A condominium at One Bennett Park, a three-year-old Streeterville development home to one of Chicago’s priciest listings, sold for $4 million in a sign that the luxury market has life even as mortgage rates rise.
The deal for the three-bedroom, four-bathroom condo, which spans 3,600 square feet, closed on July 25, was an off-market sale, according to MLS data available on real estate websites. The property was originally listed for $4.7 million, before the project was complete, and taken off the market two years later.
One Bennet Park at 451 E Grand Ave #6112, Chicago (Zillow, illustration by The Real Deal with Getty)
Timothy Salm and Bradley Brondyke with Jameson Sotheby’s International Realty, the brokerage team representing all properties in the building, represented the developer. The buyer’s agent wasn’t disclosed.
The 69-floor building at 451 East Grand Avenue opened in 2019 after five years of planning and construction. Its web site shows that five other units are for sale. That includes a four-bedroom penthouse on the 65th floor that’s asking $15 million, making it one of the city’s most expensive listings.
Developed by Related Midwest and designed by Robert A.M. Stern Architects, the property includes a fitness center, yoga room, pilates studio, salon and massage suite, indoor and outdoor pools, and a 41st-floor owner’s lounge. The development also included Bennett Park, a public park adjacent to the building.
One Bennet Park at 451 E Grand Ave #6112, Chicago (Zillow, illustration by The Real Deal with Getty)
Related Midwest first put units on the market in late 2018. In 2019, another 4,800-square-foot condo sold for $6.2 million, making The Real Deal’s list of top residential sales that year. In 2020, a buyer paid $6.25 million for one of the condos, marking one of the priciest sales in a year marked by pandemic’s spread.
While Related sold 13 units, each over $4 million, in 2019, not all the building’s 69 condos are asking at least that price. The least expensive is asking $1.9 million, while four non-penthouse units are available, one for $1.8 million, one for $2.35 million, another for $4.25 million and one for $6.45 million.
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