A Luxury Pied-a-Terre in the Sky: A 2-Bedroom at 180 E. Pearson in the Gold Coast
This 2-bedroom in the Water Tower Residences at 180 E. Pearson in the Gold Coast came on the market in April 2022.
Water Tower Residences were built in 1974 and has 260 units. It has a Ritz Carlton Hotel in the building and residents get all the amenities of the hotel, along with staff services such as packages brought directly to the unit.
It has full-time door staff, an exercise room and leased parking in the building.
This unit, at 2754 square feet, was formerly a 3-bedroom which has been turned into a 1-bedroom with den.
The listing calls it a “luxury pied-a-terre.”
It’s a corner unit on the 71st floor with west city views and what looks like north views of the Hancock and the lake.
The listing says it has “luxe finishes.”
The kitchen has white cabinets and a peninsula with seating for 3 along with waterfall edge. It has stainless steel appliances.
The unit has a separate dining room.
It has a “massive” primary suite with lake views which includes a walk-in-closet and a bathroom that has an oversized quartz double vanity, a walk-in rain shower and a stand alone bathtub that “fills from above.” (see pictures)
The unit has the features buyers look for including central air, washer/dryer in the unit and 2 car leased parking.
Water Tower Residences is near the shops and restaurants of the Mag Mile and is a short stroll from Oak Street Beach.
Listed at $1,299,900, is this the ultimate in-town?
Matthew Rosenberg at Compass has the listing. See the pictures and floor plan here.
Unit #7101: 2 bedrooms, 1.5 baths, 2754 square feet
- Sold in February 1992 for $785,000
- Sold in August 2005 for $1.375 million
- Sold in February 2008 for $1.5 million
- Currently listed at $1,299,900
- Assessments of $1928 a month (includes doorman, cable, exterior maintenance, lawn care, scavenger, snow removal, Internet, exercise room)
- Taxes of $25,707
- 2 car leased parking available
- Central Air
- Washer/dryer in the unit
- Bedroom #1: 14×28
- Bedroom #2/Den: 12×11
- Living room: 28×17
- Dining room: 17×13
- Kitchen: 15×12
- Laundry: 7×6
Why do the kitchen floors not match the dining/living floors? They appear to be two different types/colors of wood flooring
Well isn’t that primary bed/bath something.
Hate it.
Why? I would like to hear the designer’s thoughts behind their work. Maybe if they explained it I would understand.
Selling for less than what it sold for in 2005, this building doesn’t seem to hold its value all that well.
Not a fan of that bedroom design. Giant slab taking up 1/2 the bedroom space for just a bathtub sitting in the open like it’s a museum display?
$2k/mo HOA, parking not included, questionable design choices, a Mich Ave location that has lost most of its appeal the last few years…plenty of reasons this might take a while to sell.
“Instant equity” to convert to a 3br? Then why didn’t your client change it back?
“Why do the kitchen floors not match the dining/living floors? They appear to be two different types/colors of wood flooring“
Kitchen is ceramic
There should be a transition
“Then why didn’t your client change it back?”
Because no one in Chicago will pay $1.5m+ for a 3 bedroom condo with only 1.5 baths?
Here’s an ’01 unit that sold last year, and shows the original 3/3 floorplan:
https://www.redfin.com/IL/Chicago/180-E-Pearson-St-60611/unit-4701/home/14118071
And a more recent ’01 sale that falsely claims 3 beds, and retained 2.5 baths:
https://www.redfin.com/IL/Chicago/180-E-Pearson-St-60611/unit-6601/home/14117569
This is likely what they anchor to with the assertion of “instant equity”. But getting to that is a lot more than just putting up a wall.
Beautiful unit, but not my preferred tier in this building. The NW corner means you’re looking right into the Hancock. Would rather be NE or SE.
Also, they charge a $1,000 move-in fee. Seems kind of high, though I guess it’s small change if you’re paying this much for the unit.
?
I guess the “puke” emoji didn’t work.
