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Gold Coast Condo Owners Okay Conversion Deal

ESG Kullen’s plan to acquire a 391-unit condominium tower, which appeared to be on the ropes two weeks ago, now looks like a done deal. Condo owners at 1400 N. Lake Shore Dr. voted last week to approve the New York City-based investment firm’s $112-million buyout offer after rejecting a similar proposal earlier this month. Under Illinois law, 75% of owners in a condo building must approve a bulk sale.

The sale will represent the biggest condo-deconversion deal Chicago has seen to date. For condo owners at the Gold Coast property, the buyout will mean $425 per square foot, compared to recent sales at $300 per square foot.

Even so, Crain’s Chicago Business reported that not all condo owners are jumping on the deconversion bandwagon. Many refuse to sell on grounds that they believe they couldn’t find a comparable condo nearby for the money they would receive in a sale.

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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).

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