2-Bedroom in the Pink Palace with Lake, Beach, Park and City Views: 5555 N. Sheridan
This 2-bedroom in the Edgewater Beach Apartments at 5555 N. Sheridan in Edgewater came on the market in August 2023.
The Edgewater Beach Apartments was built in 1928 as a companion property to the older Edgewater Beach Hotel which was a resort with a Mediterranean flair on the Lake. It’s a co-op.
Designed by Benjamin Marshall it has 19 stories and 300 apartments along with attached garage parking. The building is was put on the National Register of Historic Places in 1994.
It is often referred to as the Pink Palace due to its pinkish stucco exterior.
The Pink Palace is a full amenity building, and then some. It has an on-site restaurant, cleaners, receiving room, party room and bike room. The building is on 2-acres and has gardens, a pergola, grills and tables, multiple spaces to sit in common spaces, an indoor pool, exercise room, on-site management and engineer, and 24-hour door staff.
This unit is a corner unit with east, south and north views of the lake, beach, park and city. It has windows on three sides of the unit.
The “updated” kitchen boasts maple cabinets, a stainless steel dishwasher and oven/cooktop, cork flooring and a “super sunny” eat-in breakfast nook.
Both bedrooms are en suite.
There’s a living/dining room as well as a family room.
This unit has window unit cooling and no washer/dryer in the unit. However, other listings have the washer/dryer so it must be allowed. Otherwise, there is coin laundry. Garage parking is available for $105 a month.
There’s no dogs allowed.
Other recent listings in the building said that the building requires 10% down.
Because it’s a co-op, the assessment includes property taxes.
This building is in the Bryn Mawr Historic District and is near the shops and restaurants of Andersonville. It’s 5 blocks from the Bryn Mawr Red Line stop.
Listed in August 2023 for $499,900, do all the resort amenities make the Pink Palace unique among high rises?
Thomas Moran at @properties Christie’s has the listing. See the pictures and floor plan here.
Unit #1202: 2 bedrooms, 2.5 baths, 1800 square feet, corner unit
- Sold in April 2009 “as-is, estate sale” for $275,000 (per Redfin)
- Currently listed in August 2023 for $499,900
- Assessments of $2755 a month (includes property taxes, heat, cable, Internet, cooking gas, water, all amenities, contribution to the capital projects reserve fund, party room, pool, bike room)
- Taxes are included in assessment
- No central air- but window units
- No in-unit washer/dryer- coin laundry in the building
- Garage parking is available for $105 a month
- Bedroom #1: 13×16
- Bedroom #2: 12×18
- Living/dining room: 14×23
- Family room: 13×15
- Kitchen: 8×15
3D tour – https://real.vision/5555-north-sheridan-road-1202/tour?o=u
Dont understand the nook, doesnt really look useable. Unless theres utilities in the wall, expanding the Kit/FR would add a fair bit of useable space.
The kitchen is updated from what, the original? The cabs and CT are right out of the 80s. The tile back splash should have been extended
Guessing the thing behind the sink is a plumbing stack, there should be better ways to conceal.
No CAC, W/D and lack on updates are going to make this a tough sell
Unit with fantastic views and light. Just can’t get past the monthly assessment.
Steel grab bars are the window AC units of bathrooms.
I cannot imagine anyone in Chicago wanting to pay just shy of $6K a month for this particular location and no laundry or private outdoor space.
Window AC, random beam in the kitchen island, old school shower door, coin laundry, but hey at least the parking is fairly cheap!
“I cannot imagine anyone in Chicago wanting to pay just shy of $6K a month for this particular location and no laundry or private outdoor space.”
A few months ago, someone paid $550,000 to live in this particular location with no private outdoor space. Unit was renovated and had laundry. The Pink Palace has had strong sales. There’s a certain group of people who just love this building.
Also, 2 acres of gardens rocks.
Where’s Dan #2?
Dan #2: as a fan of vintage, would you live in this building if the unit had w/d?
“Just can’t get past the monthly assessment.”
Well, taxes on a $500,000 unit is likely $1,000 a month (or more) but we’ll just say $1,000 for math purposes. That leaves you with an assessment of $1755 a month.
Is that excessive for a unit that’s 1800 square feet with these amenities?
Here’s a similar sized 2/2.5 in The Heritage in the Loop. I only chose it because it has similar amenities with a fabulous indoor pool, doormen and several shared decks.
Assessments are $1078 a month. Significantly less. But the building is also not 94 years old either. But this unit is also listed significantly higher than the Edgewater Beach Apts unit as well.
https://www.redfin.com/IL/Chicago/130-N-Garland-Ct-60602/unit-1303/home/12629171
Would take what, $200k and 15 months?, to fully update this?
hard pass.
“Would take what, $200k and 15 months?, to fully update this?”
I don’t trust any kind of construction project in a 100 year old building. It’s always going to be more expensive than you think.
One of the nice units I’ve seen in this building but still way overpriced, IMO. Lack of central air and probable lack of W/D (not sure if you’re allowed to add it – the units with W/D might have grandfathered them in) both detract. No way I’d pay half a million to use a coin laundry machine in the basement.
This is a very attractive building, btw. We’ve looked at units in it. The amenities are excellent and it seems like a fine place to live. This just seems like too much to pay.
Sabrina – I see you were looking for me. My family and I were on vacation in Spain last week so I just checked the site for the first time since getting back.
As I said, this is one of my favorite vintage buildings. But $499,000 seems expensive compared with other prices I’ve seen here. Maybe my information is antiquated, however. This is an awfully nice unit.
“My family and I were on vacation in Spain last week so I just checked the site for the first time since getting back.”
See any good real estate while there Dan #2? ha ha.
Yes, lots of absolutely beautiful old apartment buildings all over Spain. I’d move there in a minute if I could. Coming back here is always a buzz kill. Not only for architecture, but politics, crime, etc.
“I’d move there in a minute if I could.”
Why not retire there? Lots of Americans and Brits living there. Pretty affordable. Good weather.
What part of Spain were you in Dan #2?
I’ve always wanted to go to Cadiz.