The Penthouse “Deal of the Year” is Back on the Market for $4.75 Million: 6 N. Michigan in the Loop

6-n-michigan-second-interior-penthouse-approved

We’ve chattered about this 6400 square foot penthouse apartment in the Park Millennium Condos at 6 N. Michigan across from Millennium Park in the Loop several times over the past year.

It was owned by the developer and in late December 2012 it finally sold for just $1.9 million.

Originally listed for $4.5 million, I asked if it was the “deal of the year” given the space and the location.

See our January 2013 chatter here.

If you recall, the space was unfinished but it had that spectacular, original great room with its wall of windows overlooking the park and lake. (see the picture above- which doesn’t even do it justice.)

We all wondered what would become of the space.

Wonder no more.

After a complete build out, the 4-bedroom penthouse can now be yours for $4.75 million.

The unit has four levels of living.

Three of the four bedrooms are on the second floor with the master bedroom on the third level.

There appears to be two family rooms with one of them located near the kitchen/dining room and another on the fourth floor with a massive skylight.

This doesn’t even include the massive great room.

The kitchen has white cabinets, luxury stainless steel appliances and stone counter tops.

It also has 2000 square foot of outdoor space, which is essentially the roof deck. From the listing pictures, it appears nothing was done to build that out. There is no landscaping etc.

It comes with 2 parking spaces and heat and air conditioning are included in the $6200 a month assessment.

With two high floor condos recently sold to make one big unit just down the street in the Legacy for $5 million, and very few true penthouses with views on the market, will this rehabber make a bundle?

Colin Hebson at Dream Town Realty has the listing. See the pictures of that beautiful great room and the rest of the unit here.

Unit #1901: 4 bedrooms, 4.5 baths, 6400 square feet, 4 levels

  • Originally listed in 2010 for $7 million (but was 8000 square feet)
  • Was listed as raw space in July 2012 for $4.5 million
  • Reduced
  • Was listed in October 2012 for $3 million
  • Sold in December 2012 for $1.9 million
  • Now re-listed after it was built out for $4.75 million
  • Assessments of $6200 a month (includes heat, a/c, doorman)
  • Taxes are $13,233. There is an 8 year historic tax freeze on the building but I believe it doesn’t transfer to the second owner. Only the current owner – or the first one after the developer- gets the tax freeze.
  • 2 car parking included
  • 2000 square feet of outdoor space
  • Bedroom #1: 23×18 (third floor)
  • Bedroom #2: 18×12 (second floor)
  • Bedroom #3: 19×15 (second floor)
  • Bedroom #4: 16×15 (second floor)
  • Family room: 28×20 (fourth floor- with a skylight)
  • Great room: 35×34

 

 

 

54 Responses to “The Penthouse “Deal of the Year” is Back on the Market for $4.75 Million: 6 N. Michigan in the Loop”

  1. What a beautiful place and nice rehab despite the interior decorator doing her/his best to make it look like a suit at Hilton.

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  2. Gorgeous place! I’m not sure if I’d want to live across the street from Millennium Park (too many people), but this unit is fantastic.

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    Rating: -8 (from 14 votes)
  3. Matt the Coffeeman on June 17th, 2013 at 11:23 am

    Hats off to the realtor – those are some fantastic pictures of the place.

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    Rating: +7 (from 9 votes)
  4. One of the few places I’ve seen that actually looks worth the astronomical asking price. Between location and architectural interest, that would be pretty much impossible to duplicate. Gorgeous.

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    Rating: +4 (from 6 votes)
  5. “Originally listed for $4.5 million … After a complete build out, the 4-bedroom penthouse can now be yours for $4.75 million.”

    Wow, shows how insane that asking price was.

    Ton more pix at the floorplan link: http://www.smartfloorplan.com/orders/bin/shell2.php?folder=il/v333383&idx=yes

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    Rating: +6 (from 6 votes)
  6. Also, how much would one have to sepnd to get appropriate motorized blinds in all those windows? And the home automization system to control them all?

