When a full-floor penthouse on the 89th floor of Chicago’s Trump International Hotel & Tower listed for $30 million last Tuesday, the exorbitant price tag made headlines. Currently, the condominium is the most expensive home actively listed in the city of Chicago.
Current owner and Vistex CEO Sanjay Shah paid $17 million for the property back in 2017, as a raw space with renovation potential. But according to reports, Shah never moved in.
Luxury real estate agent Chezi Rafaeli, of Coldwell Banker Realty, is representing Shah in the transaction. He told Chicago Agent magazine that Shah never completed the property renovation because he was more focused on business at the time. Additionally, Shah’s children are grown, and the 14,260-square-foot space was a lot for just two people. “The seller didn’t want to move forward with designing the space because it would limit the marketability,” Rafaeli explained.
Now Shah is selling the Trump Tower condo — for nearly twice what he paid four years ago.
According to the Chicago Tribune, the high-rise penthouse includes five bedrooms, 7.5 bathrooms, a 19-foot ceiling in the living area and floor-to-ceiling windows looking out to the downtown Chicago skyline. The listing also advertises: “Nothing like this has ever been or will ever be on the market again, offering 360 degree views of the city and lake from this brilliant floor plan with endless build-out possibilities!”
As the so-called “vanilla box” property continues trending, Rafaeli said, “This space will require a special buyer to finish the unit in a manner befitting the uniqueness of the property.” That’s for certain. And whether it goes for the aforementioned $30 million, time will tell. Notably, around this time last year, prices were sagging across Trump-branded condos in Chicago.
Chicago’s Trump Tower is located in the West Loop at 401 North Wabash Avenue. To learn more, or to schedule a tour, click here.