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Chicago & Midwest  + Downtown  + Apartments  | 

Deconversion Deal Crosses Finish Line in Chicago’s Gold Coast

CBRE completed the $44-million condo deconversion sale of 21 East Chestnut Condominiums, a 163-unit condo property in Downtown’s Gold Coast neighborhood, to SPNA. The duo of Sam Haddadin and Dan Cohen represented the 21 East Chestnut Condo Association in the sale.

Built in 1962 and converted to condos in 1979, the 25-story multifamily tower offers a mix of studio, one-bedroom and two-bedroom units. Currently, the property offers 163-units, with 79 studios, 79 one-bedroom, one-bath units, and five two-bedroom, two-bath units.

“There was a great deal of buyer interest in this offering and the owners overwhelmingly voted in support of the deconversion sale,” said Haddadin. “Owners were able to receive a much higher value for their units by selling together as an association, and new ownership now has an amazing new rental property in a premier Chicago neighborhood.”

Haddadin and Cohen brought the deal to market last May.

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About Paul Bubny

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 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).

  • ◦Sale/Acquisition
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