Updated Jan 7, 2026
John Novak Of Novak Construction Acquires 18.4 Acres From J.P. Morgan Asset Management For $34M
1229 West Concord Place
$34,000,000
Building Size
—
Asset Type
Development Site
Closing
Jan 6, 2026
About this deal
AI
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.
On the Map
$34,000,000
Development Site
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.47%
Cash-on-Cash
-0.13%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93