Lakeview Sees Its Largest Condo Deconversion Deal in 12 Months
Essex Realty Group finalized the sale of 663 W. Grace St., an 80-unit condominium property located in Chicago’s East Lakeview neighborhood. The team of Doug Imber, Kate Varde, Brian Karmowski, Jaimie Steinher and Dan Shepherd represented the 663 Grace Condo Association in this Section 15 deconversion sale.
The property closed for approximately $13,850,000. According to Co-Star Comps, at $173,125 per unit, this is the largest condo deconversion sale in the Lincoln Park and Lakeview area in the past 12 months.
Essex generated 18 property tours and six offers. The team of Imber, Varde, Steinher and Shepherd represented the buyer.
“Despite the recent economic headwinds, well-located condo deconversions are still garnering significant demand,” said Karmowski. He said apartment fundamentals have stayed strong through 2021, adding, “It was rare to see a 50-plus unit building available for sale on the North Side prior to COVID. Today that scarcity is even greater.”
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).