I like this building, but this condo is unlivable in its current condition. First, the humidity in that primary suite is going to be intense. Want to take a shower before bed, prepare to sleep in a steamy environment. Want to get to the toilet in the middle of the night to use the bathroom? Better remember exactly where that platform is located or prepare to injure yourself. There’s also no countertop near the ovens, but I guess it doesn’t matter because no everyone cooks.
Also, what is the realtor-speak translation for a tub that fill from above? I’ve never seen a tub that fills from the bottom. If it fills from the ceiling, then I’d like to see that in action.
Where are the shower heads and why is the shower handle way in the back of the shower? There’s no mention of a heated floor, so if you’re going to have to walk into a giant shower with cold floors just to turn it on, it’s going to be unpleasant.
This is currently configured as a 1br 1.5ba
what a bizarre listing, good find sabrina
“If it fills from the ceiling, then I’d like to see that in action.”
See, eg:
https://www.youtube.com/watch?v=Iwo8F-Qpdwk
J–did you see my rec in the other to get a thermostatic valve for your shower?
“If it fills from the ceiling, then I’d like to see that in action.”
Yep. Fills from the ceiling.
I love it.
“Also, they charge a $1,000 move-in fee. Seems kind of high, though I guess it’s small change if you’re paying this much for the unit.”
Many condo buildings charge move-in fees. Others are usually $500. Some give it back to you if you don’t damage anything.
If you are buying in the Water Tower Residences, you really don’t care about the $1,000 fee.
Also, remember, Water Tower Residences significantly cut their assessments a few years ago. They are one of the few buildings to actually cut them. They have a massive reserve fund now.
My old condo building charged a non-refundable $1,000 move-in fee and it was just a normal, middle class building. Seems like it’s standard these days.
The bathroom is cool… if you host swinger parties.
Open concept gone mad!!
Other than the open bathroom and closet, this place is pretty cool and the views are great.
I can’t imagine spending this much money and NOT having any private outdoor space, though.
“They have a massive reserve fund now.”
That’s good because they are going to need it when they are inevitably forced to replace their marble facade…
”
And a more recent ’01 sale that falsely claims 3 beds, and retained 2.5 baths:
https://www.redfin.com/IL/Chicago/180-E-Pearson-St-60611/unit-6601/home/14117569”
Does the laundry open to the shared hallway and not the unit itself? 7107 and 4701 also open to the kitchen
“Does the laundry open to the shared hallway and not the unit itself?”
In Pic 10 (and the video), there is a door from the kitchen to that space. Think whoever did the floorplan just put the door on the wrong wall.
“That’s good because they are going to need it when they are inevitably forced to replace their marble facade…”
That’s why you have a reserve fund, right? In 2019, it was apparently $28 million.
From Crain’s:
Crain’s could not reach Debbie Lipoff, the condo association’s board president, to request comment. Board members won’t talk to the media about the reduction in assessments, said both Rosenblum and Bruce Johnson-Reid, a Jameson Sotheby’s International Realty agent representing a unit on the 65th floor that has been on the market since April at $2.1 million. But both agents said the reduction came because board members looked at the association’s hefty reserve fund—$28 million, according to Rosenblum—and no imminent need for costly repairs or updates to the 40-story residential portion of the 70-story multi-use tower.
Along with the owners of the shopping mall portion and the Ritz-Carlton hotel portion, the homeowners association has kept the building, and particularly its marble-clad exterior, well maintained, said Rosenblum, who has been a homeowner at Water Tower Place since 2013. The hefty reserves came from a conservative approach to planning for any potential future need, he said.
https://www.chicagobusiness.com/residential-real-estate/water-towers-condo-board-slashed-fees-will-it-speed-sales
“I can’t imagine spending this much money and NOT having any private outdoor space, though.”
There’s a lovely park across the street.
There are urban people who just love views and don’t see the need to have outdoor space, although the pandemic probably put that to the test. And the higher you go, the less of a desire for any kind of balcony because you won’t use it anyway.
Someone is buying this because the 70th floor views rock. And they are a “view” person and love it.
Cool pad. Sounds like the building knows not to take their marble for granite.