    But, *absolutely* my new favorite CC featured place. Would live there in a heartbeat, and would use that roof terrace all the time. Not that I could afford it if it were given to me for free.

    How do you get to the upper terrace? With the skylight into the bonus room?

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  7. anon,

    We just purchased motorized blinds. ~3000 sqft, 14′ windows for $22k. Quotes ranged from $19.5 – $46k.

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    Rating: +2 (from 4 votes)
  8. I would live across from Millenium Park to live here. ;-)

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    Rating: +3 (from 5 votes)
  9. Sold in December and listed in June? Think about it, what thought process or quality could possibly come out of *just* 6 months worth of renovation in a grand space like this? It would take months just to get a good first draft back from the architect, and months more to finalize and produce the custom cabinets, and months more to import the mosaics/stone/features (maybe a vaulted stone ceiling?) that should be in the baths; obviously none of that was done and nothing in this renovation does justice to the character of the original space nor the building itself. If you mentally remove the new area from the jaw dropping main room, this unit is nothing more than yet another off-the-shelf developer’s condo…. a condo looking to make $3MM in *just* 6 short months. I morn for what could have been.

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  10. Jay doth protest too much, methinks.

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  11. i see what jay is saying, but i think the developer was pretty smart here.

    you go too high-end on this renovation and you’d quickly enter ratified air for Chicago real estate. especially for anything south of Wacker.

    this building will never compete against the best buildings.
    this location, while nice, will never beat the best locations.

    the renovation leaves something to be desired, but the risks would’ve risen dramatically if they’d spared no expense.

    just my two cents. this place is going to sell fast and the developers are going to net a bundle % wise in a very brief period of time. really can’t argue with it.

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  12. ratified = rarefied

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  13. The renovation is pretty plain jane and still leaves room for more personalized tastes. I think thats what the devoloper was doing… since you know he’s in it for the money, and could likely give two shits about imported tiles and whatever else.

    Still looks really nice, and if he personalized it too much he would have to increase the price that much more and would make it that much harder to sell.

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  14. looking to buy on June 17th, 2013 at 2:11 pm

    What’s the guesstimate on the renovation cost?

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  15. Wow.

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  16. “How do you get to the upper terrace? With the skylight into the bonus room?”

    I see a door in the bonus room.

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  17. The building developer sold this to an investor who built it out very quickly. Access to the outdoor space requires walking up four flights of stairs – no elevator access.
    But, the main living room is unmatched in the city. Incredible views and original stone details are left exposed.
    The finishes are top-notch it really is the main room that makes this place unique. And, if you don’t mind climbing stairs, it’s a good deal.

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  18. “I see a door in the bonus room.”

    Yeah, pretty sure that goes out to the main part of the roof. There there is at least one roof pic showing the skylight in the bonus room and the park. just curious if you have to climb a ladder, of if ther is another way up.

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  19. This one gets an A+++++

    http://i.minus.com/ibF2HY.gif

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  20. ‘The renovation is pretty plain jane and still leaves room for more personalized tastes.’

    Such as? Decoration is one thing but the new bones, or lack of here, is another. How does one fix what looks like a bathtub cramed in the corner of the master? Yes anon, ceiling recessed motorized blinds would have been nice, but now you better enjoy ripping up every room to add conduit and recessed boxes to make that happen.

    I don’t understand why everyone is so seduced by this place… the grand room yes, but the rest is apart of the package too, as in a **$5MM** package. Plain jane in Payless platforms and a wig, nothing more.

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  21. This is beautiful apartment. I’ve had the good fortune of seeing it from the 17th floor of a building that overlooks it. From the outside, it is spectacular and living up there would amazing. Inside is wonderful – so glad to see the photos and floor plan. What is hard to believe, for this apartment and so many others, is why, for all that square footage and all that money, the kitchen is open. When will this trend end?!

