CBRE has been retained to list 21 East Chestnut Condominiums, a 168-unit condo Gold Coast property, for deconversion to apartments. The firm’s Sam Haddadin and Dan Cohen will represent the 21 East Chestnut Condo Association in the sale.
“This is a rare opportunity to acquire a value-add rental property in one of Chicago’s most popular neighborhoods,” said Haddadin.
Built in 1962 and converted to condos in 1979, the 25-story tower offers a mix of studio, one-bedroom and two-bedroom units. As it’s currently configured, the property offers 163 units, with 79 studios, 79 one-bedroom, one-bath units and five two-bedroom, two-bath units.
The two-bedroom units are combined studio and one-bedroom units. Investors have the option of splitting them for a total of 168 units.
Citing CBRE data, Crain’s Chicago Business reported that the property’s new ownership could charge an average monthly rent of $1,779, or $2.83 per square foot, after deconversion.
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Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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