John Novak Of Novak Construction Acquires Land From Sterling Bay In Chicago For $2.6M
1500 West Cortland Street & 1901 North Elston Avenue
$2,600,000
$43/SF
Building Size
30,000 SF
Asset Type
Land
Closing
Apr 20, 2026
About this deal
AI
The property asset involved in this transaction is a land parcel located at 1500 West Cortland Street and 1901 North Elston Avenue in the Chicago market. The transaction was completed for a total amount of $2,600,000, covering an area of roughly 30,000 square feet. The price per square foot stands at $87.
Summary of transaction details:
- Property Type: Land
- Transaction Amount: $2,600,000
- Buyer: John Novak - Novak Construction
- Seller: Andy Gloor - Sterling Bay
- Brokers: Larry Goldwasser & Tom Svoboda - CBRE
- Date of Transaction: 04/20/2026
John Novak's acquisition of these additional parcels extends Novak Construction's footprint near the former Lincoln Yards site. The purchase comes in the context of Sterling Bay's ongoing strategy to unwind its holdings in the area, especially following Novak's previous investment of $34 million in the larger southern portion of the stalled development.
On the Map
$2,600,000
$43/SF
Land
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Players
Chicago Land Market Snapshot
Boundary boundary · Land · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
6.10%
Cash-on-Cash
-1.74%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93