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Chicago & Midwest  + Apartments  | 

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.


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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 16-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 7-10 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).

  • ◦Sale/Acquisition
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