$30 Million Trump Tower Penthouse Under Contract: 401 N. Wabash in River North
Crain’s is reporting that the Trump Tower penthouse at 401 N. Wabash in River North is under contract.
Read about it here.
Trump Tower was built in 2008 and has 486 units and a hotel over a parking garage.
It’s a full amenity building with door staff, exercise room and indoor pool.
The penthouse, on the 89th floor, has 360 degree views of the city and Lake from 18 foot insulated glass windows.
The unit is unfinished space so it has to be built out.
At 14,260 square feet, it is listed as a 5 bedroom with 8 bathrooms.
The penthouse has a full-size washer/dryer in the laundry room.
Trump Tower residences can use the 5 star amenities of the building including the 14,000 square foot spa health club. The listing also says residents have use of outdoor space on the 16th floor.
The price includes 4 penthouse level parking spaces.
Listed in September 2021 for $30 million, it previously sold in 2014 for $17 million.
What will it sell for this time?
Will it become the most expensive condo to ever sell in the city?
Chezi Rafaeli at Coldwell Banker has the listing. See the pictures here.
Unit #89A: 5 bedrooms, 8 baths, 14,260 square feet, penthouse
- Sold in December 2014 for $17 million
- Originally listed in September 2021 for $30 million
- Under contract in February 2022
- What will it sell for?
- Assessments of $16,635 a month (includes heat, a/c, gas, doorman, parking, cable, exercise room, pool, exterior maintenance, lawn care, scavenger, snow removal)
- Taxes of $257,391
- Central Air
- Washer/dryer in the unit
- 4 garage parking spaces included
- Raw space: buyer must build it out
Already under contract. Ken Griffin?
I’d sooner live in a yurt than a building with that name on it, but to each his own.
Will Cheese buy more Trump units with his commission check? He’s been pumping this building for over a decade now. Still one of my favorite buildings but that’s because I’m not soft enough to get upset over a brand or politics.
“I’d sooner live in a yurt than a building with that name on it, but to each his own”
I was just in a yurt the other day (Silverton – the only U.S. ski area I’m aware of that uses just a yurt for its lodge/base operations, well that and an old school bus and a row of porta-potties). Yurts actually have something in common with some portions of this building – the curved walls, which can create a more expansive feeling, but can also pose practical challenges for utilizing space effeciently.
Has there been any serious discussion, as to this building or in NY, to rename (no idea if it’s possible or what it would cost, and whether a majority of the current unit owners and buyer pool really even care)?
“The price includes 4 penthouse level parking spaces”
I’d rather have ones at ground level (!) Not sure what this means anyway; I’m pretty sure the spaces aren’t on the 89th floor 😉 but are they on the top level of the garage, or in some special area with better access, security, amenities?
“Ken Griffin?”
Ken owns multiple floors in 9 W Walton. Had to check–it’s the top 4 floors, is about 25,000 sf, and may/apparently includes the rooftop. So this place would be a downgrade.
$30MM for a shell?
Not a huge fan of the floor plan. Would prefer some spaces with more depth and kitchen would not have the killer lake view.
Wonder if the $30MM includes a TI allowance. Would guess the base would be $5MM and properly kitted out $7-10MM
“Has there been any serious discussion, as to this building or in NY, to rename”
This one is bound up by the presence of the hotel/term of the management contract, and the fact that the T.O. still owns the retail space. So it’s complicated.
Believe that T.O. owns the office and retail space on 5th Ave, too (??–there is indication that it may have gone back to the lender–the mortgage was placed on watch last year, and GMAC Commercial Mortgage is listed as the owner on some NYC gov records), so that’s also more complicated than just the condo ass’n’s preferences.
Long way of saying–no serious discussions…yet.
“Penthouse level parking spaces?” I, too, am confused. Is it some special type of space to get this designation?
Darn – just checked listing and didn’t see a “buy now using PayPal” option.
Parking spaces appear to be 413/414 and 616/617. So they seem to be on different floors–but hard to tell, as the condo parking spots are numbered 1 thru 709. Would guess that they are close to the elevators.
