Adam Friedberg Of Mavrek Development Acquires Land In Chicago For $16.5 Million
850 West Washington Boulevard
$16,500,000
$660/SF
Building Size
25,000 SF
Asset Type
Land
Closing
Sep 28, 2026
About this deal
AI
Adam Friedberg of Mavrek Development acquired a 25,000-square-foot land site located at 850 West Washington Boulevard in Chicago's Fulton Market. The transaction was completed for a total sale price of $16,500,000, translating to approximately $660 per square foot.
Summary of transaction details:
- Property Type: Land
- Transaction Amount: $16,500,000
- Buyer: Adam Friedberg - Mavrek Development
- Seller: Park1 Chicago
- Square Footage: 25,000
- Price per Square Foot: $660
- Mortgage Amount: $9,500,000
- Financing Institution: Hoyne Savings Bank
Mavrek Development is now considering various development options for the site, which may include a potential rezoning that could allow for development beyond the currently permitted 75,000 square feet. The site was previously associated with plans for an office tower and a citizenM hotel.
On the Map
$16,500,000
$660/SF
Land
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.96%
Cash-on-Cash
-0.27%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93