4-Bedroom Vintage Co-Op in East Lincoln Park Lists at $299,000: 399 W. Fullerton Parkway
This 4-bedroom vintage co-op at 399 W. Fullerton in Lincoln Park came on the market in October 2024.
Built in 1926-27 by McNally & Quinn, according to Chicago Apartments, it’s in the French Renaissance style.
It’s an exclusive building with just 2 units per floor and just 32 units in the 17 story building.
It’s also unusual for a building in this period in that there’s a garage on the first floor with valet parking. Garage and guest parking is available in the building.
It has 24-hour door staff, engineering staff, storage, bike storage and an exercise room.
This unit has 3055 square feet with high ceilings with multiple exposures.
The listing says there are “endless possibilities for customization.”
Bring your contractor.
It has a separate dining room and a fireplace in the living room.
This building is “pet-friendly.”
It has some of the features buyers look for including washer/dryer in the unit but no central air.
It’s in the Lincoln Elementary school district. The listing says it’s being sold “as-is.”
Listed at $299,000, where the price has remained, will this seller get close to their full ask?
Emily Sachs Wong and Maureen Mobarack at @properties Christie’s have the listing. See the pictures and floor plan here.
Unit #3W: 4 bedrooms, 3 baths, 3055 square feet, co-op
- I can’t find an original sales price as it’s a co-op
- Listed in October 2024 at $299,000
- Still listed in December 2024 at $299,000
- Assessments of $6246 a month (includes heat, gas, taxes, doorman, cable, exterior maintenance, lawn care, scavenger, snow removal)
- Taxes are included in the assessments
- One fireplace
- On-site valet garage parking
- Bedroom #1: 20×13
- Bedroom #2: 30×12
- Bedroom #3: 17×12
- Bedroom #4: 14×10
- Foyer: 14×8
- Kitchen: 15×9
- Living room: 16×29
- Dining room: 15×19
- Family room: 18×17
Imagine throwing away $75K in taxes/assessments each year for a piece of garbage below apartment-grade third floor fixer upper. No thank you. This property might actually be worthless.
Bare minimum, needs $250k of work–plus whatever Co-op PITA upcharge applies–and that assumes (probably inaccurately) that the in-unit plumbing & electric are vaguely code compliant.
So, realistically, it’s more likely a close to $500k commitment as a minimum, for construction only. Plus the likely 18 month timeline with the $100k in carrying costs for that.
Ugh. And that’s without discussing the (likely) lead paint remediation and (possible) asbestos.
I like very little about 2W, except that it is livable as is. The $687 ask does imply that the feature is probably about $200k overpriced.
https://www.redfin.com/IL/Chicago/399-W-Fullerton-Pkwy-60614/unit-2W/home/54803541
No bathroom photos makes me think they are in scary condition.
This is a real question: who is the co-op buyer? Am I missing something that makes co-ops appealing? I don’t get it.
The only advantage of a co-op is that the board can set parameters and approve the buyer of a unit. You effectively are buying shares in a building like a business so to speak. Vast majority of co-ops are in NYC and there is an air of exclusivity associated with many of the higher end buildings. I think like 95% of them are in NYC with remaining here in Chicago and scattered around the country. NYC co-op boards are famous for denying big name celebs… i.e., the Wall Street execs types don’t want to deal with paparazzi from having Madonna or someone as a neighbo
Got it, @Russ. Thank you for that context. So it is basically “sanctioned” housing discrimination.
Your description immediately brings to mind the neighbors in Rosemary’s Baby. They are who I am picturing the co-op buyer to be.
It sounds very retro. In a bad way.
Love this building – I’ve spent lots of time in it with friends who lived there. I have little interest in such a low floor, however. Also, even with taxes included, monthly HOA is a heavy lift for most. And the unit is priced accordingly. At $299,000 it sounds like a bargain until you see the monthly cost.
The Rosemary’s Baby comparison is apt for this building, definitely. If you live here, don’t accept dinner invites from Roman and Minnie. They might make your spouse an offer he or she can’t refuse.
“This isn’t a dream, this is really happening!”
“This is a real question: who is the co-op buyer? Am I missing something that makes co-ops appealing? I don’t get it.”
Some co-ops have changed structure and gone to condos because it makes it easier to buy and sell.
In Chicago, there is not a lot that is appealing about a co-op structure except that it is usually vintage buildings because condos didn’t exist back in the day. There’s a board that decides who can buy in the building. I had a friend buy in one in Chicago, and the board approval was really just a rubber stamp. But if you were a celebrity or something, they may try to keep you out so they wouldn’t have to deal with the paparazzi or security teams etc.
“Bare minimum, needs $250k of work–plus whatever Co-op PITA upcharge applies–and that assumes (probably inaccurately) that the in-unit plumbing & electric are vaguely code compliant.
So, realistically, it’s more likely a close to $500k commitment as a minimum, for construction only. Plus the likely 18 month timeline with the $100k in carrying costs for that.”
Agreed that there is a lot going on here. Someone needs to have real firepower to buy it and renovate it. Probably need to gut down to the studs.
After seeing that it cost about $500k to renovate that unit in the 1970s building in the Gold Coast on Windy City Rehab, also down to the studs, it’s at least that much in a building like this.