Get 3500 Square Feet with Skyline Views for $1.599 Million: 500 W. Superior in River North
This 3-bedroom in The Montgomery at 500 W. Superior in River North originally came on the market in April 2019.
The Montgomery was built in 1972 as part of the corporate headquarters of department store Montgomery Ward. It’s architect was Minoru Yamasaki, who also designed the World Trade Center in New York City. He designed both around the same time.
It was converted into condos in 2006 during the housing boom. The building has 245 units and attached garage parking.
The building has door staff, an exercise room, a roof deck, and a sundeck with seating, firepits, grills, and a dog run.
This unit has 10 foot ceilings with south and west city and skyline views from floor to ceiling windows.
There’s a gallery foyer to enter the unit with a guest bath.
It has custom window treatments and a gas fireplace in the living room.
The kitchen has modern wood cabinets and a massive island that seats six, with new quartz counter tops, a Thermador gas range with dual ovens and indoor grill, a built-in Thermador professional wok cooktop, a commercial exhaust hood, a Subzero refrigerator and beverage fridge.
The kitchen also has a walk-in food pantry with a Thermador refrigerator and wine cooler.
The primary suite has an oversized bedroom with seating area, a spa bath with dual vanity, a Grohe system steam shower, a whirlpool tub and upgraded commode, a walk-in-closet, and a rare private balcony (this building only has balconies on the east and west ends.)
The second bedroom is also en suite.
The third bedroom is currently being used as a office/library and is open to the living room.
The unit has a Bang & Olufsen audio system throughout which is included in the sale.
It has the features buyers look for including central air, a Miele side-by-side washer/dryer in the unit and 2-car tandem parking space is available for $65,000.
This building is near the shops and restaurants of the western part of River North and the Chicago River.
Originally listed in April 2019 for $2.499 million, it has been reduced $900,000 and is now listed at $1.599 million.
The listing says: “An incredible value at less than $500 per sqft, this highly upgraded 3,550 sqft Montgomery condo lives like a home on a grand scale!”
Is this a deal?
Jennifer Ames at Engel & Voelkers has the listing. See the pictures and floor plan here.
Unit #2401: 3 bedrooms, 2.5 baths, 3500 square feet
- Sold in July 2006 for $1.561 million
- Originally listed in April 2019 for $2.499 million
- Reduced several times
- Currently listed at $1.599 million
- Assessments of $3501 a month (includes heat, gas, doorman, cable, exercise room, exterior maintenance, lawn care, scavenger, snow removal, Internet)
- Taxes of $30,062
- Central Air
- Washer/dryer in the unit
- 2-car tandem parking available for $65,000 extra
- Gas fireplace
- Bedroom #1: 26×22
- Bedroom #2: 15×12
- Bedroom #3: 22×12
- Living room: 16×39
- Dining room: 27×13
- Kitchen: 16×20
- Pantry: 8×13
- Walk-in-closet: 9×16
- Foyer: 9×6
- Laundry: 11×9
- Balcony: 18×5
The proposed casino is going to present a major obstacle to selling this place.
Buyers pool is VHNW empty nesters that want to live in this location ie really, really small
This place is deal compared to what you’d pay for this in NYC or costal California. Personally, I’m not a fan of this location. It’s a concrete jungle in this part of the city and doesn’t feel like a nice neighborhood, imo.
For a few years, this was the best CPS Tier 1 location in the city–your Latin or British School 8th graders were basically locks to get into Payton. Now it’s T4.
No glass in the 2d bed transom is silly. Would like a glass wall for the office. Some of the finishes fairly scream ‘mid-00s’ (yes, that’s priced in the current ask, but not the original).
Pantry is super excellent, primary suite layout is great. Nice space.
But, as JU sez, who is this attracting at 500W, with the $6k/month carry, paying cash?
2301 also available ($1.8), with updated kitchen/bath finishes, and a *very* different floorplan:
https://www.redfin.com/IL/Chicago/500-W-Superior-St-60654/unit-2301/home/18921353
love the 90’s retro Bang and Olufsen wall mounted CD changer.
While the Master suite is nice, it’s fitting for a 7ksf oak brook McMansion. The MS is about 1/3 of tsf.
Also the 3rd “BR” is not. This is a 2 + den
Other than the 4 S’s, do people hang out in their Bedrooms?
“love the 90’s retro Bang and Olufsen wall mounted CD changer.”
Is it an art piece? Not seeing any speakers.
Maybe just embrace late 90’s mid level coke dealer
“Not seeing any speakers.”
Pic 10, far corners.
“The MS is about 1/3 of tsf.”
The window situation and width of the floors puts some pressure on reasonable space allocation. 2301 is darn goofy, too, in a different way.
“The proposed casino is going to present a major obstacle to selling this place.”
The entire west view will be changed in the next 5 years. Huge developments, including the casino, but also others, will be the new view and will bring thousands of apartments, restaurants, concerts.
To me, what is going to happen on the west bank of the Chicago River will only HELP River North. And the view is going to be so much better too.
BUT- buyers never like the uncertainty of “proposed” buildings or development that hasn’t yet started. They will avoid a property until the nearby building/development is well underway and when it becomes clear that it’s not as “bad” as they were told. We saw this with River Bend condos when it was announced Wolf Point would be developed. Once the first building went up, buyers could actually see the impact and weren’t as scared anymore.
The developer did the best they could with where there were windows. But I’m not a fan of the two bedrooms not having any. If I wanted that, I’d buy a loft.
There is also a lot of wasted space in this unit, in general. Does anyone need a living room that big? I’d put up a wall and make it half the size and put in another bedroom or den.
Also, no one is going to comment on the special wok cooktop?
I’ve never seen one of those in a condo listing before. It’s a great feature. I want one.
” We saw this with River Bend condos when it was announced Wolf Point would be developed. Once the first building went up, buyers could actually see the impact and weren’t as scared anymore.”
This listing actually has really good pix of what the ‘now’ view is from the southernmost corner:
https://www.redfin.com/IL/Chicago/333-N-Canal-St-60606/unit-3205/home/12658210
nice view from the balcony… lol *barf*
“Does anyone need a living room that big?”
640sf? Sure, I could see it. But it’s kinda bowling alley, right? And not just because of the furniture positioning.
2301 is 560sf, but feels like a better proportion.
“Pic 10, far corners.”
Thanks – terrible location acoustically and aesthetically
“640sf? Sure, I could see it. But it’s kinda bowling alley, right? And not just because of the furniture positioning.“
Without a dedicated TV room, yes. Nice to break up the TV from listening/reading/entertaining areas
So…
640sf for a living room – bad
1000sf Master Suite – good
I work across the street and I can see a lot of reasons to recommend this building, if I could just get past the ugly exterior. It’s a great location, has great views and amenities, etc. But man, that exterior. What was the architect thinking? There’s something about this building that makes me feel uncomfortable.
“nice view from the balcony… lol *barf*”
Depends on what you consider a nice “view.”
The Lake?
The skyline?
Seeing the city at night for miles to the west?
Seeing the planes landing and taking off from O’Hare?
City lights?
River?
Tree tops?
Cloud tops?
When the big river developments are built out in the next 10 years, the view is going to be very different looking west. In fact, some of the views from some buildings may be blocked looking far west.
What a beautiful unit that is anon(tfo). Thanks for posting.
Buyers have certainty now. Salesforce is up and they know what it will do to the view now. Still have city views but most of the river is gone. Certainty brings sales though.