Cook County Treasurer Maria Pappas lives in Water Tower.
In March 2021 she denigrated the idea that Target should be enticed to takeover Macy’s tenancy.
On April 6, 2022 Pappas spoke to WGN Radio’s Anna Davlantes about “the root of the crime problem” besieging her ‘hood.
============================
Maria Pappas: “Anna, look, this isn’t about Target. This is about the Magnificent Mile, so let’s talk about how un-magnificent it’s become. We’re talking about the keys to one of the most prominent buildings [Water Tower mall] in the country being turned back over to the lender.
And, another issue is directly across the street . . . which is also owned by the owners of Water Tower, is a building that used to house I. Magnin in its day but it had [other customers on] three floors. That [building too] has sat empty infinitely.
And if you go slightly west of there on Pearson the entire bottom floor of Loyola University, which is retail space, is also unrented, unoccupied. There used to be a magnificent pizza place next to Bottega [Veneta], which is continually robbed, ok. It’s also empty.
So you have to say to yourself — if Nordstrom sold its half-interest for $20 million and if [the] Gap building also on Michigan Avenue just went under — what is the problem?
So now, let’s say, for example, that Michigan Avenue has cancer. Do you handle the cancer by giving it an aspirin? And the answer’s no.
What’s wrong? What’s wrong that the high-end retailers — or any retailers for that matter — aren’t coming to Michigan Avenue?
There is an emotion that we all experience in life. And the emotion is fear. And Michigan Avenue has become a fear-based avenue. Why is it fear-based? Pick up the paper: Neiman-Marcus now has dogs sniffing for guns.
Really?
You’re [garbled] and you read a headline: ‘Neiman-Marcus on Michigan Avenue in Chicago has dogs sniffing for guns’?
Anna Davlantes: And finding them, by the way.
Maria: Just a second. I live in Water Tower. You gotta let me talk because I don’t have much time.
I live in Water Tower. A few months ago two cars got carjacked while people were unloading to go into the hotel . . . one right after the other, the [carjacker] guy got the first one, he came back, he took a second one within a half hour. And one of the residents who was unloading groceries had their car taken. Never made the news.
But what’s happening is there is a permeated sense of fear. There’s a permeated sense of fear on Michigan Avenue — about crime, about getting carjacked, about getting mugged, about having something stolen from you. And you say to yourself ‘How do you handle that?’ and I told you earlier….
I’m doing this because I love Anna and I want to get this message out.
Anna: Would you take a Target [as tenant] today?
Maria: Anna, Anna . . . you’re trying to make a headline and I’m not gonna let you do it. I’m not gonna let you do it. Michigan Avenue has a crime problem, not a Target problem. It has a crime problem, not a Target problem.
Target didn’t come into Michigan Avenue, not because of Maria Pappas [but] because they’re smart enough not to come in. Here’s why: Every day you can take a $1,000 worth of stuff and not get prosecuted. So, if people come into Water Tower, into a store, and for thirty days they take a $1,000 worth of stuff, that’s $30,000 a month. That’s $3 million a year, right? You just walk in. There’s no consequences for taking $1,000 worth of stuff.
Now [imagine] you’re in business, your bottom line is: somebody comes in and takes $3 million worth of stuff a year. Are you gonna open up on Michigan Avenue, when there’s a crime problem? So let’s go to the root of the crime problem.
This is an inter-office memo. You want to make a headline? Here it is. This is an inter-office memo….
Anna: Standby, Maria Pappas is going to read part of this memo from a police commander, I believe, about the crime in the downtown area…. And I agree with you: there is a crime problem.
Maria: Ok, let me do this because your listeners need to hear this.
This is Maria Pappas. And I’m passionate about this because I’ve given 40 years of my life to build this city. Forty years. And I’m watching it crumble, and it’s effing heartbreaking.
So this is a memo. When I talk to you about what’s happening on Michigan Avenue you need to understand that it’s crime, and it’s fear-based living: fear of going out, fear of getting carjacked, fear of getting shot.
This is a memo from the Chicago Police Department.
