New Construction Week: A 1-Bedroom in Tribune Tower Residences at 435 N Michigan
This 1-bedroom in the Tribune Tower Residences at 435 N. Michigan in Streeterville came on the market in Sept 2021.
The Tribune Tower Residences is a conversion of the Chicago Tribune building which was built in 1925 in the neo-Gothic style.
It is landmarked.
The building has 36 floors and 162 units. The marketing brochure says there are 56 different floor plans in the building.
The building has 55,000 square feet of amenity space, including a 7th floor all-season rooftop pool that is enclosed but has doors that open during the summer weather, lounging area and grills.
It has a library, party room, exercise room, indoor golf practice area, a private 1/3 acre park, and the amazing Crown Terrace with flying buttresses, which also has grills.
It has two entrances, with door staff, package delivery and an attached parking garage.
This unit was already sold and has come back on the market as a re-sale.
It’s a south facing 1703 square foot 1-bedroom with wide plank white oak wood floors.
The kitchen has custom white cabinets with Subzero, Wolf and Miele appliances, and a large kitchen island with seating for three.
It has a separate dining room and a powder room.
The bedroom has a 12×8 walk-in-closet and a 12×11 en suite bathroom.
It has all the features buyers look for including central air, washer/dryer in the unit and attached garage parking.
There’s no private outdoor space, however.
This unit sold from the developer in August 2021 for $1,625,295 and has been re-listed for $1.995 million.
Apparently the building is already about 50% sold.
Is Tribune Tower Residences on its way to becoming the premier luxury condo building in the city?
Chezi Rafaeli at Coldwell Banker has the listing. See the pictures here.
Unit #701: 1 bedroom, 1.5 baths, 1703 square feet
- New construction
- Sold in August 2021 for $1,625,295
- Listed in September 2021 for $1.995 million
- Currently still listed at $1.995 million
- Assessments of $1,347 a month (includes heat, a/c, gas, doorman, cable, exercise room, pool, exterior maintenance, lawn care, scavenger, snow removal, Internet)
- Taxes are “new”
- Central Air
- Side-by-side washer/dryer in the unit
- Foyer: 7×6
- Bedroom: 21×14
- Dining room: 11×10
- Kitchen: 15×10
- Walk-in-Closet: 12×8
- Primary Bathroom: 12×11
The only person who would pay this for this space is the person to whom money means nothing.
I bet the developer is kicking himself in the ass for taking on this project. Obviously could not have foreseen the events of the last 18 months, but I can’t think of a worse time and location for a sale of luxury real estate.
High percentage of the 1703 sf is dedicated to weird transitional spaces.
Who is the seller targeting for a $2m 1-bedroom low floor unit? Another flipper?
What would a similar unit like this one cost in Manhattan?
Was not prepared for how disappointing this unit is. $2M?? There is absolutely nothing unique or interesting about this place.
“What would a similar unit like this one cost in Manhattan?”
What’s your ‘similar’ location?
Hard to find a 1 bed in Manhattan that is this big, but here’s something not terribly dissimilar (1/1.5, biggish, high amenity historic conversion building):
https://www.zillow.com/homedetails/49-Chambers-St-16G-New-York-NY-10007/2069316780_zpid/
SAME price–but HOA is lower, taxes are (likely) less than half. Yes, fewer SF, less ‘view’, non-sexy location, but still.
“Was not prepared for how disappointing this unit is. $2M?? There is absolutely nothing unique or interesting about this place.”
Won’t each condo unit owner hold a fractional interest in things like a chunk of the Great Wall of China, the Great Pyramid, and the Taj Mahal? It’s not a big one, but there has to be a pool of rich eccentrics who might be compelled to buy it.
“absolutely nothing unique or interesting about this place”
Should have a side view of the Tribune sign (and the amenity deck behind it) from the ‘slant’ window in the bedroom. Is is probably closer to “uniquely terrible” but is certainly not nothing.
why would anyone pay a premium for this when half the units are still for sale and you can probably customize them to your liking?
