Arthur Slaven has relisted his condo at the top of the former Montgomery Ward office building, which he redeveloped in River North, slashing the price 20 percent.
The 10,000-square-foot penthouse, at 500 West Superior Street, was previously listed at $12 million, which listing agent Carrie McCormick of @properties Christie’s International Real Estate said is the true value of the home.
After a month on the market, though, they pivoted in response to pressures in the downtown condo market, McCormick said.
Slaven, who is a managing partner at Centrum Realty & Development, “wanted to put it into the market at what we felt was the right price for the home,” she said of the previous price. “Market feedback was that we were just priced a little high.”
The 3-bed, 6-bath condo is now listed at $9.5 million, or $950 per square foot, according to public listing information.
Slaven converted the space from the building’s mechanical room into a penthouse for himself back when he redeveloped the tower into condos in the early 2000s, McCormick said. For this reason, the main room of the condo has 30-foot ceilings and floor-to-ceiling windows.
Slaven worked with the well-known interior designer Darcy Bonner to give the home unique details, like a glass catwalk suspended over the main room. The condo also has an interior private elevator that leads to a private rooftop deck.
If sold at its original listing price of $12 million, Slaven’s condo would have set the record for priciest condo sale in River North.
McCormick said they have seen some action on the listing since bringing the price down. Despite the cut, she said she thinks the city’s condo market is gaining traction, pointing to her recent sale of the penthouse at the St. Regis for $7 million.
However, that sale still resulted in a loss for the sellers who bought the condo for nearly $8.2 million in December of 2021, The Real Deal previously reported.
“I have a few buyers that I’m working with that are looking for these high-end luxury units,” McCormick said. “Our market isn’t like Florida, or New York or L.A., where there are more buyers for these homes, but we do have a decent group of buyers that are looking now.”
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Residential
Chicago
Arthur Slaven seeks $12M for River North condo
Residential
Chicago
St. Regis condo trades for $7M in loss for sellers