Flipper Alert: First Rentals Appearing in Trump Tower: 401 N. Wabash
The condo/hotel units have been closing in Trump Tower, at 401 N. Wabash, in River North, for about six months. The condo units are about to start closing in July and August.
If you wonder what the studios in The Spire are going to rent for, why not check out what’s happening in Trump Tower?
The condos start on the 28th floor and all have numbers such as 28A, 29K, 32J etc.- compared to the condo/hotel units which have numbers like 1813 or 2646.
A one bedroom rental just came on the market. Here’s the listing:
ONE OF THE FIRST RENTALS AVAILABLE IN TRUMP TOWER CHICAGO! STUNNING LUXURY CONDO WITH 5 STAR HOTEL AMENITIES INCLUDING STATE OF THE ART FITNESS CENTER AND SPA.
SPACIOUS 938 SQ FT UNIT INCLUDES HARDWOOD FLRS, SNAIDERO CABINETS, MIELE, WOLF AND SUB-ZERO IN SS, 10′ CEILINGS, SPA-LIKE BATH W/SEPARATE SHOWER. LEASE DATE AFTER AUG ’08 CLOSING. NO SMOKING/NO PETS PRKG ADDITIONAL $250
There aren’t any pictures yet.
Unit #33E: 1 bedroom, 1.5 baths, 938 square feet
- Available to rent at $3000 a month (plus $250 for parking)
- Koenig & Strey has the listing
As a rent versus own comparison, a slightly larger one bedroom on the 42nd floor is also already on the market:
Unit #42D: 1 bedroom, 1.5 baths, 1046 square feet
- Currently listed for $799,000 plus extra for parking
- Assessments of $633 a month
- Koenig & Strey has the listing
Stay tuned. There are 758 units in the building.
How much extra would it be to rent the $80,000 worth of furniture (and appliances)?
John
misery generally shouldn’t be deserved and I’m feeling guilty for my schadenfreude but… how many times does someone have to say this, now repeat after me…
Chicago is not Manhattan or West End London. Chicago is not Manhattan or West End London. Chicago is not Manhattan or West End London.
Not too many emerging market millionaires are looking for a Chicago pied a terre.
Cheers.
This is so mathematically-challenged…shouldn’t the unit on the 42nd fl. sell for the low $400s (tops!) based on even the most generous price/rent ratio?…wait, I’m mesmerized by The Donald’s giant hair and the Viking/Subzero appliances.
If 33E actually rents at $3K, an owner-occupant would be in good shape at about $480K (160 times rent), and could probably make an argument for $600K (200 times rent). Investors need to be a bit lower (no tax deduction, higher RE taxes), about 120 times to be solidly profitable.
Also, 42D is slightly larger, so add maybe 10% to those prices.
Of course, too many people are still convinced that the rent multipliers of recent years are reasonable, so I would expect it to move well above 200 times rent. Not that $3K rent is reasonable — earlier this week we saw a fancy south loop 2BR 1600sqft for that price.
Honestly, who pays $3000 for a 1br?
938 square feet is spacious? Really?
Unless they’re going to be doing short-term corporate rentals, nobody will be renting for $3000/mo. Mainly because you can get so much more for so much less.
$3,000 includes the Donald.
3k doesnt really seem that bad, even for a 1 bedroom, to have such amenities and just the name to call home.
Oh yeah… this is about the same price for a 1 bedroom as 340 OTP and this building has way more to offer IMO.
Pete – You can get way more but what are you giving up. There are a lot of people out there that want the absolute best. Sure you can buy a 5000 sq ft house in Joliet for $3k per month but then again who wants to live in Joliet. It is all relative…
Pete – why do people pay $500 per night at the Waldorf when you could go down the street and pay $300?
Just curious…
Steven Heitman is the god of all realtors. The sun even shines up his ass.
What do you all think will happen with the rental prices here?
I assume these units are being rented out for a “reasonable” rate because the construction is still going on.
Do you think many 1 bedroom units of these sizes will have similar rental pricing in the near future? Do you think they will go up once the building is complete?
The trend for 1BR rentals at 340OTP has been nothong but downward since opening. First rentals last fall were well over $3000, more recently they have dropped well below $3000.
This trend will be even more pronounced for Trump. It is called supply and demand. It will be many years of inflation before nominal rents achieve developers’ predictions. Real rents may never get there.
Here’s the last list of rented 1BR at 340OTP I did in March. If O have a chance I will update it later.
RENTED:
Unit # asking actual mkt time leased date
302 $2,350 $2,300 152 12/16/2007
305 $3,250 $3,000 57 8/29/2007
600 $2,500 $2,600 40 11/16/2007
605 $3,300 $2,600 71 10/31/2007
707 $3,500 $3,500 8 8/7/2007
1006 $2,700 $2,650 92 9/12/2007
1206 $2,600 $2,700 30 9/19/2007
1305 $2,800 $2,600 49 10/10/2007
1306 $2,400 $2,250 172 2/29/2008
1405 $3,100 $3,000 57 10/22/2007
2006 $2,600 $2,700 33 10/17/2007
The name is worth something, but even so prices will need to fall to a spot only slightly above the competition. Trump’s location is great but a lot of neighboring buildings have a good location too.
