Brick and Timber Loft with Redesigned Roof Top Deck: 550 N. Kingsbury in River North
This 2-bedroom brick and timber loft in River Bank Lofts at 550 N. Kingsbury in River North came on the market in June 2021.
Built in 1910, River Bank Lofts has 150 units and an attached parking garage. It was converted into condos in 1995.
It has doorstaff, an exercise room and a common, shared rooftop deck.
This loft is a top floor unit with hardwood floors throughout, exposed brick and timber ceilings.
It has western exposures over the River.
The primary bedroom has a window, an en suite bathroom with a dual vanity and walk-in spa rain shower along with a walk-in-closet.
The second bedroom doesn’t appear to have a window.
The listing says the kitchen is “high end” and has wood cabinets, stone counter tops and an island that seats 3.
There’s a balcony overlooking the River off the living room.
The loft has a dining space.
You access the rooftop deck via a spiral staircase.
The listing says “no expense spared” for the fully applianced and redesigned rooftop with north, west and south views including the River, city and skyline views.
The rooftop is made out of Ipe fire retardant wood decking and it has gas, water and electric.
It has residential appliances including refrigerator drawers and slide top, ice machine, kegerator, beverage center, Weber Summit 6 burner grill, gas fire pit, television, shade sail, an island that seats 5 and weather poof storage.
There is space for both the appliance/grill area and island, lounge seating and a dining table.
The unit also has a large, detached bonus room on the same floor.
The loft has the features buyers look for including central air, washer/dryer in the unit and deeded garage parking is included.
The listing says that the association is putting a charging station in for electric cars.
Development has shifted to the north branch of the Chicago River. New apartments, the casino, offices, restaurants and music venues are going in.
This building could be at the hub of a lot of new construction.
Originally listed at $1.1 million in June 2021, it has been reduced to $850,000.
That is under the 2018 sales price of $895,000.
Is it a deal?
Monica Klein at Baird & Warner has the listing. See the pictures and floor plan here.
Unit #607: 2 bedrooms, 2 baths, no square footage listed, loft
- Sold in March 1996 for $244,000
- Sold in October 1998 for $325,000
- Sold in December 2004 for $456,000
- Sold in June 2013 for $480,000
- Sold in June 2018 for $895,000
- Originally listed in June 2021 for $1.1 million
- Reduced
- Currently listed at $850,000 (includes garage parking)
- Assessments of $949 a month (includes doorman, cable, exercise room, exterior maintenance, lawn care, scavenger, snow removal, Internet)
- Taxes of $12,129
- Central Air
- Washer/dryer in the unit
- Bedroom #1: 13×11
- Bedroom #2: 15×11
- Living room: 19×13
- Dining room: 14×12
- Kitchen: 12×9
- Bonus: 11×16
- Storage: 16×9
- Balcony: 6×13
- Rooftop deck: 30×32
That roof deck is pretty awesome. Did they carry all of the materials and appliances up the spiral staircase? Kudos to the broker for including pics at day and night of the deck – more should do so.
“Did they carry all of the materials and appliances up the spiral staircase?”
haha, sure that they portaged them over from the common roofdeck area (or the freight elevator, if it has a rooftop stop) in some fashion.
Decent common roofdeck pix (24-26) in this listing: https://www.redfin.com/IL/Chicago/550-N-Kingsbury-St-60654/unit-303/home/14101993
Lot of weathering on the rooftop kitchen area–poor materials choice, or poor maintenance or both?
The other two 6xx units listed over a million are much better values, imo:
621 at $1.625:
https://www.redfin.com/IL/Chicago/550-N-Kingsbury-St-60654/unit-621/home/14102781
and…
620 at $1.95:
https://www.redfin.com/IL/Chicago/550-N-Kingsbury-St-60654/unit-620/home/179111219
Agreed as to the other two units. That’s a lot of space. The listing for 620 looks like they decided to list over lunch and shot photos the same day. But go Buffs!
I was thinking the same thing as anon (tfo) about maintenance. I am guessing seller isn’t actually the one who made these updates…that was the 2018 seller who did very well considering what they paid for the unit. Why people don’t take better care of their nice stuff is beyond me.
Anywho. Couldn’t pay me to live in this building. I wouldn’t be able to relax in any of the outdoor space with constant highway noise. I go by this building on my bike commute all the time and at street level it is super uninviting. I have never seen anyone actually enjoying the street level patios either as you are essentially on display in a noisy area when you do.
