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Crown family buys Lincoln Square transit-oriented development

James Crown

Henry Crown & Companies bought a Lincoln Square apartment building for $10.5 million.

Chicago-based Crown bought the five-story building at 2407 West Eastwood Avenue. Known as the Westerner, the building at the corner of Eastwood and Western avenues holds 40 studio and one-bedroom units with about 2,000 square feet of ground-floor retail.

Located near the CTA’s Brown Line, it was built as a transit-oriented development. It was designed by the Chicago firm of Sullivan, Goulette & Wilson.

Selling the building was JAB Real Estate, the Chicago-based residential developer that also just sold its Old Town apartment complex for $24.5 million to local investor Jill Sickle.

The sale of the Westerner closed on Dec. 6, Cook County property records show.

Henry Crown & Companies bought the building through an LLC controlled by James Crown, president of the family investment firm.

The Crown family has a number of high-profile real estate holdings, including 30 Rockefeller Plaza in New York City, which the family bought with Tishman Speyer in 2000.

Closer to home, the family owns 222 North LaSalle Street, where in June it signed technology platform Origami Risk to a 24,500-square-foot lease.

Earlier this month, Crown family patriarch Henry Crown’s longtime Evanston mansion sold for $1.8 million. The 8,900-square-foot mansion was originally sold by the family in 1997 for $1.6 million, and its new owners first listed it in 2016 for $3 million.

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