Most expensive condominium in Chicago’s history.
By The American Bazaar Staff
WASHINGTON, DC: Sanjay Shah, 46, the founder and CEO of Vistex, a computer software company, has bought the most expensive condominium in Chicago’s real estate history, a penthouse on the 89th floor of the Trump Tower for $17 million, in cash.
Shah intends to pump in another $15-$16 million dollars to furnish the as yet unfinished 14,260-square foot penthouse, which will eventually be a luxurious 5 bedroom and eight bath property with 360-degree views of Chicago, according to local reports.
Shah considers the deal a bargain, as the penthouse had initially listed at $32 million. He and his family, wife Hemali, and two daughters will use the penthouse as a secondary residence, however.
Shah and his family will maintain their primary residence in South Barrington. Shah also has homes in Germany and India.
The record-breaking $17 million shah paid topped the previous Chicago high water market set by hedge-fund billionaire Kenneth Griffin in 2012 when he paid $15 million for a full-floor penthouse in the Park Tower. Still, Trump cut a deal that fell short of its $32 million asking price, reported Crain’s Chicago Business.
Chezi Rafaeli, the broker who represented Trump in the sale, declined to comment on the discount from list price but he said the property will be worth close to that level after it is finished. He said the deal is a positive sign that the market is commanding New York-style pricing.
The penthouse in the Trump International Hotel & Tower Chicago is among 486 residential units. Shah said he has been negotiating with the Trump organization for nearly two years. Born in India, Shah has lived in Chicago for 20 years but this will be the first time he has lived in Chicago.
The panoramic views of such Chicago landmarks as Navy Pier, Willis Tower and Millennium Park was an important part of the property’s draw. “It offers a spectacular view,” Shah said, noting that he thought it was a compelling investment.
A spokeswoman for Trump said the unit marks the last of the Trump tower’s 486 available developer-owned residential units to be sold. The New York developer began selling condos for the riverside skyscraper way back in September 2003.
ABC’s local affiliate WLS-TV reported Hemali Shah as saying: “The view of the Chicago River meeting the lake. We just basically want to wake up to the sunrise.”
She added: “We’re standing in one spot and we can take all of this in. It’s truly spectacular.”
Sanjay Shah was quoted as saying his new home is the “crown jewel of Chicago.”
The Shahs are also philanthropic. They are involved in several charities in the area that focus on education, health and natural disaster relief.
According to the company website, Vistex was founded in 1999, and is the global leader in pricing, contract, incentive management and channel marketing solutions and services, providing unprecedented visibility into the breadth and depth of go-to-market programs and enabling businesses with insightful information that drive revenue, control costs and increase margins. Shah is listed as the founder and Chief Architect of the company.