How Much Does Outdoor Space Matter? One Bennett Park at 451 E. Grand in Streeterville
The new construction luxury building One Bennett Park at 451 E. Grand in Streeterville has finished construction.
Designed by Robert A.M. Stern, it boasts just 67 luxury condos, with 279 luxury apartments on the lower level.
Don’t worry. They each have their own set of lobbies and amenities so the condo owners don’t have to interact with the mere renters.
The condos have some exclusive features such as a limestone and granite motor court so passengers and visitors can be dropped off in privacy.
Another unique feature is that both the exterior, and the interiors, were designed by Stern and his team.
This northeast corner 3-bedroom came on the market in January 2019.
It is listed at $2.2 million, which is on the lower end for the building.
Crain’s Dennis Rodkin covered the first look at the building earlier this year:
For the Streeterville project, Stern’s design used large windows to take advantage of water views on two sides that the site affords, but he didn’t go for floor-to-ceiling walls of glass. The result, Bailey said, “feels more like a house you designed for yourself in Lincoln Park, but you’re 600 feet in the air.”
Thompson added that the buyers of these upper-price units typically “have traveled and collected things. They have art. If you live in a glass box, it’s harder to place those things in your home.”
Stern and his firm designed all details of the kitchen—including the stove hood, the cabinet doors and hardware and the light fixtures—expressly for this building. “You won’t walk into one of his buildings in New York and see the same things,” Bailey said.
All stone slabs on the island and backsplash are seamless, a design distinction that was available because the units were designed in advance by Stern instead of being sold as raw space for buyers to finish. Because of their size and weight, the slabs had to be delivered by a crane during construction.
These units have 11 foot ceilings, central air, and washer/dryer in the unit.
Parking is $75,000 extra.
As of March, about 40% of the units had already been sold.
This is a rare new building which did not build with outdoor space on most of the units (either balcony or a terrace.) Only a handful of units, apparently, have outdoor space.
Will lack of a balcony hurt sales of these units?
How much does it matter to buyers?
Erin Ward at Related Realty has the listing. See the pictures here.
Unit #4302: 3 bedrooms, 2.5 baths, 2121 square feet
- New construction
- Currently listed at $2.2 million
- Assessments of $1496 a month (includes heat, a/c, gas, doorman, exercise room, pool, exterior maintenance, lawn care, scavenger, snow removal)
- Taxes are “new”
- Central Air
- Washer/dryer in the unit
- Parking is $75,000 extra
- Bedroom #1: 17×13
- Bedroom #2: 13×11
- Bedroom #3: 12×15
- Laundry room: 7×8
Almost no point in commenting on pricing since the target market for this doesn’t exactly live on a budget. Taxes *should* be $3500-$4000/mo based on extrapolating my taxes. Assessments seem awful low for a building of this height with these amenities so I would expect that to increase substantially over the years. If you put 20% down, your mortgage is roughly $9500/mo. Lets figure another couple hundred for insurance and a home with no private outdoor space or parking (why bother with parking since this won’t be your full time residence if you buy it!)…so just shy of $15K/mo to live here for the first year.
What I cannot get over is that this is Robert A.M. Stern. I am more accustomed to his 1980s SFHs….even grew up near one. Nothing about this place is remotely his signature style.
“Nothing about this place is remotely his signature style.”
Looks to be in similar style to his luxury high-rises in NYC.
https://nypost.com/2019/05/02/meet-the-architect-behind-nycs-billionaire-filled-buildings/
Marco – – it is almost as if his signature style is simply “high end” – – I am mistaken. I was clearly thinking of Richard Meier whose work is entirely different from Robert A.M. Stern.
Makes zero financial sense but people buying these probably don’t care about earning a return on 2m and/or living out their last years in luxury.
Lul at the 12 pool lounge chairs. My building has well over 100. Sure we have more than 69 residences and people actually live here (vs. invest), but that’s just a joke.
I love how they don’t even bother checking that the floor plan is completely unreadable in the list
I may be old fashioned, but I’m one of those rare people who believe if you pay $2 million for a condo, you shouldn’t also have to pay an extra $75,000 for a parking space.