This will sell for close to $825K. Seller should have put a little more elbow grease into maintenance or not overpaid in the first place. Of the two units posted by Anon(tfo) I agree — both blow the doors in on this place but are also way over priced. I prefer unit 621 all day long but they need to start price chopping like heck if they want to sell. 621 is silly because for that kind of money you could do so much better elsewhere.
Guessing so many are selling now due to the casino being shoved down our throats? Casinos are designed to keep poor folk poor….but hey, tax revenue!!
“the 2018 seller who did very well”
It appears they had it listed for $1.029 in Sep-17, so not as well as they would have liked.
Looking at prior listing pix, it’s hard to know when the deck kitchen went in, but the ’18 seller definitely did the deck itself.
“Guessing so many are selling now due to the casino being shoved down our throats?”
What makes you think that? Many would consider a billion dollar development across the river to be a good development for their investment.
Lots of people didn’t want cannabis dispensaries in their neighborhood either and that turned out fine.
https://www.redfin.com/IL/Chicago/550-N-Kingsbury-St-60654/unit-620/home/179111219
OMG this is awful for 2 million and $1700/mo HOA
“Anywho. Couldn’t pay me to live in this building. I wouldn’t be able to relax in any of the outdoor space with constant highway noise.”
I used to live in this building. Moved out about 12 years ago. You can’t hear any highway noise on the roof decks. I moved out because of all the other noise you hear between floors. At least with this one, you’re on the top floor and it isn’t an issue.
“Lots of people didn’t want cannabis dispensaries in their neighborhood either and that turned out fine.”
I would like to see the study on this. The cannabis dispensary near all the outside dining in River North doesn’t seem to attract all the kind of folks the restaurants want lingering outside their business and may be contributing to elevated crime there.
Even still, you are comparing apples and oranges. We had no historical data to look to in regards to cannabis dispensaries and to say it turned out fine….I am not so sure. Time will tell and it will be interesting because now that weed is legal, most folks are probably not going to dispensaries to get it, hence the constant barrage of super stinky weed smell wherever you go. As for casinos within major cities, I know from first hand experience that they do not actually attract the classy beautiful people depicted in the ads. They attract mostly the hopeless, down on their luck and will be easy targets for the criminal element that is allowed to run amok in our city now.
“most folks are probably not going to dispensaries to get it, hence the constant barrage of super stinky weed smell wherever you go”
?? Even if the first part is true, how does the second follow?
Does flower from dispensaries not smell?
I am suggesting the product sold in dispensaries might be of higher quality. Most of what I smell in my ‘hood smells like actual horse manure.
“The cannabis dispensary near all the outside dining in River North doesn’t seem to attract all the kind of folks the restaurants want lingering outside their business and may be contributing to elevated crime there.”
It is?
I don’t think any of the diners even notice except they may wonder who the security guard looking guy is standing in front.
The people going in, in my experience, are residents of River North and surrounding neighborhoods and tourists. Doesn’t seem like a big deal, frankly.
However, I don’t feel like they need another dispensary just up the street at the old Rainforest Cafe, as media reports are suggesting.
“Time will tell and it will be interesting because now that weed is legal, most folks are probably not going to dispensaries to get it, hence the constant barrage of super stinky weed smell wherever you go.”
This is incorrect, at least within Illinois. Illinois just saw record tax revenue from cannabis, double the year before, as Illinoisans actually DO buy at the dispensaries, unlike those in, say, California. It’s really fascinating to see the regional differences. In California, there have always been local weed dealers in neighborhoods like Venice Beach. Californians have always gone to the local seller, and has learned to trust them and their quality.
The same wasn’t true in Illinois. I’m not saying we didn’t have dealers too, of course, but it wasn’t par for the course for decades like in California. Illinoisans apparently DON’T trust their local dealers. They want quality and they want to know what they are getting, even if paying more at the dispensary.
Hence, our dispensary, and cannabis sales, are actually doing really well and is a big revenue generator for the state. We were late to the game and have among the highest tax revenue.
Question is: what will happen to sales when there is a recession? Is cannabis discretionary? Will users cut back or go to local dealers instead of the dispensaries?
“I am suggesting the product sold in dispensaries might be of higher quality.”
There are certain standards they have to meet in the dispensaries so the answer is “yes.”