Why would anyone think that Trump = the best? Seriously.
“The name is worth something.”
LMAO. Why? You might want to check what happened to that “worth” the last time Trump went upside down.
Ha! These are the same people who attend his real estate seminars at the learning annex! $3,000 a month my ass.
“Make money on the buy, not on the sell”
“You too can be a land baron and the envy of all your friends”
and of course,
“You’re fired!”
Well, the name’s worth nothing to me, but I’m sure there’s some chump out there who wants to tell the ladies he lives at Trump Tower.
It would be the same allure of living in any marquee building, really; Trump is by no means the best. If I were to pay such a premium it would be to live, of course, in the Spire.
I would like to tell all the ladies I live at the trump tower lol. It would probably get them there for the first year it is open!
“The name is worth something…”
NOTE: This is only true in Manhattan.
“The name is worth something…”
NOTE: This is only true in Manhattan.”
Whatever, the TAMPA Trump tower reigns supreme!
Actually- Trump Tower Tampa (as it was officially called) will never be.
The Donald only leased out the name rights. Trump International was not actually building the building. The developer that was- just declared bankrupty.
http://www.bizjournals.com/tampabay/stories/2008/06/16/daily28.html
Mike,
Even the name Manhattan doesn’t mean much if your neighborhood is Harlem, Washington Heights or Inwood..
Sabina,
There was a article in crains today regarding trump tower that you may want to post.
AGREE
WHO THE H PAYS 3 GRAND TO RENT????
A ONE BEDROOM??? 3 THOU????
WAKE UP EVERYONE!!!!
RENTERS YOU CAN WHEEL AND DEAL ON CONDO RENTALS – THE MARKET IS SATURATED – NAME YOUR OWN PRICE!
Never give the owner the asking rental price – he is trying to cover his mortgage, tax and assessment and make you pay because he did not put anything down and now is up to his eyeballs in debt – GO FOR IT -NAME YOUR PRICE!!! GET WHAT YOU WANT
DO NOT DO IT ALONE – USE A REAL R.E. PERSON NOT AN APT RENTAL CO.
The RE market has soured – its because of the get rich quick thinkers – RE is a bad investment if YOU CANNOT AFFORD IT
and NEVER EVER let the developer tell you what you can get for your unit as a rental – they just want to sell you the place and they do not care what happens after the sale is complete – they will tell you anytning to make a sale!
I am simply dumbfounded by people who say “Being able to say you live in “Trump Towers” would be worth paying so much money..” Wow..it’s nice to know all the money Trump and other “luxury purveyors” spend to brainwash people into thinking because they are spending more money on somethng it’s worth it is working. Am I the only reasonable person here who would rather live in a condo/apt that is two to three times as big for a lower price and in a decent neighborhood than pay some outrageous price for next to nothing space only to impress shallow people who are impressed by wealth? And what does this really say about you to others with a brain that you would do this? This reminds me of those poor saps who pay thousands of dollars for a cotton-coated canvass bag, that just happens to have the label Louis Vuitton on it. Barnum was right, a sucker really is born every minute.
PJ: Trump is brilliant at selling the brand. $3000 to rent a 1-bedroom where you can get double or triple the space in great neighborhoods around the city.
But the views ARE nice.
“G”‘s list of actual rentals in 340 OTP is pretty interesting. Would a renter at Trump get to use all of the spa-pool-gym ammenities that an owner could? I ask this because I have a friend renting in the Water Tower condos and he cannot use the club floor (Carlton Club) pool and gym without paying a membership initiation and fee. I am renting in a similar tower but asked that priviledges for use of gym and building facilities be included. BTW, Sabrina is right, the views from the Trump units are amazing.
http://jimojimo.smugmug.com/gallery/5936452_DVKmB#369827968_uhdER
From what I heard, you DO get access to the amenities floors in Trump if you’re a renter.
Can anyone else confirm?
Yes. All renters at Trump have an automatic membership to the health club and spa and do not have to pay the initiation fee and monthly dues. They also have access to all of the hotel services.
Last week I viewed 2 units at the Trump which were up for rent. At least the Trump has some elegance. I saw a 2 BDR and a 1 BDR. I didn’t see the terraced units. The walk-in closets are the best thing about the Trump. The views are good, but you can have better views from other properties around town. The units classically beige and blase. The windows don’t open so that you can plunge to your death after realizing you are broke and ruined.
The 2bdr originally went for 6k, down to 5k. It had an oddly shaped living room/kitchen.
I have a few friends that live in 340 OTP. It’s a generic Ikea inspired crappy place. Ugly white supporting columns cut up your apartment in all of the units. The employees in the 300 E. Randolph can stare at you, but you can moon them from your bathroom. There’s nothing around 340 OTP, no shopping, nada. At least I can hit the shopping district at the Trump. If the Trump prices goes down, I’d consider renting there and mooning the 340 OTP losers.
I hadn’t thought about the windows not opening. That makes sense- given the height of the building. But that would not be pleasant to live all the time with NO natural air.
Actually the bottom windows do open. They push out from the bottom (only about 3 inches) in every floor plan.
Thank goodness. I can’t imagine how awful it would be to never have any natural air – although, 3 inches isn’t going to do much for you anyway- but it’s better than nothing.