summary

ILLINOIS
Asset Type:Development Site
Transaction Type:Sale

1229 West Concord Place is a development site located in Chicago, consisting of 18.4 acres of vacant riverfront land. The asset has been acquired for $34 million, marking a significant transaction in the local market. This site is situated in the southern portion of Lincoln Yards, an area previously marketed for a mixed-use project at nearly $60 million.

Summary of transaction details:

  • Property Type: Development Site
  • Transaction Amount: $34,000,000
  • Buyer: John Novak - Novak Construction
  • Seller: Jamie Dimon - J.P. Morgan Asset Management; Andy Gloor - Sterling Bay
  • Acres: 18.4
  • Market: Chicago

The acquisition by John Novak through Novak Construction is noted as the largest land purchase to date for the company, emphasizing a significant investment in Chicago's development landscape. This transaction involves prominent figures in the real estate and financial sectors, highlighting the collaborative nature of urban development ventures.

Players

John Novak
John Novak
4 deals$67.1M volume
BUYER
Andy Gloor
Sterling Bay
Andy Gloor
16 deals$993.9M volume
SELLER
Sterling Bay
Sterling Bay
SELLER

Details

SOLD
IMAGE: John Novak, Jamie Dimon & Andy Gloor DATE: 01/06/2026 ADDRESS: 1229 West Concord Place MARKET: Chicago ASSET TYPE: Development Site ~ ACRES: 18.4 BUYER: John Novak - Novak Construction SELLER: Jamie Dimon - J.P. Morgan Asset Management; Andy Gloor - Sterling Bay (@SterlingBay) SALE PRICE: $34,000,000 NOTE: Novak Construction paid $34 million to acquire 18.4 acres of vacant riverfront land at the southern portion of Chicago’s Lincoln Yards from JP Morgan Asset Management and Sterling Bay.The purchase marks Novak’s largest land acquisition to date and resets pricing for a stalled mixed-use site previously marketed near $60 million.

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

$1,813,333.32

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$120,794.83
Cash-on-Cash Return-1.27%
Monthly Debt Service$161,177.35
Annual Debt Service$1,934,128.15