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    Rating: +6 (from 6 votes)
  22. “why, for all that square footage and all that money, [is] the kitchen is open”

    (some/many) People like to entertain and cook at the same time. Having the kitchen full sequestered makes that less possible. Were the trend to have chefs in the house, then they’d be closed off.

    “Yes anon, ceiling recessed motorized blinds would have been nice, but now you better enjoy ripping up every room to add conduit and recessed boxes to make that happen.”

    Apart from the great room, I’d consider them a necessity.

    “a bathtub cramed in the corner ”

    They clearly intend it to never be used: look at where the tap is located. The 2d bath has a better/worse located tub and the maid’s room bathroom is pretty weak.

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  23. Unfortunately I can’t access the listing photos. Anyone else had that problem here?

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  24. All right – I found the photos elsewhere and they are indeed breathtaking. This one may be worth the $4 million plus they’re asking. And for once, a real penthouse! Wow!

    This may seem nit-picky, but is there guest parking? If I bought this place, I’d want to have some big parties to show it off.

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  25. ” Were the trend to have chefs in the house, then they’d be closed off.”

    Maybe if the assessments weren’t $6,200/mo they’d be able to have a chef?

    Honestly chefs are probably in decline because they’re expensive. But if you can afford this place pretty sure the marginal cost of a chef isn’t too material. So an open kitchen is pretty stupid on this place.

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  26. It is spectacular. It’s been on my lust list for the past couple of years, I am so glad someone finally finished the space.

    In regards to the renovation being completed quickly. I believe there were already several plans available that the developer had at the ready, it’s not like someone just got a first look at this space in December.

    I’d live here in a heartbeat. Agree that the re-seller here did everything just right as to not make this in another stratesphere altogether in terms of pricing.

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  27. “is there guest parking?”

    Very large garage directly out front. Believe that you could get bulk evening pricing for your valets to use it.

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  28. This is spectacular!!! So rare, a real penthouse in a vintage building overlooking the world class park and lakefront, and just being able to view the Bean from this perspective is a reason to throw fantastic parties. They pulled all the right punches with regards to design, very clean and classic, yet modern. They’ve left space for the buyers to customize to their own taste. It is absolutely beautiful. A real gem. I bet this goes quick. Literally, it is one of a kind, it makes my heart stop.

    I’m sure they didn’t just get a look and create their design ideas after purchase. They probably had already spent quite a bit of time crunching the numbers and design, to see where they would be investment-wise before buying the unit. Based on the purchase price of the raw space – just proves the point, in real estate you make your money upfront, when you buy it. That gave the buyer a lot of room to put in beautiful finishes and details, and still make quite a lovely profit. Good job!!

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  29. gringozecarioca on June 17th, 2013 at 7:30 pm

    “14? windows”

    That’s a lot of stress to put on those motors..

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  30. “I don’t understand why everyone is so seduced by this place… the grand room yes, but the rest is apart of the package too, as in a **$5MM** package. Plain jane in Payless platforms and a wig, nothing more.”

    I have to agree with Jay here.

    Is there marble or other stone in every single bathroom? Are there designer fixtures in the showers (like 3 full body sprays in the master bathroom shower?) Is that designer tile work in the kitchen? Why don’t the white kitchen cabinets go to the ceiling? Why leave a space up there? What kind of cabinets are those? Are they poggenpohl or snaidero or another brand I would expect to find in a $5 million property?

    Where is the crown molding, marble fireplace, built-in bookcases?

    Other than the magnificent great room with its original windows- where is the “wow” factor in the rest of the property? Where is the luxury and opulence?

    I get it that the buyer will paint and have their own furniture. But otherwise, what are you getting here?

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  31. “you go too high-end on this renovation and you’d quickly enter ratified air for Chicago real estate. especially for anything south of Wacker.”

    Check out the finishes in the Ritz or LP 2520 and tell me that this even comes close.

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  32. I agree with Jay and Sabrina. The kitchen and baths are lackluster; the lighting fixtures are really disappointing and frankly, the foyer in my $400K condo is more impressive.

