Equity Residential ex CEO David Neithercut lists Michigan Avenue condo – Crain’s Chicago Business

0

David Neithercut, who in December retired as CEO of the Chicago-based rental giant Equity Residential, is asking less for his condo than they paid for it 11 years ago.

In March 2008, Neithercut and his wife, Suzu, paid slightly more than $4.2 million for a three-bedroom unit at the Bloomingdale’s building at Walton Street and Michigan Avenue, according to the Cook County Recorder of Deeds. They listed it for sale this morning at $3.85 million, about eight percent below their purchase price. 

While declining to identify her clients, listing agent Katherine Malkin of Compass said “they looked at the market and wanted to list it at a price that was interesting to the buyer.” 

The condo is on the southeast corner of the building, which Malkin said “buyers like because you have views all the way down Michigan Avenue.” The tower was built in the mid-1980s, but this condo is in a block of eight floors that were converted from office use to condominiums in the 2000s, with much larger windows than the higher floors, which have been condos since the beginning, Malkin said. 

The 4,200-square-foot unit has ten-foot ceilings, a large kitchen open to a dining area, and access to a spacious terrace that only the 46 units in the converted floors share. 

The Neithercuts could not be reached for comment. 

Equity Residential dates to a 1960s operation launched by Sam Zell and the now-deceased Robert Lurie to manage student rentals at the University of Michigan, now has a portfolio of almost 80,000 rentals in cities across the country.  Neithercut joined Zell’s firm Equity Group Investments in 1990 and became president and CEO of Equity Residential. In 2013, Neithercut oversaw Equity’s acquisition of the 23,000-unit portfolio of a Colorado firm. He announced his pending retirement last year. 

Source

Leave A Reply

Your email address will not be published.