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Gold Coast Sale Sets New Pricing Peak for Bulk Condos
New York City-based ESG Kullen has acquired 1400 N. Lakeshore Dr., a 391-unit condominium property in Chicago’s Gold Coast neighborhood, for $107 million. It’s reportedly the highest sale price achieved for a bulk condo sale in the history of the city.
CBRE’s Sam Haddadin and Dan Cohen represented the 1400 N. Lakeshore Drive Condo Association and association president Michael B. Arrington in the sale. ESG Kullen will deconvert the property back to apartments.
“This is a historic deal for the Chicago multifamily market,” said CBRE’s Haddadin. “There has never been an opportunity quite like this, and, as a result, condo owners were able to achieve a new high water mark for condo deconversion pricing in Chicago.”
1400 N. Lakeshore Dr. was completed in 1927 and converted to condos in 2006. The building has received several capital improvements in recent years, including façade repair in 2017 and updated elevators in 2016.
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition

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