So, I’m confused. Has this place not been lived in at all over the last 8 years? It sold in 2014 (a raw space at the time according to Redfin pics) and was never finished? What a waste of space if it just sat there…Was the 2014 buyer an individual?
It’s certainly a unique property for Chicago. The name of the building absolutely limits the buyer’s pool which is already astonishingly small as there aren’t many $20M+ buyers in Chicago (and none of those other properties have $16k+ monthly HOA fees. Although, I guess at this level, the person doesn’t care about money and just wants what they want.)
” Has this place not been lived in at all over the last 8 years?”
Correct. If I’d done that, I would have at least set done some urban glamping once or twice. Probably in a yurt.
~$3.5m spent on taxes and HOA!
I’m guessing griffin snagged this…
16k in assessments per month. yikes…I imagine someone with 400 mil+ net worth if not griffin.
But also….why pay so much to live here and not ball out at the st. regis?
“But also….why pay so much to live here and not ball out at the st. regis?”
I could think of several reasons:
1. Better location closer to restaurants, shopping etc.
2. Different views than what you’d get in the St Regis
3. Blank slate interior. You can build it out as you like.
But why ask just about the St Regis?
One Chicago is also a “view” building. Penthouse floors in that building have to be stunning too.
“Was the 2014 buyer an individual?”
Bluedog: Yes. A Chicago tech CEO.
From Crain’s when the unit was listed:
Chezi Rafaeli, the Coldwell Banker agent representing the condo, confirmed that Shah “didn’t finish it.” Rafaeli declined to comment further until Shah gives him permission. Crain’s could not reach Shah independently.
Rafaeli said in an email that Shah “did not complete the property because he became more focused on his business, which took a lot of time away from him. In addition, his two children are now grown and moved on, so it is a very large space for just two people.”
https://www.chicagobusiness.com/residential-real-estate/trump-tower-chicago-penthouse-sale-30-million
“I’m guessing griffin snagged this…”
Why couldn’t it be the richest man in the state of Illinois? (who is NOT Ken Griffin, by the way, although it depends on the day probably.)
Makes sense Sabrina….but for that amount of money, if I was that rich, I would buy a place in NYC or LA.
I’m a chicagoan through and through…but not at that price point. Perhaps the suburbs have spoiled me. I’m not spending 30 mil to walk out across the street from that grimes dunking donuts.
Also, for richest man, do you mean JB? I’m not a financier so not as well versed…but given the amount of money griffin probably has that we don’t even know about (and why should we?) – I imagine it’s not even a close race.
“Also, for richest man, do you mean JB?”
Nope. He’s not the richest man either. Someone far richer than JB. His last name is Walton but he, and his wife, are living quietly. They are rarely in the news.
There’s a lot of wealth in Illinois and they aren’t all Pritzkers or Ken. Why doesn’t anyone ever mention billionaire Sam Zell?
“I’m not spending 30 mil to walk out across the street from that grimes dunking donuts.”
I wish they would get the retail rented in the building. It would bring so much more life to that whole area.
That being said, having a Dunkin nearby is a plus in my book. Lol. Good coffee.
This place would certainly appeal to JB. 24 hour room service and no toilets that need to be removed.
Speaking of suburbs, according to Crain’s, the luxury housing market remains red hot there too. Apparently a handful of mansions over $4 million have already sold in the suburbs in 2022. That’s a high price point, for the city or the suburbs.
Trump probably gifted it to Putin. We will know for sure if all of a sudden Russian Tea Time is a tough reservation to get.
“Why doesn’t anyone ever mention billionaire Sam Zell?”
Having recently shared my Ken Griffin-in-the-zoo story, here’s my Zell encounter. Late summer of 08, having justed start as a first year at a firm that had handled some of Zell’s recent big deals, we were having dinner at Spiaggia (the cafe), and Zell and his wife are a couple tables away. I see him coming out of the restroom (I may or may not have tried to time that), and stop him to introduce myself, noting my excitement to soon be working on his deals. What a kook I was (or am?)! I was lucky my key card still worked the next morning.
“Why doesn’t anyone ever mention billionaire Sam Zell?”
Because he’s too busy planning his eleventeenth?
