A New York-based firm recently offered $111 million to residents of 1400 N. Lake Shore Drive in hopes of converting the condominium tower into apartments, according to a recent report from Crain’s. Although the offer would have been the highest-priced condo de-conversion deal ever in Chicago, condo owners rejected ESG Kullen’s offer.
As noted by Crain’s, 75 percent of building ownership needed to vote in favor of the sale for the offer to be accepted, but a final tally of 74.6 percent of ownership came up just short for any deal to move forward.
The offer would’ve paid owners nearly $410 per square foot, which is a significant jump from recent sales that saw just $300 a square foot.
Investors paying big money for condo buildings with plans to covert them into apartments has become more common in recent years, and it’s a trend that could very well continue as long as Chicago’s apartment market remains red hot.