    That great room is amazing, though. Abso-f***ing-lutely amazing.

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  33. “the foyer in my $400K condo is more impressive”

    Is your foyer 26’x19′, have double entry doors or natural light (ie windows)….. That must be some 400k condo….

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  34. To me, it’s all about the architecture, the view, the 2,000 sf of outdoor living space, the windows, … The architectural details are not found anywhere else. The prime location and mind blowing view are amazing. Cabinets can be replaced. Light fixtures can be replaced. And frankly, folks with this kind of money, will replace whatever they don’t care for. Even at substantially lower priced offerings, people rip out “new” and replace with their own taste.

    This is one hell of an architectural gem. I’d take this any day over anything else available. This space appeals to those that really want the bones of a one of a kind space, those that appreciate the original, vintage details. For those more interested in cabinets and lights, the Merchandise Mart is just west, a couple blocks.

    It is a real penthouse. The real deal.

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  35. “Why don’t the white kitchen cabinets go to the ceiling? Why leave a space up there?”

    Sabrina, that look is out. I don’t know anyone today having their cabinets go to the ceiling (unless you have low ceilings). Unless you’re adding a second small cabinet on top with some glass fronts (which look nice but are impractical) your other option is to add a soffit which isn’t happening. This place has tall ceilings. You’ll need a step ladder every time you would need to access something from the cabinets if they went any higher.

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  36. Location kills this unit. I can’t think of the person who would want to live in this neighborhood at this price tag.

    You put this in River North and its a high end bachelor pad for a 20 something trader or trust fund kid. You put this in Lincoln Park and its a High End family home that you can also entertain in.

    This seems very diffficult to me to be able to find the right buyer at this location who wants to spend this much money.

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  37. “Location kills this unit. I can’t think of the person who would want to live in this neighborhood at this price tag.”

    Someone just bought 2 units in The Legacy right down the street and is going to combine them for a 9,000 square foot unit. That person just paid $5 million. So apparently there ARE people who want to live in this neighborhood at this price tag.

    There are also several $3-$5 million units on the market in The Heritage, also right down the street at 130 N. Garland.

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  38. “You’ll need a step ladder every time you would need to access something from the cabinets if they went any higher.”

    You’ll need a step ladder to clean up there anyway (or the cleaning person will.) Space on top of cabinets is not practical (at any price point.) These should be customized to fit the space.

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  39. “Light fixtures can be replaced. And frankly, folks with this kind of money, will replace whatever they don’t care for. Even at substantially lower priced offerings, people rip out “new” and replace with their own taste.”

    Then why didn’t some rich person buy it all those years when it was on the market unfinished if they’re going to rip out whatever anyway?

    Because, rich or poor, buyers don’t have any vision. They can’t see beyond what is there. Even if they’re rich. They want it completely done and move in ready (sometimes even wanting to buy the furniture because they have no vision as to how to furnish such a big space and don’t want to take the time to hire an interior decorator.)

    So- no- it’s unlikely that they will rip out whatever is in this unit either.

    How many kitchens were ripped out of 340 OTP? They are the same in every single unit. I’ve seen one or two where someone customized but that’s it.

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  40. Sean is funny.

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  41. ‘Is your foyer 26?x19?, have double entry doors or natural light (ie windows)….. That must be some 400k condo….”

    This.

    “Then why didn’t some rich person buy it all those years when it was on the market unfinished ”

    Um, because most of those years, they were asking (basically) this much or more for *raw* space. Say what you will about the finishes, but they sure as hell are nicer than blank walls and stubbed in plumbing.

    “You’ll need a step ladder to clean up there anyway (or the cleaning person will.)”

    Someone who can afford $10,000+ per month in costs (after paying cash) has a cleaning person who will climb a ladder. Will need to climb a ladder to wash the damn windows, too.

