Flipper Alert: One Museum Park Starts Closings
The tallest residental building in Chicago has arrived. No, I’m not talking about The Spire (or even the John Hancock Building.)
The tallest purely residential building in Chicago (the John Hancock is both offices and residential), One Museum Park at 1211 S. Prairie in the South Loop, has begun closings.
Brace yourselves.
The building is 65 stories. I couldn’t find the exact the number of units but it is massive.
Current state of the building (for flips):
- 7 for sale
- 6 for rent
As always, some units may be both for rent AND for sale.
Original prices ranged from $650,000 to just over $2 million. The building is supposed to be “luxury”- with indoor and outdoor pools, a fitness room, a recreation room and a concierge.
I don’t have original closing prices (yet.) Stay tuned on that.
Most expensive flip in the building so far:
Unit #1401: 3 bedrooms, 3 baths, 2910 square feet
- Currently listed for $2.1 million
- Parking is extra (of course)- two parking spaces available (no prices on parking yet)
- Assessments of $992 a month
- Coldwell Banker has the listing
Here are some pictures from #901 – a few floors below:
Unit #901: 3 bedrooms, 3 baths, 2910 square feet
- Currently listed at $2.075 million
- Assessments of $964 a month
- Coldwell Banker has the listing
There are several two bedrooms with den on the market. The pictures with this unit, #1302, seem odd to me (compare them with #1202 below). I think this is really a three bedroom unit but I’m posting the pictures anyway because they’re the best pictures of what the actual units look like.
Unit #1302: 2 bedrooms, 2 baths, den, 1550 square feet
- Currently listed for $915,000
- Parking extra
- OR– you can rent it for $4500 a month
- Assessments of $472 a month
- Coldwell Banker has the listing
Unit #1202: 2 bedrooms, 2 baths, plus den, 1550 square feet
- Currently listed for $890,000
- Parking extra
- Assessments are $500 a month
- Goldstar Realty Inc. has the listing
The cheapest flip in the building so far is:
Unit #1203: 2 bedrooms, 2 baths, 1460 square feet
- Currently listed at $869,000
- Parking is extra (only one space available apparently)
- OR– you can rent it for $4000 a month
- Assessments of $414 a month
- Coldwell Banker has the listing
Cheapest rental so far (here are the views- none of the interiors yet):
Unit #1605: 2 bedrooms, 2 baths, no square footage given
- Currently available for $2900 a month
- North facing split bedroom layout with den
- Parking extra
- Coldwell Banker has the listing
The building was apparently only about 70% sold before closings began.
What do you make of the finishes? Obviously some have upgraded and some have not. The ceilings are also only 9 foot (not 10 as we’ve seen in other new construction buildings.) This building was supposed to be “luxury.”
One Museum Park [website]
286 units total. Far less than 340 Randolph, 130 Garland, etc. Hancock is about 900 units.
Double ovens are a nice surprise. Oh 600 N Fairbanks is 227 units, so One Museum Tower has MUCH fewer units per floor. I believe only 2-4 units per floor. That is NICE
the final number for 600 fairbanks is 209 b.c. they combined a few of the 1 br
Thanks for the info. I would have thought it was more units than that but these are also larger units, in general. 600 N.F. has a bunch of one bedrooms on nearly every floor (isn’t it 5 per floor?) so that adds up.
The Hancock also has a ton of studios.
that’s correct there are 5 one br per flr.. 2 873 2 921 and one 821 sq. ft.
Avenue East-130 Units
St. Clair-111 Units
340 Randolph-344 Units
130 Garland/Heritage-356 Units
I’m shocked that there is no recessed lighting. Track lighting is so hideous, especially in units this expensive. I do love how the exterior of the building looks though.
I really like the outside of this building, very sleek looking. Surprised by how pathetically weak the inside looks though. Also buying into a gentrifying neighborhood (that won’t be gentrifying anymore in the next few years) at those prices seems crazy.
There are 6 units per floor until the very upper floors; all are two or three bedrooms.
The units were upgradable but I’m sure people who bought to flip didn’t want to pay to upgrade.
As someone on the market for a condo in Chicago, I must say you don’t get much for your money in this building, judging by these photographs.
how does this qualify as a gentrifying neighborhood? my understanding is that this area used to be rail yards.
looks like another 340 on park. building w. a view but w. interiors lacking…
$600/sq foot for the cheapest units. I don’t think so. I think from the photos the interior finishes look average and if you want similar finishes buy at the Columbian which is cheaper as well.
Condo Investor, I agree. Extra square footage is nice (as are the views) but the interiors look like everything else out there. Save a grand (or two) a month and rent at Sky55.
