Former Chicago Public Schools board President Gery Chico on Friday sold his three-bedroom, 2,400-square-foot condominium unit in the Metropolitan Tower on South Michigan Avenue for $1.81 million.
A lawyer who was then-Mayor Richard M. Daley's chief of staff from 1992 until 1995, Chico, 60, also ran for mayor in 2011 and has served as the board president of the Chicago Park District and the City Colleges of Chicago. He served on the CPS board from 1995 until 2001 and was chairman of the Illinois State Board of Education from 2011 until 2015.
Chico took a sizable loss on the Metropolitan Tower unit, which he purchased through a land trust from the building's developer for $2.35 million in 2009. He first listed the condo in July 2014 for $2.65 million and later reduced his asking price to $2.5 million, $2.3 million and $2.15 million before making a final reduction to $1.999 million in March 2015.
The 30-story Metropolitan Tower was converted from offices to condos a decade ago. Features in the 22nd-floor unit include a Christopher Peacock kitchen with Wolf, Miele and Sub-Zero appliances, a butler's pantry, 14-foot vaulted ceilings in the living and dining rooms, a fireplace, smart home technology, a 45-foot terrace and a master suite with a 14-foot ceiling and a custom-fitted Christopher Peacock dressing room.
Via email, Chico told Elite Street only that he is "staying downtown."
Bob Goldsborough is a freelance reporter.