EnV for sale for $500K a unit?

EnV retail space, Chicago

According to Crain’s, the new, not yet fully-occupied EnV apartment tower in River North is for sale and might fetch its owners $125 million.

That price, according to Crain’s, would pencil out to more than $500K for each of the 249 units in the building.

Crain’s math needs to be adjusted to assign some value to the 27,000 square feet of vacant retail space in the building.

Nonetheless, the per-unit price seems stunning for a building that consists of 75% studio and 1-bedroom units. New construction River North condos have languished on the market recently at per-unit prices well below the reported price at which EnV units might sell in bulk.

It’s difficult to make sense of the reported EnV selling price without full access to the financial details of the building.

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