This unit is boring too, nothing special
The renderings of the pool that popped up a few years ago looked pretty impressive. Interesting that the pool didn’t make it to the list photos. I wonder if it didn’t turn out so well.
https://www.forbes.com/sites/brendarichardson/2019/11/03/luxury-condos-a-fitness-center-indoor-pool–chicagos-tribune-tower-is-undergoing-an-incredible-transformation/?sh=6e309ccc6431
“Was not prepared for how disappointing this unit is. $2M?? There is absolutely nothing unique or interesting about this place.”
New construction is always just white paint, right?
What could EVER be interesting about new construction?
It takes a good interior designer to add the curtains, paint, wallpaper, art, mirrors, carpets etc.
I think they’ve put lovely finishes into these units. Very classic which should not go out of style very quickly.
And aren’t you buying the amenities in this building? It has a LOT of outdoor spaces for an older building, which is fantastic. The pool/lounge area is one of the best pools I’ve seen in a long time in a high rise. Doesn’t seem like you’d be fighting for a lounger with just 162 units. The party room area looks fantastic and the gym is huge. You aren’t getting a gym like that in No 9 Walton, the former “most popular” new construction luxury tower.
My problem with this particular unit is that there’s no space for an office. Yes, I DO believe that WILL matter going forward.
Could you carve out the space in that area next to the living room? It looks like it’s mostly wasted space. Might be able to do it there.
“What would a similar unit like this one cost in Manhattan?”
Who cares?
I don’t understand the need to compare to a completely different city.
What would it cost you in London or Paris?
See- it’s a dumb question. Chicago’s elites live in the world of the Chicago market. They don’t care what a condo sells for in San Francisco or LA.
If I had this kind of money to throw around on an in-town condo, would select one connected to a 5 star hotel in order to access amenities like room service, concierge, and on-demand housekeeping, as well as hotel rooms for out of town guests.
“Who is the seller targeting for a $2m 1-bedroom low floor unit? Another flipper?”
Perhaps they bought before the pandemic and assumed the building would be nearly sold out by now. They opened the sales center several years ago.
Give it 7-8 years and these will drop in price like 118 E Erie Ritz condos. Those went from 1k psf to 500 psf. (Example 23d)
Who wants to write me puts for the 1brs in this building?
“I bet the developer is kicking himself in the ass for taking on this project. Obviously could not have foreseen the events of the last 18 months, but I can’t think of a worse time and location for a sale of luxury real estate.”
Surprisingly, KK, they have already sold 50% which is more than I would have thought given the pandemic. As you point out, it hasn’t been the best time for downtown real estate. Those sales include at least one unit over $6 million.
Unique product and building. And it’s small. Just 162 units.
“The only person who would pay this for this space is the person to whom money means nothing.”
Luxury market is different from any other market in real estate. Lots of buyers own multiple properties. Might not use it to “live” in but just to stay in on weekends in the city. Or when they are in Chicago for the summers.
“Give it 7-8 years and these will drop in price like 118 E Erie Ritz condos. Those went from 1k psf to 500 psf. (Example 23d)”
No, very different building actually.
The problem with the Ritz is that it launched at the height of the bubble. Lots of investors bought in.
Also, it added extra “luxury” including butler service which pushed up assessments to nearly double that of any other competitor building. Even for the rich, high assessments are problematic.
I would put the Tribune in the category of the Palmolive. Old, historic office building with a great, classic conversion. It’s in a building that cannot be built today. It’s a unique product in both buildings. Palmolive is just 92 units. No amenities really, but that wasn’t “in” back 15 years ago.
Palmolive had Hugh Hefner’s office on the top floor. Tribune had McCormick’s. They have saved McCormick’s fireplace and moved it to the common areas.
I don’t know about pricing. Building has to sell out first. There’s always “new” luxury buildings, as we know. Only time will tell if it becomes a 30 W. Oak or not.
“The pool/lounge area is one of the best pools I’ve seen in a long time in a high rise.”
