Market Conditions: New Record High Price for 340 On the Park in Lakeshore East

340 e randolph

A 3-bedroom penthouse in 340 On the Park at 340 E. Randolph in Lakeshore East just closed for $5.2 million.

On the 62nd floor, it has 12 foot floor-to-ceiling windows with views of the Lake, Millennium Park, and the rest of the city.

The views are pretty spectacular.

The unit has 3 terraces and 2 parking spaces were included.

Not only was this sale a new record for this building, it was the first sale above $5 million in the building.

It has established a new price point for the building and Lakeshore East.

Are we entering a new era in luxury living downtown?

Naomi Wilkinson at Magellan Realty had the listing. You can still see the pictures here.

Unit #62W: 3 bedrooms, 3.5 baths, 4919 square feet, penthouse

  • Sold in March 2008 for $3.4 million
  • Listed in May 2014
  • Sold in November 2015 for $5.2 million
  • Assessments of $2447 a month (includes water, gas, parking, cable, internet, doorman, exercise room, pool, exterior maintenance, lawn care, scavenger, snow removal)
  • Taxes of $47801
  • Listing says there was a special service area fee: $4641
  • Terrace #1: 30×9
  • Terrace #2: 36×6
  • Bedroom #1: 25×17
  • Bedroom #2: 14×14
  • Bedroom #3: 20×13

13 Responses to “Market Conditions: New Record High Price for 340 On the Park in Lakeshore East”

  1. Love it. My only complaint is the price.

    VA:F [1.9.22_1171]
    Rating: +2 (from 4 votes)
  2. Wow those views. I think the price is not bad at all. Chicago is a gorgeous city. Where else you can get a place like this at a city as cool as Chicago for this price.
    Those outdoor spaces are pretty nice too for those who are not afraid of height.

    VA:F [1.9.22_1171]
    Rating: +7 (from 7 votes)
  3. besides that its an entire floor (or is it?) and the views are awesome I am a bit underwhelmed at that price point, interior is about as boring as it gets then again some folks like that but for 5 million bucks I would want to be wowed

    VA:F [1.9.22_1171]
    Rating: +1 (from 3 votes)
  4. The wow comes from the square footage and mostly protected views.

    I say mostly because you just never know what can happen in Chicago. Especially as price points climb over $5M for a penthouse unit.

    I’m sure that many buyers on the west side of this building were SHOCKED when BC/BS announced plans to add floors to their building after they had already closed on their units. That had to kill at least a few owners fabulous views.

    VA:F [1.9.22_1171]
    Rating: +4 (from 6 votes)
  5. Great Views but I don’t think the finishes are nice and I wouldn’t want to be in a building with so many 1 bedroom units

    VA:F [1.9.22_1171]
    Rating: +2 (from 6 votes)
  6. County shows taxes of ‘only’ $44,320.08.

    AV was 243,276–after being 129,153 from ’09 to ’11. Absurdly undertaxed.

    Still won’t be ‘accurately’ assessed this cycle, but I’d be a little surprised if taxes don’t top $60,000 next year.

    VA:F [1.9.22_1171]
    Rating: +3 (from 3 votes)
  7. Does anyone know if the rooftop area on top of 400 E Randolph is a private penthouse terrace? I used to be able to see it from my old building and it looks like an interesting space.

    VA:F [1.9.22_1171]
    Rating: 0 (from 0 votes)
  8. I wonder if the buyer was foreign or local.

    VA:F [1.9.22_1171]
    Rating: 0 (from 2 votes)
  9. Really good photos of both the interior and the views. Photos are all well lighted and nicely composed. Also good that photographer came back for night photos. Not a single photo wasted with an irrelevant feature (like a typical entrance hall photo).

    VA:F [1.9.22_1171]
    Rating: -2 (from 2 votes)
  10. Entrance hall photos are not a waste to me.

    VA:F [1.9.22_1171]
    Rating: -1 (from 3 votes)
  11. With a limit of 25 photos, it’s seems poor judgement to waste one on a condo entrance hall photo, which are typically poor quality photos. In most cases, I’m sure there must be a better photo of something more appealing.

    VA:F [1.9.22_1171]
    Rating: -2 (from 2 votes)
  12. Pointless generalization. All properties differ. For a few the entrance hall might be the highlight.

    VA:F [1.9.22_1171]
    Rating: -2 (from 2 votes)
  13. nice place, good price, sellers made some coin, all finishes are low end for a penthouse and were from 2008 purchase, that’s why it looks crappy inside. new owner is rich, can afford to make it look like a real penthouse on the inside now.

    VA:F [1.9.22_1171]
    Rating: +2 (from 2 votes)

Leave a Reply