A 53% Gain in Just 29 Months for this Millennium Park Penthouse? 6 N. Michigan
This 4-bedroom penthouse in the Park Millennium Condos at 6 N. Michigan across the street from Millennium Park just came on the market.
If it looks familiar it’s because we’ve chattered about it numerous times, most recently in 2014. You can see that chatter here.
If you recall, it was, at one time, raw space but had fantastic windows overlooking the park.
It was bought in 2012 and built out with the kitchen and baths.
It re-sold, after the build out, in 2014.
The signature room is this great room with 20 foot ceilings with views of the Lake. Here are the pictures of the space unfinished.
It has a wrap-around terrace and a rooftop deck, which still does not appear to have been landscaped or built out.
The unit sprawls on 4 floors and is 6400 square feet.
Three of the four bedrooms are on the second floor with the master bedroom on the third level.
There appears to be two family rooms with one of them located near the kitchen/dining room and another on the fourth floor with a massive skylight.
The kitchen has white cabinets, luxury stainless steel appliances and stone counter tops.
It comes with 2 parking spaces and heat and air conditioning are included in the $6200 a month assessment.
The unit has come on the market for $2.1 million more than the 2014 sale, at $6 million.
Is the upper bracket market hot enough that this penthouse will get the premium?
Philip Skowron at @Properties has the listing. See the latest pictures here.
Unit #1901: 4 bedrooms, 4.5 baths, 6400 square feet, 4 levels
- Originally listed in 2010 for $7 million (but was 8000 square feet)
- Was listed as raw space in July 2012 for $4.5 million
- Reduced
- Was listed in October 2012 for $3 million
- Sold in December 2012 for $1.9 million
- Listed in June 2013 after it was built out for $4.75 million
- Sold in February 2014 for $3.9 million
- Currently listed for $6 million (includes 2 parking spaces)
- Assessments still $6200 a month (includes heat, a/c, doorman, gas, snow removal, exercise room, scavenger)
- Taxes are now $87,838 (they were $13,233. There was an 8 year historic tax freeze on the building but I believe it didn’t transfer to the second owner. Only the current owner – or the first one after the developer- g0t the tax freeze.)
- 2000 square feet of outdoor space
- Bedroom #1: 23×18 (third floor)
- Bedroom #2: 18×12 (second floor)
- Bedroom #3: 19×15 (second floor)
- Bedroom #4: 16×15 (second floor)
- Family room: 28×20 (fourth floor- with a skylight)
- Great room: 35×34
No chance, with that tax bump if anything I’d think it would be worth less. A
Looks like the current owners made some changes throughout the space. While they may seem minor, I doubt they were cheap, and it certainly makes the place look a lot more luxurious.
$2 psf per month for taxes and assessments! wow.
LUV IT!!! LOADS OF BAND PRACTICE SPACE!!!
Well someone did buy the unit in 2014 and enjoyed it for a time. But now realized that the cool factor of that grand room did not make up for the other issues of the space and building. Perhaps that $87K per year in taxes had a factor? And now they want to sell it at a significant premium to the 14 pricing. That seems challenging.
Might be tough to get that return today and I’d be surprised to see it hit anything over $5MM. But the ego play of looking down at the bean always will have a draw. Perhaps an international buyer with ties to Chicago will see it as the best view from a historic building of Chicago’s version of central park. That could get the sale.
Sad to see all that bookshelf space with so few books.
If it was in New York, I could see high flying Wall Street trader wanting this place. I think international buyer is a good guess. But at a lower price.
This place is spectacular but the location is all wrong imho. I’m sure it will find a buyer, but I’d wager that those with this kind of coin to spend aren’t looking in this area.
Perfect space. I am going to snatch it up right away then relist next year for $8MM Easy $2M profit!
Love the space, but the location would get very tiring after a while with all the buses turning down Michigan and other general traffic.
At least there are three coffee shops at the base of the building. That has to count for something…
You actually think someone that buys a unit like this stresses over taxes?! HAHAHA. Owned by a Bears player that no longer resides in Chicago.
Yeah downvote that. You have to stop acting like these penthouses are owned by some plebs that make 500k a year. This penthouse is owned by someone that makes a 10m yearly NFL salary not including endorsements. Tossing six figures at taxes/fees isn’t too big of a deal.
Maybe Obama will buy it.
Forte?
Brandon Marshall was the Bears player that made this his home.
And that lack of attention to things like outrageous taxes and monthly fees is exactly why so many ex-jocks end up bankrupt.
Sid, I’d say baby mamas are a bigger drain on the bank account, but the up keep and maintenance on palatial cribs is definitely not easy on the wallet.
baby mommas and entourages/hanger ons. that and poor credit!
Good ol’ Dennis R from his former chi mag days did a good video on this place about 3 years ago.
Even then I was confused on how much a gap the design of the rest of the place was to the Ward’s ballroom. Always seemed like a halfarse job and they just slapped a vanilla condo to the back of the ballroom. They did no planning on how to make levels up to the private roof top special, or the do anything to give a cool factor to the private outdoor space at the back.
This is a prime unit, with a prime showcase location, a prime view, huge historic background to its location, AND THIS IS ALL THE BUILDER DECIDED TO DO.
JUST SAD 🙁
I couldn’t agree more Groove.
I so wish a quality architect was in position to grab this when it was raw space for $1.9mil.
The opportunity to masterfully blend the vintage with modern would have been so awesome here.
I shall go nap now and dream of what should have been.
sold for $3.2m