A penthouse spanning the 23rd and 24th floors of the still-under-construction One Fulton Bond tower has gone under contract for $8.5 million, a deal that would make it the most expensive condominium ever sold in Fulton Market if it closes. The four-bedroom unit at 224 N. Elizabeth St. includes a 1,100-square-foot terrace and was sold off market before the building has even topped out.
According to The Real Deal, the penthouse, listed as Unit T1-PH23A, carries an $8.5 million asking price, monthly HOA dues of $4,806, 4.5 bathrooms and three attached garage spaces, per Coldwell Banker listing data updated Wednesday. Because the tower remains under construction, the sale won't officially close or show up in property records until the building delivers.
A Tower Still Years From Completion
One Fulton Bond is part of a two-building project developed by Sulo Development, with both towers slated for simultaneous delivery in 2029. One Fulton Bond itself rises 23 stories with 60 residences, while its companion, Two Fulton Bond, climbs 34 stories with 77 units, for a combined 149 condominiums across the site, the developer's marketing materials state.
The project traces back to Sulo's October 2024 purchase of the nearly two-acre site at 1325 W. Fulton St. from Sterling Bay for $29.9 million, or roughly $400 per square foot — a price reflecting how land values in the corridor had cooled from the $500 to $600 per square foot peaks seen before higher interest rates and construction costs took hold. The Chicago City Council cleared the way for the project in February 2025, approving zoning entitlements for up to 243 residential units across the full block, according to Chicago YIMBY. Hoodline previously reported on the tower's shrinking plans as the project's sales center went up and the city approval came through.
Designed to Compete With Downtown's Best
Fulton Bond was designed by New York firm Kohn Pedersen Fox in collaboration with Chicago-based ParkFowler Plus, with interiors by MAWD, or March and White Design, blending the neighborhood's industrial masonry with high-rise polish. Marketing materials reviewed on Zillow describe more than 40,000 square feet of private amenities planned for residents, including a thermal suite with steam and sauna rooms, an outdoor pool deck, resident cocktail bars, a championship golf simulator and an outdoor movie lawn.
The penthouse deal builds on a pattern developer Sulo Development has repeated for years: pushing Fulton Market's price ceiling steadily upward. Sulo's Hayden West Loop project at 1109 W. Washington St. topped out around $4 million in 2017, and its more recent Embry development at 19 N. May St. set what was then the neighborhood's record with a $7.6 million penthouse sale, the same trajectory noted in The Real Deal's coverage.
West Loop Muscling Into Lakefront Territory
That prior record was notable for another reason. Over the five years before 2026, 17 of 18 Chicago condo sales exceeding $7 million happened east of Clark Street near the lakefront, with Sulo's Embry penthouse standing as the sole exception west of the Kennedy Expressway, the outlet's analysis found. The pending $8.5 million sale suggests that pattern may be shifting further, with ultra-luxury buyers increasingly willing to look past the Gold Coast and Streeterville toward a former industrial corridor.
The comparison becomes sharper when weighed against this year's downtown market overall. Crain's Chicago Business reported that the highest closed downtown residential sale of 2026 so far was an $8 million condo at One Chicago, the tower at 14 W. Superior St. in River North — meaning the One Fulton Bond penthouse, if it eventually closes at its contracted price, would top that figure by roughly half a million dollars.
Momentum Building Across Fulton Market
The penthouse contract lands amid a broader burst of investment activity in the neighborhood. Mavrek Development paid $16.5 million, or about $660 per square foot, in September for the nearby corner site at 850 W. Washington Blvd. — a deal Hoodline covered in a report on the Mavrek land buy that also referenced Sulo's earlier Sterling Bay acquisition.
Whether the One Fulton Bond penthouse ultimately closes at its current contracted price won't be confirmed for years, given the building's 2029 completion target. But the willingness of a buyer to commit nearly $9 million off market, years before move-in, signals that Fulton Market's transformation from tech-and-restaurant hub into a genuine luxury residential address is gaining real financial backing, not just architectural ambition.
