Get a 1-Bedroom Pied-a-Terre in the Drake Tower for $325,000: 179 E Lake Shore Dr in the Gold Coast
This 1-bedroom in the Drake Tower at 179 E. Lake Shore Drive came on the market in October 2023.
Built in 1928, the Drake Tower is a co-op with just 68 units. It shares amenities with the Drake Hotel.
The building has door staff, an exercise room, a private patio for residents and on-site valet parking.
This unit is north facing and has views of the Lake and park from large corner windows.
It has 9’6″ ceilings, wood floors throughout, upgraded additional millwork, linen window treatments and Farrow & Ball paint.
Like many vintage units, it has a foyer and a gallery, but there’s no formal dining room.
The bathroom is en suite to the bedroom and has a double vanity.
The bedroom also has a walk-in-closet.
The kitchen is “updated” and has wood cabinets, what looks like stone counter tops, stainless steel appliances and a breakfast bar with seating for 2.
The unit has space pak cooling and valet parking is available for $100 a month. The listing doesn’t mention in-unit laundry but other units in the building have it in the unit. (Is that laundry in the WIC?)
Drake Tower is on landmarked East Lake Shore Drive. It is near the Mag Mile and all the restaurants and shops of Oak Street, Rush Street and the Gold Coast.
Oak Street Beach is across the street and it’s near several bus lines.
There are 9 units for sale in the building, out of 68 units. This unit is the cheapest 1-bedroom on the market, however, there is a 1530 square foot 2/2 listed for just $209,000 which is now under contract.
The most expensive unit on the market is a 3/3.5 with 3000 square feet which has been featured in Architectural Digest and Chicago design magazines and is listed at $2.299 million.
Listed at $325,000, Redfin says it last sold in 2014 for $420,000.
Is this a deal?
Linda Shaughnessy at Jameson Sotheby’s has the listing. See the pictures and floor plan here.
Unit #303: 1 bedroom, 1 bath, 1184 square feet, co-op
- Sold in November 2014 for $420,000 (per Redfin)
- Currently listed at $325,000
- Assessments of $2630 a month (includes heat, electric, taxes, doorman, cable, exercise room, exterior maintenance, scavenger, snow removal)
- Taxes are included in assessment
- Space pak cooling
- Washer/dryer in the unit??? (unclear)
- On-site valet parking for $100 a month
- Bedroom: 13×16 (going off the floor plan)
- Living/dining combo: 19×20
- Kitchen: 7×14 (going off the floor plan)
- Gallery: 6×14
- Foyer: 7×5
- Walk-in-closet: 8×7
Those assessments. Wowie. Other than that, this place is kinda perfect if you need a pied a terre.
Major Granny vibes. Does this place come with a long-haired cat?
“Those assessments. Wowie.”
Almost worth it just for the car turntable.
Think this is closer to 1000sf than to 1184sf
Who photoshopped the mini into the pic? Thats Sabrina level quality right there
The mirrored backspash in the kitchen is odd
Agreed with Nyet, this place probably reeks of old lady. The corded phone is a give away
Normally I agree with The Cat, but not here. No Powder room, no real place for a dining room table w/o killing the living room and the master suite is too large. As the Drake resonates with less and less people, buying here is catching a knife
Tripple Wowie on the assessments
ooooofff, look at that appreciation
Even with the haircut, current owner has a lower monthly nut that the current buyer.
The assessments on ELSD are incredibly high. I often wonder who can afford them. Saw one online for sale with $19,000 a month assessments recently.
This is an interesting listing. Not too expensive for a retiree looking for a ritzy apartment in the city.