“Question is: what will happen to sales when there is a recession?”
Prices are going to go down as production continues to increase. At some point in the near future there’s going to be a glut of lower quality mega-farm produced product, not unlike beer.
“Is cannabis discretionary?”
Not really. At the start of the pandemic, did they close? In CO, dispensaries were viewed as essential, like booze stores and grocery stores.
People who regularly buy booze and/or weed aren’t going to stop because of an economic downturn. Some may need to buy lower priced products (or cut back on other expenditures), others will not.
“The same wasn’t true in Illinois. I’m not saying we didn’t have dealers too, of course, but it wasn’t par for the course for decades like in California. Illinoisans apparently DON’T trust their local dealers. They want quality and they want to know what they are getting, even if paying more at the dispensary.”
Sorry you were buying ditch weed from your local nickelbag peddler
The biggest reason (short of not having a reputable dealer) is the variety and edibles are generally a lot more consistent
“Question is: what will happen to sales when there is a recession? Is cannabis discretionary? Will users cut back or go to local dealers instead of the dispensaries?”
Which users?
“Most of what I smell in my ‘hood smells like actual horse manure.”
That may be around, but I can’t smell anything other than the thousands of skunks everyone seems to have in their cars and backpacks now.
I may be mistaken, but I think that’s the better stuff.
“This is incorrect, at least within Illinois. Illinois just saw record tax revenue from cannabis, double the year before, as Illinoisans actually DO buy at the dispensaries, unlike those in, say, California. It’s really fascinating to see the regional differences. In California, there have always been local weed dealers in neighborhoods like Venice Beach. Californians have always gone to the local seller, and has learned to trust them and their quality.”
I said most people are not going to dispensaries…colored by the fact I don’t live in a bubble of only my kind. I don’t believe low income folks are going to dispensaries….I suppose I could be wrong there as I am basing this strictly on who I see going in and out. Seems like the dispensaries have really just taken the higher income clientele from the street dealer. That statement doesn’t have anything to do with tax revenue generated by the sales….although when that will translate into my property taxes not going bananas every year will be interesting to see.
“That statement doesn’t have anything to do with tax revenue generated by the sales….although when that will translate into my property taxes not going bananas every year will be interesting to see.”
Cannabis tax revenue goes to the state. I don’t know if there is a city tax on it as well. It’s much more than they ever thought they’d get, at least so quickly. Hooray.
“People who regularly buy booze and/or weed aren’t going to stop because of an economic downturn.”
This is a myth. The “sin” industries (gambling, alcohol, adult entertainment) all got hit in the great recession. Turns out it IS discretionary.
“This is a myth. The “sin” industries (gambling, alcohol, adult entertainment) all got hit in the great recession. Turns out it IS discretionary.”
Google “alcohol sales during recession.” Other than one or two results from drug/alchohol use reduction advocacy groups, there are pages upon pages of results, from every industry publication to every mainstream media outlet, painting a consistent picture: during a downturn, consumption simply moves from bars (and other venues) to homes. Many folks downgrade their brand or product selctions, but overall, retail sales remain steady (if anything, a downturn can result in over-consumption among many consumers). The early days of the pandemic of course had the unique circumstance of people being cooped up, but there was also serious economic uncertainty in the air. Retail sales exploded. I don’t know about your industry, but large law firms are starting to graple with widespread increased substance abuse (and mental health) problems stemming from the pandemic.
I don’t live in a bubble of only my kind. I don’t believe low income folks are going to dispensaries….I suppose I could be wrong there as I am basing this strictly on who I see going in and out. Seems like the dispensaries have really just taken the higher income clientele from the street dealer.
Have you seen who’s going in and out of dispensaries in low income areas? The dispensary in my hometown (downstate, impoverished) is doing a pretty brisk business, and not among the “higher income clientele.
Yes Madeline – – throughout the midwest in impoverished rural areas drug addiction is mind boggling. I was just in rural Ohio. I am talking urban areas…specifically north side of Chicago. We have a fair amount of low income housing between Chicago and Armitage and east of the river and these folks are not who I see going in and out of the dispensaries here. Still plenty of street dealing near where I live.
sold for $792,500 on Sep 15, 2022. OUch.
#621 was listed at $1.625, sold Mar-23 for $1.47m
#620 was listed at $1.95, and was delisted in Nov-22.