^ Michigan Avenue Streetwall Historic District. It would be illegal to demolish the facade of that building. My guess would be thats the primary reason
And never underestimate the draw of historical allure. Buyers like the fact they will be living in a building that is part of Chicago history.
And while im posting in this thread, is anyone else dissapointed that the publishing offices nextdoor actually renovated thier hideous 60's era facade? Why not just reskin it in a pomo style, or give it a glass curtainwall? Heck, anything wouldve been an improvement over the current situation they got goin over there.