Unfinished Condo in Chicago’s South Loop Listed for $6 Million

A 54th-floor condo in Chicago’s Museum Park has hit the market for nearly $6 million after sitting unfinished for over 15 years.

Jatinder Verma has tapped Coldwell Banker Realty broker Tory Rezin to find a buyer for his 10,000-square-foot condo in the One Museum Park building, located at 1211 South Prairie Avenue, Crain’s reported.

The condo’s $600-per-square-foot asking price marks a significant jump from the $308 per square foot Verma paid Enterprise Companies and Central Station Development, the building’s owners, for the South Loop space in 2009.

The condo, which has views of Lake Michigan and Grant Park, offers a unique opportunity for a buyer to complete the space with custom finishes and upgrades. Utilities and some interior walls are completed, and it comes with permits and plans for a five-bedroom, 5-bathroom luxury residence.

The price hike can be attributed to the ongoing gentrification and demand for high-end living in the South Loop .

If the condo sells near its $6 million asking price, it will set a record for residential sales south of Ida B. Wells Drive. A contemporary home in Printer’s Row holds the record at $4.8 million.

Other recent condo listings in Chicago have taken significant price reductions, particularly in luxury developments like River North’s One Chicago, where a 68th-floor unit’s price was cut by $3 million to $7.5 million.

Similarly, billionaire Ken Griffin recently re-listed his 36th-floor condo at No. 9 Walton for $8.5 million, down from the $12 million the hedge-fund manager paid for it in 2017. This follows the sale of his unfinished 37th and 38th-floor units to Illinois Gov. J.B. Pritzker for $19 million, resulting in a $15 million loss. The transaction was still the most-expensive residential sale in Chicago this year. Another high-profile player is making moves in Chicago’s condo market. Filmmaker George Lucas is developing the priciest condo in Chicago history by combining two units in Streeterville’s Park Tower into a 16,000-square-foot duplex penthouse, costing $33.5 million.

— Andrew Terrell