Downtown Deals: Get a 2/2 in The Pinnacle in River North for $699,900: 21 E. Huron
This 2-bedroom in The Pinnacle at 21 E. Huron in River North came on the market in August 2024.
Built in 2004, The Pinnacle was designed by Lucien Lagrange and has 213 units and attached garage parking.
It has 24/7 door staff, an exercise room, sundeck, indoor pool and “state of the art” dog run.
This unit is west facing and has floor-to-ceiling windows.
There are hardwood floors in the main living area, and den, with carpet in the bedrooms.
The unit has a gas fireplace in the living room.
The kitchen is open to the living/dining room. The listing calls it a “chef’s kitchen” with dark wood cabinets, Subzero, quartzite countertops and a marble backsplash. It has a breakfast bar.
The den looks to be a space next to the living room with no door or window but you could put a desk there.
The primary suite has a walk-in-closet and bath with dual vanities, soaking tub and a separate shower.
The second bedroom has a custom office space.
The balcony is off the living room.
This unit has the features buyers look for including central air, washer/dryer in the unit and heated garage parking is available for $44,000.
The Pinnacle is near the shops and restaurants of the Mag Mile, River North, the Trader Joe’s, the Whole Foods, and the Eataly. It is near multiple bus lines and El stops.
Listed at $699,900, that is just $87,900 above the original 2006 sales price of $612,000.
Is this a deal?
Akos Straub at Berkshire Hathaway HomeServices has the listing. See the pictures here (sorry, no floor plan).
Unit #1601: 2 bedrooms, 2 baths, 1332 square feet
- Sold in July 2006 for $612,000
- Originally listed in August 2024 for $699,900
- Currently still listed at $699,900
- Assessments of $1101 a month (includes heat, a/c, gas, cable, Internet, doorman, exercise room, pool, exterior maintenance)
- Taxes of $11,400
- Central Air
- Washer/dryer in the unit
- Heated garage parking space available for $44,000
- Gas fireplace
- Bedroom #1: 14×13
- Bedroom #2: 13×12
- Living room: 18×16
- Dining room: 16×7
- Kitchen: 13×9
- Den/Office: 11×9
- Balcony: 9×6
“(sorry, no floor plan)”
There’s a floor plan
“Is this a deal?”
You can rent a 2/2 on the same floor for $5600 w/ parking. – https://www.zillow.com/homedetails/21-E-Huron-St-APT-1604-Chicago-IL-60611/70469657_zpid/?msockid=379075a8ae8b6b8b33847976af036a14
Also look at 1701, updated and sold for $740k, not sure if parking was included in the final sale or 1701 original finishes for $650 or 1305 for $715 w/ parking (id add a links but…)
Not a good look for a self proclaimed Chicago real estate expert.
These designs are terrible, you’ve got limited communal areas and you make it worse by the balcony inset and the corresponding dead spaces on either side
“not sure if parking was included”
1701–parking included.
1801–parking included.
1305–indeed, parking included.
All are LCEs, so have to go to someone in the building.
“the corresponding dead spaces on either side”
Would be less bad without the dumas fireplace.
Microhood over a gas range was always a bad decision.
How much to upgrade to similar quality level as 1701?
https://www.redfin.com/IL/Chicago/21-E-Huron-St-60611/unit-1701/home/22787005
$100k? More?? Looks line $30k+ of appliances, alone.
1701 was $627 in Nov-04; $635k in May-21, and $740k in Jul-23.
“1701–parking included.
1801–parking included.
1305–indeed, parking included.”
oooffff.
“https://www.redfin.com/IL/Chicago/21-E-Huron-St-60611/unit-1701/home/22787005
$100k? More?? Looks line $30k+ of appliances, alone.”
“Remodels in high rise buildings are very expensive” – Noted Chicago Real Estate Expert
Since buyers want new AND this is 2 blocks from Eatly (And the only place you can get REAL SAN MARIZANO TOMATOES), I’m shocked that it didnt get a bigger premium
Very inefficient layout
The 2 buildings by Fordham Company were so-so deals at their time (early 2000s). They weren’t home runs and took awhile to sell all the units. A developer’s profit comes from the sale of the last 10-20% of the units.
I remember when Trump came into Chicago in 2005 to do the Trump Tower, the developer of the Fordham and Pinnacle made some quip about the new competition, and Trump called him “a failed developer”.
(You are welcome for a link (archive.ph) to bypass Crain s paywall).
See here, 2nd paragraph:
https://archive.ph/WLznF
‘TOTAL CHARADE’
Don’t expect the competition to be friendly. Mr. Trump quickly shifted from self-promoter to trash-talker last week, telling newspapers that Mr. Carley’s project was a “total charade” that’s too tall and will never get financed and built. He even demeans Mr. Carley’s past downtown condo developments.
“He’s had three projects. All of them have been failures,” Mr. Trump says. “He has a terrible track record. It’s not like Trump, where everything has been a tremendous success.”
So the developer didn’t get rich, the buyers of the units didn’t make any money either. It’s disappointing.
“Mr. Carley, who declines to comment, has had trouble paying back loans on all three of his downtown developments — 65 E. Goethe St., the Fordham at 25 E. Superior St. and the Pinnacle at 21 E. Huron St. — though he has said he made money on the projects and has met his obligations to lenders.”
“The 2 buildings by Fordham Company were so-so deals at their time (early 2000s). They weren’t home runs and took awhile to sell all the units. A developer’s profit comes from the sale of the last 10-20% of the units.”
This is a joke, right?
Fordham was built as apartments but The Sterling sold out in just a few weeks so they quickly pivoted to condos and sold out that building quickly. The Pinnacle was built as condos after the success of the Fordham. It, too, sold out quickly and remains a popular building.
And, hilariously, it was Trump Tower Chicago that went into financial difficulty. Fordham and Pinnacle were completed earlier, before the bust.
“I remember when Trump came into Chicago in 2005 to do the Trump Tower, the developer of the Fordham and Pinnacle made some quip about the new competition, and Trump called him “a failed developer”.”
Turns out he was right. Trump Tower Chicago had to be bailed out.
Crain’s reported at the time: “Mr. Carley, who declines to comment, has had trouble paying back loans on all three of his downtown developments — 65 E. Goethe St., the Fordham at 25 E. Superior St. and the Pinnacle at 21 E. Huron St.
Trump’s tower did no better. Trump however was basically given the land site by Conrad Black and his partner to develop, so Trump had no real money in the deal.
Corus Bank went belly up. Bust.
The Unit Owner of the subject article made zero money over 20 years.
“The Unit Owner of the subject article made zero money over 20 years.”
Yep. Been talking about this for, oh, 10 years or more. It was a big bubble. It’s been 20 years and many who bought during it are still in it.
Caveat Emptor.