April 9, 2020
CBRE completed the $44-million condo deconversion sale of 21 East Chestnut Condominiums, a 163-unit condo property in Downtown’s Gold Coast neighborhood, to SPNA. The duo of Sam Haddadin and Dan Cohen represented the 21 East Chestnut Condo Association in the sale.
Built in 1962 and converted to condos in 1979, the 25-story multifamily tower offers a mix of studio, one-bedroom and two-bedroom units. Currently, the property offers 163-units, with 79 studios, 79 one-bedroom, one-bath units, and five two-bedroom, two-bath units.
“There was a great deal of buyer interest in this offering and the owners overwhelmingly voted in support of the deconversion sale,” said Haddadin. “Owners were able to receive a much higher value for their units by selling together as an association, and new ownership now has an amazing new rental property in a premier Chicago neighborhood.”
Haddadin and Cohen brought the deal to market last May.
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