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  42. ‘Cabinets can be replaced. Light fixtures can be replaced. And frankly, folks with this kind of money, will replace whatever they don’t care for.’

    Sure they can all be replaced, in fact I’m sure the homeowner could replace those kitchen lighting fixtures themselves, not that they would. But, say you want to add (actually you’d need to add) halogen ceiling lights in the kitchen, you know, so one can actually see the food that their cooking, or rather that’s being cooked for you. That means the entire kitchen ceiling has to be ripped up and conduit added (city code), replastered and repainted; just hope the developer left room between the ceiling and upper floor to accommodate the height of the cans, and that’s not even touching the cabinets nor their layout. Or say you find that master bathtub crammed in the corner to be as odd as I do, and you want a nice big free standing soaking tub, the kinds you see in a **$5MM** range of homes. The existing plumbing simply won’t let you replace that unless you rip up the floor (there goes the tile and good luck finding new ones from the same color lot), and add new supply pipes and a drain… so basically you’re gutting the new bath, and that’s just one of the baths.

    None of this is a problem if you have deep pockets, but a **$5MM** buyer in Chicago (not NY/LA) who is willing to pay $6200 a month in fees (the kind of fees that exist in the finest cash only LP or ELSD co-ops) understands that at that price point and at this location, they should be buying turn-key construction, the kind of construction that has the magazines knocking at your door for publication; if it were a stellar renovation I’d argue the developer may get more, as this place could/should have international buyer appeal. If this place was priced at $3MM, there’d be room to gut and renovate accordingly, but at **$5MM**, as in FIVE MILLION (well almost that amount)… for 6 months work… seriously?

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  43. “say you want to add (actually you’d need to add) halogen ceiling lights ”

    From the pix, the lighting fixtures are (1) nearly nonexistent, and (2) really pretty crappy.

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  44. This will find an ego buyer. It overlooks Millenium Park and the bean and that will easily sell the property. The colors and layout are fine for it’s end user. Perhaps I am crazy but I predict that it will sell quickly and will likely not be their only home. This means that those pesky and minor kitchen issues or odd master bathroom flaws will become largely irrelevant. The place will only be used a few nights per month for parties and “downtown nights” that are sandwiched in-between trips to Aspen, Maui, or wherever else they own properties.

    I’d say private quiet large family business owner type that has lived in Chicago for years picks it up. The individual had been considering the property when it was raw space but lacked the time, vision, or desire to make that renovation happen.

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  45. I tend to disagree. Most of the rich I know do like design work. It lets them customize their taste with their advisors. Plus its an added cocktail conversation when entertaining to discuss the items you installed. That way you come off as having tastes instead of just money.

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  46. Is your foyer 26?x19?, have double entry doors or natural light (ie windows)….. That must be some 400k condo….

    Nope, but what it does have is:
    1) Crown moulding
    2) 6 inch baseboards
    3) Moulding around the open doorway to the living room
    4) Columns in the open doorway to the living room
    5) A built-in pier mirror

    You know, interesting architectural features. Not a plain white box.

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  47. Now HERE is something that I’d pay $5M for. There is not another living room like that in the city.

    However, the rest of the buildout is rather disappointing, being out of character with the building, and much too modern and “tech”.

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  48. “Most of the rich I know do like design work”
    “It lets them customize their taste”
    “cocktail conversation when entertaining”
    “having tastes instead of just money”

    Sean – so very true. Many people like that aspect of the project but not all have the time or energy to make it happen. Building out this raw space was a really big project. Way more than a simple rehab or addition in the Lake forest home. Besides they can still spend tons of money talking about how they had to upgrade the builder finishes and decorate the place. That effectively does the same things.

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  49. If I could have afforded the raw space, I’d take it in a heartbeat. I like what they did, but anyone paying $5m will want to re-decorate to suit their own tastes. I do like that this renovation kept many of the original details.

    I bet the buyer didn’t spend more than $1 million with the design, so they’re looking to make a nice profit. If they paid $2m, spent $1m on renovations, they would make $2 profit if they sold for the asking price.

