A Vintage Co-op With Modern Finishes: 2440 N. Lakeview in East Lincoln Park
This 4-bedroom co-op in 2440 N. Lakeview in East Lincoln Park came on the market in July 2019.
Built in 1927 by Russman & Hirshfeld, it is on Lincoln Park and has Lake Michigan views.
The building has 95 units and an attached parking garage. There are just 2 apartments per floor.
It’s a full service building with 24/7 doormen, an exercise room and a rooftop deck with grills.
There are no dogs or rentals allowed, however.
This unit still has some vintage features including high ceilings, crown moldings and arched doorways.
It also has a decorative fireplace in the living room.
The listing states this unit was extensively rehabbed in 2010.
The kitchen has been opened to the dining room and has white contemporary cabinets, white counter tops and some stainless and some white appliances.
The master suite has an en suite bathroom, a dressing room and a walk-in closet which is rare for vintage.
The living room faces east, over Lincoln Park, with park and lake views.
It has the other features that today’s buyers look for including SpacePac cooling, washer/dryer in the unit and you can rent parking in the attached garage from $135 to $285 a month.
Originally listed in July 2019 for $849,000 it has been reduced $50,000 to $799,000.
For the square footage, is this a deal?
Chris Stockwell at Compass has the listing. See the pictures here.
Unit #6F: 4 bedrooms, 3 baths, 2400 square feet, co-op
- Sold in January 2010 for $480,000 (per Redfin)
- Originally listed in July 2019 for $849,000
- Reduced
- Currently listed at $799,000
- Assessments of $2102 a month (includes the property taxes, heat, gas, cable, Internet, exercise room, exterior maintenance, lawn care, scavenger and snow removal)
- Taxes are included in assessment
- SpacePac cooling
- Washer/dryer in the unit
- Rental garage parking is available for $135 to $285 a month
- Decorative fireplace
- Bedroom #1: 13×13
- Bedroom #2: 10×19
- Bedroom #3: 11×13
- Bedroom #4: 9×11
- Laundry room: 4×10
- Foyer: 7×18
- Living room: 16×25
- Dining room: 14×19
I’ve seen many units in this building and the vintage details are beautiful. Also, the roof deck is lovely. The big issue here is that the building won’t allow dogs, which seems to hurt resale potential. Either way, in a state of rising property taxes, I wonder if co-ops will become more attractive. How co-ops work in Chicago is a mystery. As I know, there is one pin per building, making property taxes less susceptible to fluctuations as units sell in the building. Anyway, I’d love to hear more discussion here about how co-ops and property taxes work.
Does that 2100 a month really include property taxes?
This place is really nice..I’d make some tweaks but yeah, i think for 799 in this location this is definitely a great deal.
“Does that 2100 a month really include property taxes?”
Agree with you—this doesn’t sound right. $2100 would be in the range I’d expect just for assessment (even if the building doesn’t have any common mortgage) given the doormen, age of building, only 95 units, etc. Taxes, even if under-assessed, should be well over $1000/month
Co-ops still get reassessed with sales, both internal and external – historically they have been taxed at lower rates due to a) being corporations/trusts and b) laziness by Assessors. I think they are catching up (or have) with condo’s on the Assessors end, but there are other advantage such as ensuring people who buy in can pay assessments and the restrictions on renters are far easier to enforce. Also, not being subject to the various Condominium Acts sometimes works in their favor for being able to adjust rules & such to suit building conditions.
Most cooperatives build property/RE taxes into the assessments while others charge directly when due, based upon shares/proportion of who owned by the Shareholders. I should also add that not all have down payment requirements either, though many (probably most do) do.
The listing says in BOLD includes taxes… I think the assessment is about right. Depends on how they handle specials, if they do them (some buildings do, others build it in with higher assessments – and avoid them by good maintenance).
“axes, even if under-assessed, should be well over $1000/month”
Last sale wasn’t *that* long ago and was $480k.
If assessed right at that 480k number (which would be an under-assessment, 3 re-assessment cycles later), taxes would be about $800/month.
This would be my dream place in almost every way…if it were four floors higher so I could see the lake out of my windows. Too bad.
“Anyway, I’d love to hear more discussion here about how co-ops and property taxes work.”
Historically, the board hires a connected law firm to ensure they get a big underassessment. Time will tell if Kaegi can fix that.
This would be my dream place in almost every way…if it were four floors higher so I could see the lake out of my windows. Too bad.
Agree 100%. I would maybe not have gone so contemporary with the kitchen remodel, but it’s practically perfect in every way.
An accountant can correct me if I’m wrong, but it’s my understanding that, because this building is on the National Register (of historically significant properties), Cook County ascribes to the owner at the time of inscription property tax advantages. With condos or homes, those advantages disappear after a sale, but because this is a coop, the advantages remain with the association, at least until the rules change.
I love this building, but it is not dog friendly. I agree with an earlier commenter that, particularly in this neighborhood, that holds down values. Also, there appears to be significant deferred maintenance in the common areas, which makes me wonder what is going on under the skin of the building.
This flat is lovely, and the price/assessment is reasonable for its location, size, and offerings. The most attractive item in the description is that the building prohibits rentals and dogs. Huzzah!! Dogs are adorable, but their owners can get lazy and fail take the dogs off the property for bathroom walks or not in time to prevent “accidents” in the hallways or elevators. If the building has decks with its units, being on one’s deck when an upstairs neighbor’s dog is using his/hers, is a maddening and disgusting experience. I have found that the owners are worse in more expensive buildings.
The problem with this unit is it is F tier. The front building that faces the park and the lake is the preferable AB tier. Google the photo of the building and you will see that it is at the rear of the property.
Annie,
You are absolutely right. This isn’t the premier tier. I seldom see AB units available, but I’m guessing they’d be much more expensive if they do come on the market. I’ll keep watching because I love this building. And yes, I’d be willing to pay up for a direct park and lake view.
@Dan 2: Apartment 8b is for sale. Price was just lowered to $1,090,000. Also a 4 bedroom. 2800 square feet in the best tier. Oddly, assessments are actually lower than this one–$1950. Just in case you really mean that you are willing to pay up for the best tier.
Thanks Annie. I don’t think 8th floor is necessarily high enough for a lake view, however.