One Gold Coast apartment could turn into two if buyers are interested in the newly split listing.

The third-floor property at 65 East Goethe Street has been on the market since February for $16.8 million. It cut prices this week—and now offers two-story, full-floor units to buyers who might prefer an apartment smaller than 12,400 square feet.

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

Now, the couple appear to be willing to split the units up for sale. On Wednesday, the owner lowered the total listing price from $16.8 million to $15.5 million before also listing the apartment as two separate listings. The pricier listing is $10.5 million, while the other is listed for $5 million.

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

Agent Julie Harron of Jameson Sotheby’s Int’l Realty, who represents the seller, did not respond to a request for comment on the price reduction or the splitting of the unit.

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

A few years ago, development company ZSD paid $2.35 million for a historic Gold Coast mansion, less than a quarter of the home’s nearly $10 million list price in 2013. The firm then restored the building into four separate apartment units for $2 million.

Homes on Goethe Street have been on the market for a relatively short time compared to other listings near the top of the market. Some of Chicago’s most elite homes often need to drop $1 million or more from initial offers to lure buyers after months on the market.

It was briefly the second most expensive listing in the city just hours before the Goethestraße property dropped its price. Another Gold Coast mansion that has been on the market since 2020 slashed $3 million off its asking price to drop to third place, while Goethe Street apartments also saw a price cut.

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

read more

Leave a Reply

Your email address will not be published. Required fields are marked *