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  50. High rse downtown rehabs are expensive. Contractors will double many items just because of the high hassle and added costs and time involved in the process. Not sure what they spent but it was not cheap. No way there will be 2M profit from this job.

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  51. As far as the location, there are a lot of very high powered attorneys that work in the Loop, this is ideal. And high powered attorneys make a lot of dough. This is also stellar for entertaining: the Bean, the Lake, the rooftop, 20′ high ceilings. There is much to like. And as I said before, the seller made a lot of money up front with the purchase price of the space.

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  52. Between this place and the unit at 2550…WTF is going on with high end Chicago Real Estate? It is as though people who are buying and/or building units at this level just do not know what they are doing. New is being made to look historic and old is being made to look modern and trendy…and both seem to be failing miserably. I can’t wait to see what will be done to the combo unit at the Legacy! We all know it will eventually show up back on market after the work is complete. Out of all the new ‘true luxury’ buildings in Chicago, that combo is the one that will probably hit the mark done correctly.
    Yes, there were a number of different plans offered by the developer for the build out, so that part of the job was already done (but obviously not done in an impressive manner) so the 6 month turn around time is about right. I would venture to guesstimate between $800,000 and a million to do what they did, but the ‘mix’ just doesn’t do it at this price point, in this city.
    I seem to recall a personal elevator that serviced all levels, including the top floor roof deck, in one of the sets of renderings, I guess the anticipated profit just would not allow the company to install it. For the builder not to address the rooftop was a major fail! That task not being completed only serves to show that this “rehabber” does not fully grasp what this demographic considers a ‘must have’. To finish it would not have added that much $$ to the project and it would have been so easy to recoup the expense. Having that perk already in place for the new owner would have made the sale a lot easier…especially during the summer season. HUGE mistake…but just add it to the list.
    I just don’t get it…this place had SO much potential to be built to mirror the historic ‘value’ of the unit, but in the rush to get it flipped they did not take the time to truly match what history held and what wealthy, modern families want.
    For a brief time we were thinking of building this place as a sort of ‘farewell’ to the industry and my career and to Chicago, but luckily the unbelievable bungalow in Denver presented itself and off we went to renovate that property. In hindsight, I think we would have done well to have chosen this place given all it had to offer. But then during our conversations we were reminded of a number of historic places we chose in the past and what a pain in the ass all of them were. To undertake a project like this and to do it in a way to honor it’s past is quite a job. There was just too much work to be done and given the price at that time, it just didn’t seem as though it would have been worth the hassle to do it right while still making a bit of a profit.
    That said, I strongly agree with what Sean and Jp3 stated…wealthy buyers in the market for historic buildings have a strong desire to be a part of the reno/design process. Most view it as a hobby or to keep the stay at home wife (or husband) occupied between trips to their other residences.
    I am guessing now that walls are up and windows/stairs are in place, a wealthy, well placed society figure will step up, tear out what they don’t want (getting rid of that staircase would be priority # 1 for me) and will finish it to their own personal taste. I just don’t see them getting this price for it though.
    Hope I am wrong on that prediction as it is a fantastic place…or rather, it COULD be a fantastic place with the right touch….

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  53. Not to compare NYC to Chicago, but this newly released building site reminds me of how to ‘correctly’ convert space in a historic building while appealing to the wealthy set by giving them all of the must haves they demand. If Sabrina will allow access to this site you can see there is a right way to market to wealthy buyers and this about does it. http://www.theschumacher.com/overview These units have everything buyers want in todays market along with massive floorplans. Price per sq ft would make most Chicago buyers pass out, so I won’t mention what they are. For what you get and in this particular ‘hood, pricing is about right on target.

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  54. There is a nice dog park a short walk from here, making this a great place for a dog owner.

    With 2,000 sqft of of outdoor space, one could also just walk the dog on the terrace. Have a maid clean up the poo, or just fling it onto the tourists below.

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