In what is shaping up to be a huge gamble in the Gold Coast, a New York developer bought a $47M teardown on Oak Street and is putting a new building in its place.
Jenel Development bought the four-story structure at 59-65 E Oak from a trust controlled by investor Donald Geller. The price averages out to nearly $2,100 per SF in one of Chicago's ritziest retail districts. Jenel financed the deal with a $39.5M loan from Pacific Western Bank.
This is just the latest for retail property on Oak Street. Among the biggest recent deals: the Esquire Theatre building sold for $176M earlier this year.
