Get Your Own Private Atrium and Rooftop Deck: 559 W. Surf in Lakeview
This 2-bedroom penthouse unit in The Green Brier, at 559 W. Surf, in Lakeview has been on the market for a year.
It was recently reduced $50,000.
The unit has a unique private atrium with rooftop deck.
The kitchen has been updated with custom cabinets, stainless steel appliances and granite counter tops.
The bathrooms are marble.
It has all the bells and whistles that buyers look for including central air and washer/dryer in the unit. Deeded parking is also available.
The listing also says the building has reserves of $909,000 so you can protect yourself from specials.
Is this a deal?
Joe Zimmerman at @Properties has the listing. See the pictures here.
Unit #900: 2 bedrooms, 2 baths, 1600 square feet
- Sold in March 1993 for $200,000
- Sold in May 2003 for $275,000
- Originally listed in September 2009
- Listed in April 2009 for $349,900
- Reduced
- Currently listed for $299,900 (parking is $25,000 extra)
- Assessments of $915 a month (includes the doorman)
- Taxes of $7586
- Central Air
- Woodburning fireplace
- Washer/Dryer in the unit
- Bedroom #1: 15×22
- Bedroom #2: 13×10
“The listing also says the building has reserves of $909,000 so you can protect yourself from specials.”
909k in reserves is decent but NOT a lot for a building of this age. You definitely are NOT protected from special assessments.
What would be a sufficient amount in reserves to protect you from special assessments?
“909k in reserves is decent but NOT a lot for a building of this age. You definitely are NOT protected from special assessments.”
Take off at least another $50K for the high assessments and taxes.
“What would be a sufficient amount in reserves to protect you from special assessments?”
Depends on the amount of deferred maintenance. Especially w/ the elevators, windows/brick and heating system. And the roof, but that’s relatively cheap.
Didn’t they somewhat recently (last 10 years) do the tuckpointing and/or windows? Or am I thinking of another building on Surf?
I love living this close to the lake but not having a view of it. You get all of those nice breezes and extra fine precipitation to help cool your heels during the winter months.
If one can get past the high assesmments and taxes, this is a beautiful place for an incredibly cost per sq. ft.
I agree, Phil — even with the high assessments, that seems like a VERY fair price for a great place. As far as “taking another 50k off”, I think they already did. It’d be too much for me per month, but for someone who can afford it (and there are many), it’s a good deal.
I do like this place – I think people have identified the problem here though. Even before your loan, you are paying $1547 per month for taxes and assessments. Not a fan of renting but I do think you have to achieve some parity before taking the plunge and buying. $1600 plus a loan payment should get you something pretty nice in terms of renting in that area.
Not sure what to think about the tiny, high windows in the living space.
“$1600 plus a loan payment should get you something pretty nice in terms of renting in that area.”
$2850, excluding principal and tax bennies (assuming $300k, and the parking adds nothing to taxes+assessments). Yes it gets something very nice around here for rent, and avoids the liabilities of owning in an old condo building, but this place approaches being genuinely unique. If that roof deck had a *slightly* better view, it would be a more justifiable premium to renting.
Really great space, and I doubt you could find a genuinely comparable rental for the longer term.
Ah memories. My parents rented here way back when. Felt like a very solid building to me at the time, but I was much younger then.
I remember there was a dance club on Broadway right here with a 4am license to boot I think. Always had cars outside at all hours of the night going BOOM! BOOM! BOOM! Drove me nuts when I would spend the night.
Can’t remember the name of the club.
“I remember there was a dance club on Broadway right here with a 4am license to boot I think. Always had cars outside at all hours of the night going BOOM! BOOM! BOOM! Drove me nuts when I would spend the night.
Can’t remember the name of the club.”
La something or El something. Groove will probably remember.
Just north of Surf, right?
This is one of those places that I wish had a floor plan attached.
That’s a really nice looking place and I LOVE the atrium/roof deck (slightly depending upon how private that atrium is) but the assessments/taxes make this a bitter pill to swallow.
It seems to me that people care more about monthly assessments than reserves. In this case, if the assessments were $450 a month and the reserves were $300k, no one would be talking about either.
I think it would be easier for the owners in here to sell if they actually lowered the assesments for everyone and ate into those reserves.
What do you think this would rent for?
“Just north of Surf, right?”
Yes, that’s the place. I’m asking around but everyone’s saying they were too wasted back then to remember. 🙂
I never went there. Was never a dance club sort of guy. I remember my sister would go from time to time. She’ll be in town next week, I’ll have to bring it up.
I like it but would have to get in there to feel the spaceand privacy of that deck and atriu
Probably would rent for 2500?
“It seems to me that people care more about monthly assessments than reserves. In this case, if the assessments were $450 a month and the reserves were $300k, no one would be talking about either.”
