Streeterville penthouse goes up for sale finished at $12.25M after years languishing as raw space

May 13, 2026 - 02:08

The developer of a luxury high-rise in Chicago's Streeterville neighborhood is making another play for the city's top-tier buyers. A raw penthouse space that sat unsold for years is now fully finished and listed for $12.25 million.

The unit, located on the upper floors of a residential tower near Lake Michigan, was originally marketed as a blank canvas for a buyer to design from scratch. That approach did not attract a taker. Now the developer has completed the interior, betting that the market for ultra high-end condos has rebounded enough to justify the investment.

The finished penthouse spans roughly 6,000 square feet and includes four bedrooms, five bathrooms, and a private terrace with views of the lake and skyline. Custom finishes include wide-plank white oak flooring, marble countertops, and a chef's kitchen with top-tier appliances. The primary suite features two walk-in closets and a spa-like bathroom with a soaking tub.

Real estate agents familiar with the listing say the developer's decision to finish the space signals confidence in the luxury segment. After a slowdown during the pandemic, sales of condos priced above $5 million have picked up in recent months. Several new developments in the Gold Coast and West Loop have also reported strong interest from cash buyers.

The Streeterville building, completed in 2019, includes amenities such as a 24-hour doorman, a fitness center, and a pool. The penthouse is one of the last units to hit the market in the building. The developer declined to comment on the carrying costs of holding the raw space for several years, but industry observers note that finishing a spec unit carries significant risk if buyer demand softens again.

The listing agent said the unit is priced to reflect both the quality of the finishes and the scarcity of large, new-construction penthouses in the neighborhood. Showings are by appointment only.