I haven’t seen a bona fide picture…the sales-site has a render still, and the press tour (Rodkin’s story here: https://www.chicagobusiness.com/residential-real-estate/chicago-tribune-tower-condo-renovation-revealed-photos) wasn’t allowed to take pix, as it wasn’t done as of early October.
Have a link to a pic?
“If I had this kind of money to throw around on an in-town condo, would select one connected to a 5 star hotel in order to access amenities like room service, concierge, and on-demand housekeeping, as well as hotel rooms for out of town guests.”
A lot of rich people don’t want to be around tourists in their homes. Lol. But that’s if it’s NOT an in-town.
But I’m sure there is a contingent would would like all those amenities you’ve listed KK. We can chatter about it tomorrow.
“Also, it added extra “luxury” including butler service which pushed up assessments to nearly double that of any other competitor building. Even for the rich, high assessments are problematic.”
The assessment for 23d in the Ritz is less than 25% higher than the featured unit, and that’s *after* a decade plus of the developer not bing in control.
So it ain’t double this place–but the *taxes* are about half what these will be.
“Have a link to a pic?”
No. I’ve seen it in person. They are still working on the common areas. A realtor with one of the resale listings will have to go there and take a picture.
“The assessment for 23d in the Ritz is less than 25% higher than the featured unit, and that’s *after* a decade plus of the developer not bing in control.”
Maybe they got rid of the butler service and other things that caused the $2,000+ a month assessments in those units? I don’t know. I haven’t looked at that building in a number of years.
And it certainly doesn’t have the amenities like the Tribune Tower. It doesn’t have a pool, does it?
If the Palmolive is considered a prime example of a good performing historical luxury unit, that’s not too great considering those 1BRs have been 550-700k since 2007 while 1%er income has doubled since then.
First poster nailed it. You’re not rich if you live here. You’re wealthy. You drive a Rolls off the lot paid with cash because you can, and you own an overpriced condo because you can, no second thoughts.
“If the Palmolive is considered a prime example of a good performing historical luxury unit, that’s not too great considering those 1BRs have been 550-700k since 2007 while 1%er income has doubled since then.”
That was during the housing boom, don’t forget.
And yes, the 1200 square foot 1-bedrooms have not done well in that building. We have had a lot of discussions about 1-bedrooms in ALL buildings and how difficult it is to make money on them, especially now when people want an office to work from home.
It also had a 8 year historic tax credit, which helped it for a number of years.
“Maybe they got rid of the butler service”
Not if the listing for 23d is accurate:
“The Ritz Amenities is the ultimate 5-Star experience. You will never need or want anything. The Butler and onsite staff ensures that every need you have is met.”
https://www.redfin.com/IL/Chicago/118-E-Erie-St-60611/unit-23D/home/113099512
It’s 1423 square feet. Much smaller than this 1-bedroom. So they’re really like 40% or 50% higher on the assessments.
The assessments have killed the Ritz for a decade. Just WAY too high for what you get compared to other buildings.
Here’s a Ritz unit with 2000 square feet that sold in August.
About $3,000 a month in assessments.
https://www.redfin.com/IL/Chicago/118-E-Erie-St-60611/unit-35F/home/113099205
There’s a reason the Water Tower Residences actually CUT their assessments recently. Has probably helped sales a lot in the building.
“So they’re really like 40% or 50% higher on the assessments.”
How artificially low is CIM keeping the Tribune assessments right now? We have no clue, right?
I always wonder who is buying this ultra-luxury condos? Are there enough rich currently or formerly in the Chicagoland area that want to buy this? I can’t imagine anyone not from the region wanting a place here. Any international buyers? I think many just think of Chicago is that city of crime and cold weather. No mountains or beaches to draw in anyone either. Maybe if someone wanted a a cheap downtown place, but this is not it.
The condo itself is very nice. I the towel racks in the bathroom and plenty of closet space. Floor plans look like all rooms have windows in every unit. I don’t think the lack of office space is too much of a deterrent for pied de terres.