Obviously if you’re actually interested in the unit you’re going to do your homework, but armchair evaluation and “came through on my redfin filter, looks overly expensive, dismiss” make it seem like it’s a lot of money.
The odd little windows in the living room are the biggest problem.
“La something or El something. Groove will probably remember.”
sorry cant help you with that one, the only one i remember is a Bar with a 4 pm license and SPIN with the shower on stage up on Belmont.
there is a mexican bar but that up by halsted.
“there is a mexican bar but that up by halsted.”
May not have been a fulltime Mexi-club, but Sunday(?) night was full on Fords, hats and boots til the wee hours in the area. Never went in, as not a club guy, either.
I remember that place. The building it was in was owned by the late, notorious Louis Wolfe, and looked like it was leaning to one side. I was new in town and a lot younger then, and went in one night, to the dullest scene ever. But there was a lot more going on in that neighborhood then.
I forget who was in the space now occupied by SPIN.
This unit is a good deal at $187 sq ft. This is a great neighborhood still and always will be. But many of the other units in this building have more vintage details intact.
“May not have been a fulltime Mexi-club”
i want to say its a restaurant by day, but the amount of tequila i drink there (free) has most memories of that place a tad fuzzed. last time i went to it was 2004.
“i want to say its a restaurant by day, but the amount of tequila i drink there (free) has most memories of that place a tad fuzzed. last time i went to it was 2004.”
Nah, the place on B’way that CK and I are talking about got torn down for the BB&B/Hollywood Video parking-lot/retail building. That happened before ’04, I’m pretty sure. And I’m pretty sure the club shut down before then.
“And I’m pretty sure the club shut down before then.”
Oh yea. It was shut down in the 90’s. I’m almost certain of that.
The club got shut down in the early 90s, and the entire row of shabby, decrepit buildings, which also contained a peep show, was razed and the building now containing World Market was built on its spot.
For whatever it’s worth, here’s a pic of that block from 1986:
http://farm3.static.flickr.com/2748/4354373114_9d161e1de9_b.jpg
“The club got shut down in the early 90s,”
It was *definitely* open in 1995.
“For whatever it’s worth, here’s a pic of that block from 1986:”
Confirming that it was just north of that bend.
I spent a lot of time in Times Square in the early 90s playing pinball. Williams used to beta test pinball games there.
“Not sure what to think about the tiny, high windows in the living space.”
Not a nice looking place with small windows that look like a garden apartment. Perhaps the pictures do not do the unit justice.
I think the club was called the Phoenix in the late 70’s and was one of the last of the Studio 54-style discos of that era.
It went country in the early 80’s and was one of the first places in Chicago to have an “Urban Cowboy” style bull-ride machine.
Aren’t small windows considered an energy-saving “green” feature nowadays? This place ma actually be “ahead of its time.”
I remember it as Paradise……saw Eartha Kitt there in her disco era.
That was quite the block on Broadway. I remember the original incarnation of Cousin’s restaurant in a small storefront on the west side of Broadway.
Do you guys remember the Lincoln/George/Lakewood intersection back in the 80’s (Thurston’s and Elbow Room)? Lakewood had a rail line going through the middle of the street. That was like a little slice of urban blight in the middle of tony Lakeview.
I like how wide Lakewood is because that train line used to be there.
“Do you guys remember the Lincoln/George/Lakewood intersection back in the 80’s (Thurston’s and Elbow Room)? Lakewood had a rail line going through the middle of the street. That was like a little slice of urban blight in the middle of tony Lakeview.”
Bedrock!!! The club was Bedrock in the late 80’s/ early 90’s. I lived at 644 W Surf after college and staggered home many nights.
“I think the club was called the Phoenix in the late 70’s ”
That’s what people are telling me. That it was called Phoenix even in the 90’s. Doesn’t ring a bell. Maybe I’m just getting old. 🙂
Have you guys heard the old stories about the top floor of this place. See the exterior picture and the top row of small windows. I had always heard the top floor was a speakeasy in the 30s. Cops would come because of noise complaints, check the top floor and find nothing. Then they go into the “attic” and find a crawl space for storage with 4foot ceilings and these tiny window. But that was just the front fake room of the attic … behind that dummy room there were these types of floor plans with normal 9ft ceilings. Is this just urban myth? It is strange to have penthouse units like this with tiny 2foot windows 8 feet up the wall. Anyone hear this? Check it out next time you walk by the facade.
… also, the windows across the street in the sister building are the same, but instead of small sqaure windows … they have even smaller round windows … the building to the north for sure looks like attic space from the outside.
Danny – The rail line on Lakewood served several small factories in the area, especially candy factories. I think the locals had a special nickname for it like the “Sugar Line.”
Laura L., you are amazing! I am hoping you will write a book on Chicago vintage.