Lincoln Park Mansion Sells for Record $18 Million, Highest Price in Neighborhood History

A stately limestone mansion on one of Lincoln Park’s most coveted blocks has sold for $18 million, setting a new record for the neighborhood and demonstrating that Chicago’s ultra-luxury market remains robust even as the broader housing sector shows signs of cooling.

The six-bedroom, eight-bathroom residence at 2344 N. Burling Street traded hands in an off-market deal that closed last week, according to county records. The sale surpasses the previous Lincoln Park record of $16.5 million set in 2019 for a property on nearby Orchard Street.

The buyer, whose identity is shielded by a land trust, is described by sources familiar with the transaction as a Chicago-based business executive. The seller, philanthropist and former hedge fund manager Robert Castellano, purchased the property in 2015 for $9.2 million and invested several million more in extensive renovations.

“Properties of this caliber rarely come to market in Lincoln Park,” said Dawn McKenna, founder of the Dawn McKenna Group at Coldwell Banker, who represented the seller. “When they do, there’s always strong demand from buyers who understand the value of owning an irreplaceable piece of Chicago real estate.”

A Masterpiece of Chicago Architecture

Built in 1892 by architect Solon Spencer Beman, who designed the model company town of Pullman on Chicago’s Far South Side, the Burling Street mansion represents one of the finest surviving examples of Romanesque Revival residential architecture in the city.

The 12,500-square-foot residence features soaring ceilings, original millwork, seven fireplaces with hand-carved mantels, and a grand staircase that sweeps through the center of the home. A third-floor ballroom, originally used for entertaining during Chicago’s Gilded Age, now serves as a combination home theater and entertainment space.

Castellano’s renovation, completed in 2018, meticulously preserved the home’s historic character while adding modern amenities including a chef’s kitchen, smart home technology throughout, and a spa-like primary bathroom with heated floors and a steam shower.

“The challenge with these historic homes is balancing preservation with livability,” said architect Thomas Rajkovich, who led the renovation. “Mr. Castellano was committed to honoring Beman’s vision while making the home functional for contemporary family life.”

The property sits on an oversized lot of nearly 10,000 square feet—a rarity in Lincoln Park, where many homes occupy lots half that size. The grounds include formal gardens, a carriage house that has been converted into a four-car garage with guest quarters above, and mature trees that provide privacy from the street.

Lincoln Park’s Enduring Appeal

The record sale underscores Lincoln Park’s status as one of Chicago’s most prestigious residential neighborhoods. Bounded by the lakefront, the DePaul University campus, and the park that gives the area its name, the neighborhood combines urban convenience with a village-like atmosphere.

“Lincoln Park has everything affluent buyers want,” said Matt Laricy, managing director of the Laricy team at Americorp Real Estate. “Top schools, beautiful parks, some of the city’s best restaurants, and easy access to downtown. There’s simply no substitute.”

The neighborhood’s housing stock ranges from historic mansions to contemporary new construction, with prices at the highest end routinely exceeding $10 million. The Burling Street sale demonstrates that truly exceptional properties can command premiums even above those lofty levels.

Real estate analysts note that Chicago’s luxury market has shown remarkable resilience despite headwinds including elevated interest rates, concerns about crime, and uncertainty about the city’s long-term fiscal health.

“The ultra-high-end segment operates by different rules,” said Geoffrey J.D. Hewings, director emeritus of the Regional Economics Applications Laboratory at the University of Illinois. “Buyers at this level are typically paying cash and are less sensitive to interest rates. They’re making lifestyle decisions, not purely financial ones.”

A Tale of Two Markets

The Lincoln Park record stands in contrast to conditions in much of the Chicago housing market, where sales volume has declined amid higher mortgage rates. The median home price in the city fell 2 percent in the third quarter compared to the same period last year, according to data from the Illinois Association of Realtors.

Inventory remains tight across most price points, creating a market that favors sellers in many neighborhoods even as activity has slowed. First-time buyers continue to struggle with affordability, particularly in desirable lakefront communities.

At the luxury end, however, a different dynamic prevails. The pool of potential buyers is smaller but tends to be less price-sensitive, and trophy properties continue to attract strong interest.

“There’s always demand for the best,” McKenna said. “Whether it’s a lakefront penthouse or a historic mansion, buyers with means are willing to pay for something truly special.”

What It Takes to Set a Record

Real estate professionals say record-setting sales typically require a combination of factors: an exceptional property, motivated seller, qualified buyer, and favorable timing.

The Burling Street mansion checked all those boxes. Castellano, who relocated to Florida last year, was ready to sell. The property had been thoughtfully updated and was move-in ready. And the buyer, who had been quietly searching for a Lincoln Park trophy property for more than a year, recognized an opportunity to acquire something unlikely to come to market again anytime soon.

“These transactions are as much about relationships as they are about real estate,” said Jim Kinney, vice president of luxury sales at Baird & Warner. “The agents who represent properties at this level have spent years building networks of buyers and sellers who trust them with significant decisions.”

The sale is expected to establish a new benchmark for Lincoln Park pricing, potentially lifting comparable properties in the neighborhood. Several other high-end Lincoln Park listings are currently on the market with asking prices above $10 million.

For Castellano, the sale represents a substantial return on his investment. The $18 million price reflects annualized appreciation of roughly 7 percent since his 2015 purchase, not including the value added by his renovations.

The new owner is expected to take possession before the end of the year, according to sources familiar with the transaction. Plans for the property’s future use were not disclosed.