A $2.34 Million Loft Lovers Dream in the Heart of the Loop: 223 W. Lake
8 newly converted lofts in an old industrial building at 223 W. Lake in the Loop recently came on the market.
The listing says this building was constructed in 1895.
These units have all the features that loft lovers look for including tall reclaimed wood ceilings, exposed brick walls and iron and glass double paned window as the El line runs right in front of the building.
These lofts are all 3 bedroom, 3.5 baths. There are 2 units per floor, one facing north (towards the El) and one facing south (towards office buildings).
The 2 penthouse units each have private rooftop terraces.
They have chef kitchens with white modern cabinets and stainless steel appliances.
The bathrooms are also in the modern style.
There are light wood floors throughout.
From pictures and the 3D tours, it appears that each of the bedrooms have windows, although it looks like they are all frosted for privacy.
Each loft has a private elevator entry. The building has a heated garage but no doorman.
This block of Lake contains several historic brick buildings, including one with a Chipotle on the first floor, as well as Monk’s Pub, one of the oldest restaurants in the loop.
Next door is a new construction luxury apartment tower called Linea which is now leasing.
The first floor of this building looks like it’s retail space which is available for lease.
The prices for these lofts range from $1.48 million for a unit on the second floor to $2.34 million for a penthouse.
At that price point, these lofts would be among the most expensive ever in the loop.
Who is the target buyer for this product in this location?
Will the developer get these prices?
Helaine Cohen at Berkshire Hathaway KoenigRubloff is handling all the listings. You can see pictures of the penthouse here.
Or you can see the 3D tour with floor plan here.
PH-N: 3 bedrooms, 3.5 baths, 2718 square feet
- New construction
- Currently listed at $2.34 million
- Assessments of $679 a month (includes heat, A/C, scavenger, exterior maintenance and snow removal)
- Taxes are “new”
- 1 car heated garage included
- Bedroom #1: 36×14
- Bedroom #2: 26×14
- Bedroom #3: 26×10
- Rooftop Deck: 35×19
For the ask of around 2.7 million I shouldn’t be completely bored, but I am. I have no idea if they will get anywhere near that amount, but I do know I have zero in common with anyone who would pay that kind of coin to live here.
Agreed with Sid.
The place is nice enough, and it’s spacious. I am not a fan of the loop as far as it being a neighborhood goes – but maybe someone else will like an area that has little foot traffic or people after hours. That being said, quite a big ask…but i’m not sure what the market is like in the loop.
that being said, i’d altogether just rather not live here. Wouldn’t buy this for half the asking price. It’s boring boring boring.
Butting up right against the EL for that kind of coin-NO THANKS! Also, later night a lot of unsavory characters running around there as well…
I really like a lot about this place EXCEPT, the “gritty” nature of approaching the building under the El tracks! I also wonder about the alley to get to the garage space. It’s a very convenient location for getting to lots of places (and just 2 blocks south of the 1000 new apartments at Wolf point), but not sure how many years it will take til this area feels alive at night/weekends.
Not sure what is going on with all the opaque windows in the bedrooms – is that permanent or some new form of window covering? Permanent would be a deal killer – even if you’re just looking into the adjoining building it’s better than eternal fog.
At that price point I would want electronic frosting windows… I wouldn’t want that permanently like that, although Im sure the view sucks that’s why the developer did it…
also this place is on the El tracks… what is with these crack pipe smoking developers building shit directly on the EL? (like that 312 W. Huron building wanting $700-$900 a sqft right on the el) its a miserable existence,, I get that the TOD ordinance makes things easier for developers but this is just being greedy, I’ll see this one in foreclosure in a few years for 1.5 million
WWJTD????
I think she’d say “MEH” and crack open a cold one.
GO CUBBIES LOLZ!!!!!!!
Bud Fox in 1987’s Wall Street paid $950,000 for his penthouse. Thirty years later a sweet Bud Fox-esque penthouse in Chicago is less than $2.5? Seems like a steal to me. However, at this price, I’d like to pick my own finishes.
And $851 psf seems like a deal to me compared to other penthouses around the world.
What are the views like? As someone mentioned those frosted windows are either hiding something or they look artificially rendered. Tough call on this unit by photos alone. Although I agree this is a big ask for a B- location.
” Although I agree this is a big ask for a B- location.”
Across the street from Monks? Easy access to the El? Most likely a short walk to the office (unless you’re day trading in your PJ’s for a living). This is an A-, not a B- location.
I looked at satellite image on Google maps, out of curiosity. Looks like the best views are from the main north windows–looking over the El tracks, but with views of Merchandise Mart, 333 wacker, etc. To the West, there may not be any windows, or possible a narrow light shaft, as there is a building no more than a few feet away, looks like its of same height. To the east (perhaps this is the view being blocked) it looks out over the top (uncovered) deck of the parking garage next door.
Loudest train noises in that lake/wells area. I hate even walking around there so cannot imagine having to live there. C location. Not a D since it is convenient for work so that can be a plus for so some souls who dont mind it..
Agreed, this is a C location and the price-per-sf is outrageous. No views either. Loud noise. Are they crazy? Can’t someone still buy in a top building like 55 E. Erie and have a view and peacefulness for that price per sf?
A monthly assessment of $679 for a $2.34 million condo in a 1895 brick building makes no sense. The assessment should be far, far higher. It even includes heat, air conditioning, and a heated garage. It must cost a fair monthly amount to heat and cool a 2,718 square foot brick loft space. Plus heating the garage in the winter too.
I can see there is no staff and probably no building reserves are planned, but it’s still a very low assessment for large condo in a 122 year-old building.
1895 building. No maint required. They don’t build them like they used to…..
But I’m not going to comment on the assessments because I don’t know how many units, layout, systems etc. However I do know personnel is the largest expense of most large associations that includes onsite maint.
Double paned windows won’t come close to stopping that vibration. Really cool but way overpriced.
“But I’m not going to comment on the assessments because I don’t know how many units, layout, systems etc. However I do know personnel is the largest expense of most large associations that includes onsite maint.”
There are 8 units.
No doorman. Probably no maintenance either.
Heat and air are included in the assessment and with over 2,500 square feet, those would be pretty sizable bills.
“I can see there is no staff and probably no building reserves are planned, but it’s still a very low assessment for large condo in a 122 year-old building.”
It’s been a while since we’ve discussed a new construction condo building on Crib Chatter.
If you’ll recall from years past, the assessments on new construction buildings are ALWAYS lower than what they will be when the association takes over and deals with the real expenses of the building. This is especially true of any building larger than a 3 flat.
In large high rises, the assessment almost always goes up in the first year or two.
“To the east (perhaps this is the view being blocked) it looks out over the top (uncovered) deck of the parking garage next door.”
Google Maps is out of date for this building.
To the east of it is the new luxury apartment high rise called Linea.
I like the idea and location but this place leaves me cold. The finishes are too bland, I think.
I went to Atlas Stationery about 6 months ago and was stunned to see that someone would even consider renting on the el tracks. Go a mile or so down lake and the residential on the tracks is all public housing. Now it’s for sale? At that price point? There is always someone from NYC willing to see this as a steal.
@Sabrina:
I stand corrected about the view to the east (haven’t been down that block in a while, so was familiar w/ the garage!). But—my guess is that Linea will be built to the lot line (or close), so definitely no views to the east!
Further correction—it looks like the Linea “podium” goes right up to this building on the first couple floors, but there appears to be a deck (amenities floor?) on the 3rd floor of Linea, so on the side you could be looking at that. Definitely better than parking garage!