The owners of a Gold Coast penthouse had to shave $1 million off the asking price before landing a buyer, but they bagged about $927 per square foot.
Judd Malkin, who helped build the JMB Realty empire, and his wife Katherine, a longtime agent in Chicago’s luxury market, sold their 4,800-square-foot unit in the cooperative building at 1301 North Astor Street for $4.45 million, Crain’s reported.
Compass agent Jeff Lowe represented the Malkins, while Rachel Martell of Berkshire Hathaway HomeServices Chicago represented the buyers, whose identities have not been disclosed.
The Malkins listed the penthouse for $5.5 million last summer. They lowered the price to $4.9 million in February, and it went under contract five days later.
Hefty price chops are a trend in Chicago’s luxury condo market. The $7 million sale of a unit in the St. Regis, at 363 East Wacker Drive, marked a $1.2 million loss from its 2021 sale price. Cal Fishkin, a co-founder of Chicago trading firm Hard Eight Futures, recently dropped the price of his 9,300-square-foot condo at 415 East North Water Street to $4 million, a $1.3 million chop.
But the market is heating up, as there have been 23 Chicago-area home sales of $4 million or higher this year. At this time last year, there were 18, indicating that buyers are ready to pull the trigger and that deal volume will continue to rise this year.
The Malkins’ penthouse spans the two top full floors of the building and two partial floors, boasting five terraces and a home gym. It also comes with a separate one-bedroom on the first floor.
The largest terrace spans 540 square feet and features views of Goudy Square Park and the downtown skyline. It’s unclear from public records when the couple bought the penthouse or how much they paid for it.
Constructed in 1929, the building holds a rich history as one of the first art deco towers crafted by architect Philip Maher. Other notable residents have included Gene Siskel, a well-known former movie critic for the Chicago Tribune, who lived there until his death in 1999.
—Quinn Donoghue
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