CHICAGO, IL - Interra Realty, a Chicago-based commercial real estate investment services firm, today announced it brokered the $10 million sale of an eight-unit condominium building at 1447 N. Dearborn Parkway in Chicago’s Gold Coast neighborhood.
Interra Director Max Grossman represented the buyer, Altitude Capital Partners (ACP). Interra Director Colin O’Malley represented the confidential seller.
“The so-called ‘phantom building’ of the Gold Coast is a rarity in that it has been unoccupied for so long, despite strong demand in this submarket for luxury living options and little to no new product coming online,” said O’Malley. “Following an aggressive marketing campaign which included over 60 tours, we fielded multiple offers and secured a contract in about a month, helping to kickstart a transformation that ultimately will breathe new life into this property.”
Originally constructed in 1901, the 45,000-square-foot courtyard building was renovated in 2010 with a limestone and brick facade and other touches that maintained its historic charm. Though it has been vacant since its reconstruction, the property has been kept in excellent condition.
The large, white-box residences range from 2,500 to 5,500 square feet and include two-, three- and four-bedroom layouts, with some duplex units. Amenities include direct-access elevators, multiple terraces per unit, a gated front entrance and a curb cut for private pickups and drop-offs. Nine tandem garage parking spots can accommodate up to 18 vehicles.
ACP will complete the unit interiors with high-end finishes and sell them as condominiums, with an expected delivery in mid-2026. No sales representative has been selected at this time. Inquires can be sent to info@altitude-cp.com.
In addition to the numerous dining and shopping options in the Gold Coast, 1447 N. Dearborn is within walking distance of the Lakefront Trail, North Avenue Beach, Lincoln Park and notable institutions like the Chicago History Museum and Second City. The property is served by the CTA’s Sedgwick Brown/Purple Line station and numerous CTA bus routes.
About Interra Realty: Founded in 2010, Interra Realty is a Chicago-based commercial real estate services firm that delivers integrated, tailored solutions through its boutique, client-focused approach and team of experienced professionals. Since its inception, the firm has closed thousands of transactions valued in excess of $2 billion spanning the multifamily, office and retail sectors, as well as loan sales. Interra’s clients range from private investors and high-net-worth individuals to large financial institutions, private equity groups and hedge funds. For more information, visit www.interrarealty.com