A 4,000 Square Foot 4-Bedroom with a Private Terrace: 250 E. Pearson in Streeterville
This 4-bedroom in The Pearson at 250 E. Pearson in Streeterville came on the market in May 2022.
Built in 2003, The Pearson was designed by Searl Lamaster Howe Architects and has 180 units and an attached parking garage.
The building has 24/7 door staff, on-site management, a rooftop party room and sundeck and a “state-of-the-art” exercise room.
This unit, at 4,000 square feet, looks to be a combined corner unit.
It has wide plank white oak flooring throughout and finishes in the modern style.
The gourmet kitchen has custom cabinetry, ebonized oak columns and luxury appliances including Subzero and Wolf with an island.
There’s also a wet bar with a second island.
It has a media/lounge room, a burled walnut study and a designated workout space.
The listing says the primary suite was molded from two secondary bedrooms, creating a “luxe space” complete with its own private balcony with park and city views.
There’s a wall of glass separating the primary bathroom which has Waterworks fixtures, floating vanities, a steam shower and an entire wall of oak doors that leads to a walk-in-closet.
The unit is a fully automated smart home and has central air, washer/dryer in the unit and 3 heated parking spaces and 3 storage units are included.
It also has 3 outdoor spaces, including the balcony off the primary suite, a second private balcony and a 900 square foot private terrace with a fire pit, outdoor kitchen, landscaping, lounge and dining areas with city views.
The Pearson is just a few blocks off the Mag Mile, near the Museum of Contemporary Art, directly across from Lake Shore Park and the shops and restaurants of Streeterville and the Gold Coast.
Listed in May 2022 for $3.85 million, it has been reduced $750,000 to $3.1 million.
Is this a deal for the square footage and outdoor space?
Victoria Rezin and Dawn McKenna at Coldwell Banker have the listing. See the pictures here (sorry, no floor plan).
Unit #1805: 4 bedrooms, 3.5 baths, 4000 square feet
- Sold #1805 in August 2016 for $1.525 million
- Sold #1806 in August 2016 for $975,000
- Originally listed in May 2022 for $3.85 million
- Reduced
- Currently listed at $3.1 million
- Assessments of $2670 a month (includes a/c, doorman, cable, clubhouse, exercise room, exterior maintenance, lawn care, scavenger, snow removal, Internet)
- Taxes of $42,059
- Central Air
- Washer/dryer in the unit
- 3 heated parking spaces included
- 3 storage units included
- Automated smart home
- Outdoor kitchen
- Fire pit
- Bedroom #1: 19×12
- Bedroom #2: 14×13
- Bedroom #3: 12×13
- Bedroom #4: 14×10
- Living room: 16×15
- Kitchen: 22×16
- Dining room: 11×16
- Foyer: 11×27
- Office: 11×17
- Exercise room: 12×10
- Family room: 16×11
- Walk-in-closet: 16×8
- Walk-in-closet: 7×7
- Wet bar: 11×8
- Balcony #1: 19×5
- Balcony #2: 5×12
- Terrace: 16×56
This and 3502 are overbuilt and will continue to languish on the market. Finishes are too far beyond the average unit in the building.
A Maybach surrounded by Hyundais
“listed at $3.1 million”
“Taxes of $42,059″
So, Fritz says it’s worth about $2m.
Paying a lot for the finishes/design elements, which if it’s bang on for you, fair enough, but I don’t love it–which is necessary at the ask.
Terrace is really nice, but the 900 sf of the terrace is clearly being counted in the ‘4,000+ sf”. This is about 3200 interior sf.
3 parking spaces and 3 storage spaces (incl in the ask) is a feature. Another current listing has parking @ $35k.
So long as the City keeps taxing the hell out of the ultra wealthy, most will choose to live elsewhere.
“the City keeps taxing the hell out of the ultra wealthy”
What tax does the city itself impose on the wealthy (ultra or otherwise)?
Property tax rates on high-end residential property are still lower than many/most of the ‘top’ suburbs.
Really nice
this place is pretty cool but over designed. those wide plank floors, while nice, are showing some signs of warping, especially in the kitchen (pic 18).
“This and 3502 are overbuilt and will continue to languish on the market. Finishes are too far beyond the average unit in the building.”
It’s a popular building in a great location. But you are right AnonIDGAF that it was not built as a “luxury” building like the building next to it was. Units have been updated over the years but not everyone has and they have been updated at different levels of finishes.
I love the terrace on this unit. Pretty rare to get this much usable space. I’m not a fan of the 40th story terraces as I feel like those are pretty worthless in many weather situations.
“So long as the City keeps taxing the hell out of the ultra wealthy, most will choose to live elsewhere.”
But they’re not. That’s the funny thing, right? Record number of sales over $4 million in Chicago and the entire Chicagoland area where taxes are high everywhere.
We have a great job base. Lots of Fortune 500 companies. Great universities. World class museums and one of the best airports in the country. There are a lot of reasons why the wealthy want to be here.
“So, Fritz says it’s worth about $2m.”
I wondered if this was really for both PINS or not.
“I wondered if this was really for both PINS or not.”
I didn’t try to check the parking, but 1805 has an AV a little over $1m, and 1806 is ~$880k. So it checks out as the amount for both, and likely the parking, too.
For this kind of money I’d rather get a brand new unit in the Trib tower.
“I’d rather get a brand new unit in the Trib tower”
Is there anything with vaguely comparable outdoor space?
For this kind of cash, I’d expect something a bit more dramatic. Finishes, view, etc.
So the city is taxing the hell out of the ultra-wealthy? So are the burbs. Check out taxes for an equivalent-priced home on the North Shore.
This renovation had to have cost a fortune. Easy 1-1.5M.
“Is there anything with vaguely comparable outdoor space?”
No. Tribune Tower interior units have some balconies but nothing like a terrace of this magnitude. You’d have to share the space with all the other owners out on the pool deck or up in the crown.
This looks like a first class airport lounge.
“So the city is taxing the hell out of the ultra-wealthy? So are the burbs. ”
This is why people are fleeing the state.
“This is why people are fleeing the state.”
Seems to me more people are “fleeing” NY and California than are fleeing Illinois at the moment. We’ve always had our fleeing retirees who have left for cheaper states like Florida and Arizona. We’re still attracting a lot of talent to Chicago, especially recent college grads.
Also, I have to laugh that Elon Musk is now opening a HQ2 engineering center in California after he made the big announcement of moving himself and everyone else to Texas. I’m assuming the California HQ2 is happening because they just can’t find enough of the talent they need in Austin.
I’d pick the penthouse unit #3502 over this unit. Not as large but very well appointed, amazing views, and no neighbors above you. For $1M less…..
https://www.redfin.com/IL/Chicago/250-E-Pearson-St-60611/unit-3502/home/12667579