Real Estate

Chicago’s third-priciest listing slices ask, splits offering in two

A Gold Coast condo might become two, if buyers take interest in a newly split listing.

The third-floor property at 65 East Goethe Street has been listed since February for $16.8 million. This week it took a price cut — and is now offering the full-floor unit as two to buyers who might prefer something smaller than a 12,400-square-foot spread.

Antonio Gracias, head of Valor Equity Partners, and his wife, Sabrina, own the property. They purchased it in two separate real estate transactions over two years, paying a total of $13.6 million, according to previous reports.

Now, the couple looks willing to split the units up to make a sale. On Wednesday, the owners cut the price of the total listing — from $16.8 million to $15.5 million — and then also listed the apartment as two separate listings. The higher priced listing is set at $10.5 million, while the other listing is asking $5 million.

The 12,400-square-foot property includes a second kitchen, two offices, a rec room, home gym, home theater, and wine room as well as eight heated garage spaces. 

Julie Harron, an agent with Jameson Sotheby’s Int’l Realty, is representing the seller and did not respond to a request for comment about the price cut or portioning the unit.

The property isn’t the first to try a divide-and-conquer strategy.

Several years ago, development firm ZSD bought a historic Gold Coast mansion for $2.35 million, which was less than a quarter of the home’s original 2013 list price of nearly $10 million. The firm then rehabilitated the building into four separate condominium units priced at $2 million. 

The Goethe Street listing has been on the market for a relatively short amount of time compared to other listings near the top of the market. Price cuts of $1 million or more from initial asks have been frequently required to lure in a buyer after months of a listing sitting on the market for some of Chicago’s most elite residences.

Just hours before the Goethe Street property took a price cut, it had a short-lived run as the city’s second-priciest listing. Another Gold Coast mansion that’s been on the market since 2020 slashed $3 million off its asking price, dropping it to third, before the Goethe Street condo also dropped its price. 

That home, at 3 West Burton Place, cut its ask this week from $18.75 million to $15.75 million. The $3 million cut is a 16 percent reduction for the 20,000-square-foot property.

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