As to Lukas–wouldn’t such conspicuous consumption be contrary to his recently launched foundation? And his general efforts to keep a reasonably low profile?
“my excitement to soon be working on his deals”
haha! Esp as I believe I know exactly what deal that was.
Speaking of Sam, you can be his next-door neighbor in Malibu for less than this, and it’s actually finished:
https://www.redfin.com/CA/Malibu/6525-Point-Lechuza-Dr-90265/home/6858466
Looks like even the UHNW need to hedge gasoline
“Trump probably gifted it to Putin.”
Trump doesn’t own it. He doesn’t own any of the condo tower of the building. Most people don’t remember that it was completed just as the housing bust/financial crisis hit. It wasn’t sold out and some buyers refused to close. Deutsche Bank threatened to take the whole building back but didn’t. Many journalists have looked into the deals that were made around 2008.
And I believe he only owns a 10% position in the hotel portion and owns the hotel portion retail space.
Nice house in Malibu but climate change is really going to impact these homes on the water. Even already, many beaches have almost completely eroded. You can’t even get down to the beach in several locations. Many houses will be unlivable. You can already see the trouble that is to come in the one picture which shows those other homes to the left that are right on the beach.
Yikes.
This one is a bit up on the cliff, which helps. But if I were choosing Malibu for the next decades, I’d rather be further up in the hills.
The way to go, is simply to rent one of these houses on the water. Then it’s not your problem but you can still enjoy it while it’s still livable.
“The Trump Organization owns 56 percent of the hotel rooms, accounting for more than 60 percent of the total square footage of the 339 guest rooms.”
https://therealdeal.com/issues_articles/can-trump-international-chicago-bounce-back/
I am betting is sells for $12 million – max.
@annony, ROFL at your Zell story. I think we were the same person at age 23.
How did he react to you btw?
“@annony, ROFL at your Zell story. I think we were the same person at age 23. How did he react to you btw?”
Ah yes, most of my peers were under 25, but at the time I was a couple months shy of 38. For how gruff he sounded at his table (and how odd my approaching him was), he was surprisingly nice.
Thanks anon(tfo). I didn’t realize he owned that much of the hotel. I saw a stat years ago that he only owned 10% but that could be 10% of the “building” when you add in the condos, since he doesn’t own any of those anymore.
Anyone know if current owner is paying full bill or getting discount for unlivable conditions? I’ve always wondered how this works in a large condo building.
Think the home next to the listing in Malibu was renovated and owned by Sean Conlon at one time. Did he sell it to Zell?
“the home next to the listing in Malibu”
Nope. Conlon owned the Cooper Wave House, which is about 3 miles west of Sam’s place.
Wave House:
https://www.nytimes.com/2012/03/15/garden/the-architect-harry-gesner-still-riding-that-wave.html
Very few good pix of Sam’s house, partly bc the street is private (both the short one it is on, and the longer one with access to PCH).
Here’s one from the beach to the east:
https://www.gettyimages.ch/detail/nachrichtenfoto/malibu-this-view-of-sam-zells-ocean-front-home-in-nachrichtenfoto/564062859?language=it
Could get a good pic from the water, I’m sure.
It is *not* the Razor Mansion as google maps suggests.
Anon – He may indeed have owned the other home but check out the photo in this article. Looks like he owned this place, renovated it, and sold it to Zell. Those windows are iconic. I recalled them from this article and had to dig it up.
https://www.latimes.com/business/realestate/hot-property/la-fi-hp-my-favorite-room-sean-conlon-20170325-story.html?_amp=true
“Those windows are iconic.”
OH! Now I see what you’re talking about. From pic 3 of the listing for 6525 Point Lechuza–the house to the right/east.
Sam’s house is the one to the left, with the sloping roofline, behind the two cypress on the cliff. 6515 Point Lechuza Dr.
The Conlon house is 31536 Victoria Point Rd:
http://www.zillow.com/homedetails/31536-Victoria-Point-Rd-Malibu-CA-90265/20557741_zpid/
According to Crain’s, the Trump Tower penthouse closed today at $20 million.
Last sold in 2014 for $17 million.
Closed fast but the realtor who handled the purchase wouldn’t say if it was all cash.
Sizzle.