The subject: On Nov. 20, 2021 a date for the new police test was announced and 155 people were called to take the written test. But only 59 showed up, and of the 59 who showed up, 30 failed the test, leaving 29 in the running to become a Chicago police officer.
The latest power test — Anna that’s the physical test — was given. And 400 people were invited to take the power test. But of the 400 people invited, only 46 showed up, and of the 46 who showed up four — that’s right — four out of the 400 passed the power physical test.
And finally: The Chicago police academy scheduled a new class of 50 people to start training to become Chicago police officers. But on the first day 20 of the 50 people called showed up for training. Query: Do you think Chicago has a problem?
So, you can’t run a city when you’re down 3500 officers. You can’t run a city where you’re down 3500 officers. And how do you replenish those officers when I just told you that nobody wants to even apply to become a police officer?
Anna: Maria I don’t want to cut you off….
Maria: But you’re cutting me off. Everyone wants to listen to me but you’re cutting me off.
Anna: I wanted to hear what you wanted to say. That’s a lot to digest.
Maria: It’s heavy duty. You’ve created a fear-based society: fear of walking down the street, fear of walking into a store, fear of getting into a car. And you can’t run a major American city when the emotion that people are feeling is fear: fear of walking around, fear of coming downtown. It’s got nothing to do with Target. Nothing.
Anna: I agree. It’s more about the crime. I agree with you. Thank you Maria.
https://wgnradio.com/chicagos-afternoon-news/maria-pappas-there-is-a-permeated-sense-of-fear-on-michigan-avenue/
“Cook County Treasurer Maria Pappas lives in Water Tower.”
Wow- that’s a crazy interview Wojo. For real. Thanks for posting it.
The Mag Mile has a real problem: not enough stores. The tourists have returned but they have nowhere to go and nothing to do. There’s a lot less “fear” than this time last year. With people down there, there hasn’t been nearly as much crime. Also, the retail task force actually has made some big arrests. They got the gang that robbed the Burberry with the truck.
But the Mag Mile is a big problem that Mayor Lightfoot isn’t really addressing. She gathered that task force to make suggestions but now what? It takes more than that. Some of what they came up with is good. But it’s not solving what you do with the massive amount of empty space in some buildings.
Retail has changed. Even the national retailers don’t need those huge stores with expensive leases anymore. That’s why so many have gone down on Oak and Rush. That neighborhood, also hit in the protests and which has also seen continued retail thefts at Gucci and the like, is thriving and is mostly leased. The old 2 story Starbucks is still empty, surprisingly, but most of the rest of it has been leased out. They were smart with what they did with Henri Bendel. They carved it up and put doctors offices on the upper floors.
The Mag Mile does need more restaurants but where? It would be nice to have more street side eating, but how? RL manages it but it’s on a side street with no planters taking up space on the sidewalk like on the Mag Mile. Also, eating next to bus exhaust there wouldn’t be that pleasant.
There was talk in the task force of transforming the fire house into a restaurant and putting concerts into the Lake Shore Park. They also may put a big bridge/art installation at the north end of the street near Oak Street Beach. Could be cool but won’t solve the empty space problem on the street.
The Museum of Ice Cream is going into Tribune Tower. That’s an “experience” and should help the street. Tribune Tower has had some success in its leasing but it has a unique building and wide sidewalks/plaza there.
What about Lawry’s? That’s an old McCormick mansion. When will that lease and what will go into it? Likely needs extensive renovation but could be fantastic. The old Brook Brothers space is also fantastic. Rolex moved in already next door because it IS a gorgeous historic building. But the Brooks Brother space is much larger, and two stories.
Surprisingly, the pop up Mexican artisan store that had a booth on the Riverwalk is thriving on the Mile. It’s a unique store with unique items. They obviously are getting a low rent. They were supposed to be there for only a month but it’s been like 6 months in that store. The Mile needs more stores like that one with products you can’t buy anywhere else.
Closed for 1.230
Thanks for the update David.
They got close to their ask. Wow. There’s always a buyer for every property.