Tribune Tower Residences — the condo conversion inside the landmark Tribune Tower at 435 N. Michigan Ave — has quietly become one of the more active luxury buildings on the Magnificent Mile. Between what's currently on the market and what's closed over the past several months, there's enough data here to paint a real picture of pricing, pace, and what ownership actually costs once taxes and assessments are factored in.
Active Listings: 12 Units on the Market
There are currently 12 active listings in the building, ranging from a $1,575,000 one-bedroom on the 8th floor up to a $7,000,000 three-bedroom on the 22nd. The average list price across all 12 sits at roughly $3,479,000.
Days on market tells a more interesting story than the average alone suggests. The average listing market time across active units is 201 days — but that number is skewed hard by two outliers that have been listed since late 2024 (684 and 700 days, respectively). Strip those out and the median active listing has been on the market just 89 days, which is a far more realistic picture of how a typical unit here is currently moving. In other words: most of this building's inventory is fresh or reasonably fresh: it's a small handful of harder-to-move, higher-floor units dragging the average up.
Monthly assessments across active listings average $4,333, though they range widely by unit size — from around $1,575 for a compact one-bedroom up to over $7,000 for the building's largest listing. Among the seven active units where property taxes have already been established (five of the twelve are new enough that taxes are still listed as "NEW" and haven't been assessed yet), the average annual tax bill is $67,165.
Closed Sales: 7 Units Sold, Plus One Under Contract
Looking at recent closings tells us what buyers are actually paying, not just what sellers are asking. Seven units have closed recently, with sold prices ranging from $1,400,000 to $3,950,000 and averaging $2,394,286. An eighth unit — a $2,500,000 three-bedroom — is currently under contract, suggesting the pipeline is still active.
Closed units moved considerably faster than the current active pool: the average listing market time for sold units was just 25 days, reinforcing that well-priced units in this building don't sit long. On average, these units sold for about 95% of their original list price — a reasonable, not dramatic, amount of negotiation room, and a sign this building is pricing close to the market rather than routinely overshooting.
Assessments on closed units averaged $2,732 a month, and among the six sales with an established tax bill (one recently-closed unit is still new enough that taxes haven't posted yet), the average annual property tax came to $42,064.
What Cook County Taxes Actually Cost You Here
This is the number every buyer should run before falling in love with a unit: based on actual closed sales in this building, property taxes have worked out to roughly 1.7% to 1.8% of the sale price — meaning on a $2,000,000 purchase, you're looking at something in the neighborhood of $34,000 to $36,000 a year in property taxes alone, on top of the monthly assessment. That figure moved around by unit (from about 1.1% up to 2.5% depending on the specific assessment), so it's worth pulling the actual current tax bill on any unit you're seriously considering rather than assuming a flat percentage — but 1.7–1.8% is a solid rule of thumb for budgeting a purchase in this building, and it's a useful benchmark for downtown Chicago condos generally.
The Takeaway
Tribune Tower Residences is showing healthy turnover for a luxury building at this price point — most active inventory is moving within a few months, recent sales have closed close to asking price, and there's a steady stream of new contracts behind them. The bigger variable for buyers isn't really the purchase price; it's making sure the assessment and the tax bill are both fully priced into the monthly math before making an offer, especially in a county where taxes alone can add well over a percentage point and a half to what you're really paying each year to own.
If you're weighing a purchase or sale in this building, I'm happy to walk through current inventory and pull exact numbers on any specific unit.
Posted by Leo Clark. onEnjoy this blog post? Click here to subscribe for updates
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