This is the worst use of 1700sf (assuming the number is correct) I’ve seen in a long time
MBr/Ba is just just a huge waste of space and the living area suffers mighty.
At $1000/sf I’d really want to make sure I could actually use the sf
“At $1000/sf I’d really want to make sure I could actually use the sf”
Almost $1200 psf, even!
Somehow, I linked to the wrong Ritz unit, should be this one:
https://www.redfin.com/IL/Chicago/118-E-Erie-St-60611/unit-23D/home/113099512
Yes, it’s smaller, but it also has private outdoor space (yes, small). And a coat closet at the front door, somehow missing in 1700 sf.
And yes HOA is $1.17 psf, while this is $0.79, but we all know that is artificially low while the Developer is still controlling the association (and the amenities aren’t all finished!).
It’s also less than half as much, psf, at $544.
Feels like something for a trophy case less than an actual place to live. I love the exterior of this building but can’t imagine why someone would pay $2 million for a 1-bedroom here, even though I realize it’s 1,700 SF. Lack of outdoor space and the noise factor are just two reasons I’d be wary. Maybe for a penthouse…
Windows are too small, and not enough of them.
great location
“Are there enough rich currently or formerly in the Chicagoland area that want to buy this? I can’t imagine anyone not from the region wanting a place here. Any international buyers?”
Illinois is a powerful state with a city with dozens of Fortune 500 companies headquartered here.
The stock market is at record highs. There are employees of McDonald’s, CME Group, CBOE, Boeing, Jim Bean, Uber Freight, United Airlines, James Hardie, Allstate, Citadel, Morningstar, Google, Facebook, Salesforce who all live and work in the Chicago who are millionaires just from their stock compensation.
Add on doctors, lawyers, stock traders, professional athletes as well as entrepreneurs and there is plenty of money.
Yes, Chicago has plenty of money. Not as much as NY, LA or SF, but it can easily support several luxury towers.
Also, yes, there ARE foreign buyers. The St Regis Residences were heavily marketed internationally, especially in Asia. But the Brits are also fond of Chicago and consider it a “deal” compared to either coast.
This is ridiculous. Lovely common areas though but for $2MM there had better be proper work from home space so I don’t shove a desk in a corner of my bedroom…and I better have a balcony so I can sit outside and enjoy a glass of wine on a nice day and not have to interact with anyone. Another one fit for a money launderer or as noted above, someone who knows the price of everything and the value of nothing.
Putting this in the right place:
what are they saying at the Tribune sales office about the apartment tower? Anything?
reminder:
https://www.skyscrapercenter.com/building/tribune-east-tower/32142
It was in the models, I believe.
Why would the condo owners care anon(tfo)? It doesn’t block most of the quality views. They don’t get access to the amenities.
I hope it gets built though. A big tower right there would be magnificient.
“Why would the condo owners care anon(tfo)?”
well…
“It doesn’t block most of the quality views.”
So, it would block some of the quality views and more of the “not quality” views? Think that would make a difference to some people, no?
“So, it would block some of the quality views and more of the “not quality” views? Think that would make a difference to some people, no?”
They have NEVER hid that this building could go up next door. It’s been in the media, shown in the models etc.
This is a city that builds skyscrapers. Unless you have a triple protected building next door (city, state and national landmark protection), you have to be aware that your view could be compromised at some later date.
The person who bought the $6 million tower unit has multiple views in all directions. You buy those expensive units to get the south facing/Michigan avenue facing views. Those were the most expensive in the building (those into Pioneer Court.)
The high rise isn’t going to impact those.
You are acting like rich buyers are stupid. Even if they have money to lose, buying real estate is still an investment.
Additionally, there is no indication that the high rise is moving forward any time soon. But if the apartment market remains this hot, then, yes, perhaps it will. And I hope so. It’s a great design. And that area could sustain a tower of that height. I would love to see another great addition like that to the skyline.
Most other American cities are thinking small. Chicago is still crushing it with its mega-towers.