realestate

Gramercy Park Penthouse Price Slashed by Former NBA Owner Again

Leslie Alexander Cuts Price of NYC Penthouse by Another $13 Million

A
zoning proposal for Sterling Bay's Lincoln Park apartment complex has become a test case for Chicago's approach to affordable housing and development incentives. At the center of the controversy is the proposed 25-story height and request for a property-tax break tied to affordable housing commitments at 1840 North Marcey Street. Alderman Scott Waguespack, who represents the ward where the project would be built, has been leading the opposition.

    The conflict escalated during a contentious City Council meeting, where Alderman Walter Burnett declined to bring the proposal forward for a vote after its rejection in committee. Waguespack attempted to force the issue, sparking a heated exchange with Alderman Jason Ervin and a brief recess to cool tensions. Sterling Bay has defended its proposal, citing benefits such as 124 affordable housing units, 3,200 construction jobs, and millions of dollars in traffic infrastructure improvements.

    However, the project's viability depends on the City Council approving a "low-affordability community" designation, which would allow the developer to receive tax relief under the Affordable Illinois program. Waguespack has criticized the program as unfair, particularly given Mayor Brandon Johnson's proposed $68 million property tax increase. Sterling Bay managing director Fred Krol expressed hope for a compromise, saying the company remains interested in engaging with Waguespack in a constructive dialogue.

    With a December 25 deadline looming for a City Council vote, time is running out for a resolution. If no decision is made, Sterling Bay can appeal directly to the Department of Housing for approval, bypassing local opposition.

Gramercy Park penthouse price slashed by former NBA owner, luxury property.