I walk pass that building everyday and it’s the nicest looking new building I’ve seen next to the Trump Tower. I do agree with those who say the interiors aren’t great. As for the area gentrifying, isn’t this neighborhood pass that? It’s next to the Museum Campus and all those nice town houses. It’s like a small Schaumburg.
The building exterior along with views from the north facing units is gorgeous. The finishes (cabinets, interiors in general), the fact there’s carpeting (not hardwood) in the bedrooms is a big let down in my opinion. And the second bedrooms in the 900K range units are not that huge, which makes them feel like a 1 plus den units.
I had alot of hope for this building given it’s location and it’s presence, but came away feeling that it’s just too much $$$ for what you get. At least Chicago gets a decent new edition to the skyline off of it!
This building is much nicer than many of you think. I have been to The Columbian which does not have floor to ceiling windows and is very close in price; 340 on the park has many more units per floor and 25% higher pricing. I have also compared Regatta, Lancaster and many others. The views are “one of a kind” with complete skyline views for those facing north plus navy pier and the lake. The 2 bedrooms also have a very small sitting area (den) which is a little bonus. The amenities are uncompared; indoor pool, outdoor pool, concierge office, 24 hour security, health club with owners lockers, party facility with views of lake, museums and skyline. The party room also has a “restaurant” style kitchen, billiard area, large fireplace, etc… With only 2-6 units per floor and 269 total, this will be one of chicago,s most exclusive addresses for a long time.
Point made… Assessments are gonna be killer for the amenties though. Especially with the low number of units..
One reason that 340 has more units per floor is that that there are 4 1BR 1.1B units on those floors, half with the south view. When you study floor layouts you realize that Museum Park only has bigger more expensive units with views. The views from Museum Park also include a lot of railroad track.
i think there is a twin tower going up right next to this. they recently broke ground. if this is true, imagine what that will do to pricing.
This building will be the next to crash. Views are and A, location is a B-, interiors are very much a C. I cannot believe the interiors are that banal and cheap on a brand new building.
The assessments are likely to double in order to support all of the “amenities.” Do buyers realize that pools, concierges, security guards and common areas cost a lot more than the developer lets on?
The resales listed are priced 30% too high for the terrible reality of the spring 2008 market.
totally agree. 2 pools to reiterate too…. at least 340 used fairly high end finishes mongram and grohe…
Assessments of $414/month on a 1440sq foot unit is extremely low. Even if there are no amenities, that would be low but with the amenities mentioned and the small number of units, I definately think that assessments will double and if not more.
Location is a B-? Its 500ft to an El stop, half mile to the loop, 1.5 miles to 55, 90 & 290 and steps from Soldier Field, Shedd Aquarium and Adler Planetarium.
If this location is a B- I’d be curious to see what an A location is to you. The corner of Madison & State? 😀
Here is some quick assessment info for active 1350-1550 square foot listings in MLS area 8008. I used the Near North Side because it has more ‘stabilized’ assessments than the South Loop. I omitted 21 units that were clearly not comparable (ie not high rises.)
count 176
low $353
high $1,171
ave $677
median $651
Schiller and Astor is a good 1/2 mile from the nearest El, inconvenient to the interstates, and not close to any museums. I’d call it an A location, though.
I call it a B location because it is not much of a neighborhood at street level. It’s semi-suburban over there. Unless you frequent the museums for a living, everything requires a car. I dare say few people will walk to much besides the parks to the east, and that is only a few months a year.
But nice views!
This building is HIDEOUS and CHEAP LOOKING INSIDE & OUT. I have lived in Streeterville for 20 years in one of the Mies buildings on Lake Shore Drive. I am sickened by and more than tired of the suburbanization of the city. This buildling is bad trendy architecture, at best. I’ve walked past this building and the other lame buildings in Central Station by the same developer. These ugly buildings do nothing to add to the city’s skyline, nor, more importantlty due they add a sense of “neighborhood” to the South Shore. This building and Central Station are made for car-loving empty-nesters moving to Chicago from the ‘burbs. I just wish developers would not cater to their vapid suburban tastes by building such grossly unoriginal surburban office towers for liviing. Not to mention, THIS UGLY BUILDING IS AT LEAST 45 to 50% OVERPRICED. $900+K for a 2bdr that has no high-end finishes or appliances or designer kitchens & baths. Please! THIS BUILDING IS A FANCY ROBERT TAYLOR HIGH-RISE WAITING TO HAPPEN.
I think the building has what suburbanites want sevurity guard amenities and conceirge.. They don’t care about the high end finishes perhaps…