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Schatz Readies $140M, 41-Story Condo Tower

CHICAGO-The building at 600 N. Fairbanks will have 227 units, of which 94% are currently sold.

By Gina Kenny | Updated on June 26, 2007

(Read more on the multifamily market.)

CHICAGO-Schatz Development, based here, is topping off its 41-story condominium tower at 600 N. Fairbanks. The $140-million project has 227 condominium units, ranging from one-bedroom units to four-bedroom penthouses. Schatz received a $93-million construction loan in 2006 from Fremont Investment & Loan for the property.

The average size of the units is about 1,200 sf, says Noah Schatz, CEO of Schatz Development. The initial sales prices for the units range from about $350,000 to about $2.1 million. The units are 94% sold with only 12 units remaining. Available condominiums range from 926-sf one-bedroom units starting at $437,000 to duplex penthouses at more than $1.58 million. First occupancies are expected to occur this November, Schatz says.

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