Ken Griffin, philanthropist, hedge fund manager, an American investor and chief executive and founder of the Citadel, a global investment firm, is known for his interest in unfinished condos, and his latest purchase confirmed that.
In November last year, Ken Griffin made a deal with JDL Development to purchase the top 4 floors of their unfinished Chicago condo tower known as No. 9 Walton. Earlier this year, the deal became official, and Ken is now the owner of these condos, which he bought for just under $60 million ($58.75 to be precise).
This is officially the most expensive condo purchase in the Chicago area, but it will become even more expensive because the condos are not finished yet. After all the finishing touches are done, the final cost is estimated to be around $80 million. As a comparison, the previous most expensive estate purchase record holder (in 2014), was the Glencoe 4-acre estate, which was sold for just under $20 million.
Each condo has custom built 12 to 18-foot high ceilings, and each floor comes with panoramic views, outdoor areas, and one even has a swimming pool, all done per Griffin’s instructions.
Becoming an owner of unfinished condos, is Ken’s “signature”, as he also bought two penthouses in the Faena House just three years ago for around $60 million. He planned on turning these two penthouses into one, but just a few months after the purchase, both units were listed for sale for $73 million.
It seems that Ken considered the penthouses a bad investment because in the same year, after re-listing them for sale, he spent $200 millions for three floors of 220 Central Park South, in Manhattan.
We are left to wait and see if his latest investment, the Chicago condos, will remain his property, or be resold after being finished.