Astoria Tower, the 30-story high-rise at 8 E 9th St in the South Loop, was purchased last week by an affiliate of condo and apartment developer Crescent Heights, according to our contacts at the building. (Astoria Tower has been a client of our parent company for a couple of years, and we manage the tower’s website.)
The move might clear the way for a shift from condo sales to rentals, something that Appraisal Research Counselors predicted for the tower in its 3Q 2010 Downtown Chicago Residential Benchmark Report.
Crescent Heights owns or has developed five other residential buildings in Chicago: the Raffaello condominium hotel, Regents Park Chicago, 30 East Huron, the Skyline Residences at Park Place, and the Shoreline Park Private Residences.