NAR now officially owns every building on the block on which they operate off Michigan Avenue in Chicago, Illinois, after purchasing the last remaining non-NAR building – a two-story building previously occupied by the Wrigley Company. Though, we’re not sure which is more surprising: their ownership of an entire commercial block, or the price at which they scored this last puzzle piece. Rumors and speculation are throwing the price tag of $4 Million around in regards to the original price of NAR’s newly acquired purchase. Startlingly, the building was purchased for a mere $1.45 Million, and there was no commission on the sale, though both brokerages were apparently separately compensated.
This $1.45 Million CASH purchase, if the speculated listing price was in fast $4 Million, was definitely a steal of a deal. Even if they were to sell this newly acquired building in one year, they would still make a killer profit. The purchase was done primarily as a preventative measure for other development on the block that could potentially be detrimental to the block’s equity, but they apparently have no near-future plans for this building. Speculation points to the possibility of a tear-down, and then a further expansion of their headquarters. What are your thoughts on this incredible deal NAR just got, and what you think their plans for this building are? Join the conversation with us on Twitter.
photo courtesy of Chicago Agent Magazine