Iconic Building Week: A 2/2 in Benjamin Marshall’s Pink Palace: 5555 N. Sheridan in Edgewater
This 2-bedroom unit in the Edgewater Beach Co-op Apartments at 5555 N. Sheridan in Edgewater came on the market in February 2016.
The Edgewater Beach Co-op was built in 1928 as a companion property to the older Edgewater Beach Hotel which was a resort with a Mediterranean flair on the Lake.
Designed by Benjamin Marshall it has 19 stories and 300 apartments.
The building is was put on the National Register of Historic Places in 1994.
It is often referred to as the Pink Palace due to its pinkish stucco exterior.
Everyone who drives north on Lake Shore Drive knows this building.
This unit is on the top floor of the building and has Lake Michigan views.
The listing says it has been “redone from top to bottom” including a custom kitchen with granite counter tops and stainless steel appliances.
There are hardwood floors throughout and all windows have been replaced.
The listing says it is one of the few units in the building with central air.
It doesn’t have a washer/dryer in the unit, there is coin laundry in the building, but there is leased, valet parking in the attached garage.
The building has an extensive list of amenities:
Amenities include a 60-ft heated indoor pool with adjacent party space; weight and exercise rooms; library; craft room; 2 acres of award-winning gardens; gazebo; an arcade of shops; heated indoor garage with adjacent bike rooms; guest apartments for rent on first floor; basement storage facilities; 3 passenger elevators and 8 freight elevators; and doormen and garage attendants 24/7.
The building requires 20% down.
And there are no dogs allowed.
Originally listed for $400,000, this has been reduced twice and is now $360,000.
Is it priced to sell?
Mike Paonessa at @Properties has the listing. See the pictures here.
Unit #1917: 2 bedrooms, 2 baths, no square footage listed
- It’s a co-op so I don’t have the prior sales info
- Originally listed in February 2016 for $400,000
- Reduced twice
- Currently listed at $360,000
- Assessments of $1083 a month (includes real estate taxes, heat, doorman, cable, Internet, exercise room, pool, exterior maintenance, lawn care, scavenger, snow removal)
- Taxes of $537
- Central Air
- No washer/dryer in the unit. Coin laundry in the building
- Valet parking for $105 a month
- Bedroom #1: 15×11
- Bedroom #2: 20×11
- Office: 5×4
If I’m paying over a 1000 a month for assessments… coin laundry? cmon man!
I think also that people don’t want to live here because the vintage character has been mostly stripped out of this unit and it looks like your bland 2006 mccondo now
or maybe the price is too damn high to live in a not exactly prime green zone area
No dogs = no thanks
And 3 passenger elevators and 8 freight elevators? That has to be a typo?
The assessments seem too low to me. The agent indicates that they include taxes, heat, and water. In a full amenity, aging building, I don’t know how it’s possible for the assessments to be so low.
No washer/dryer, no pets, no thank you.
This one is staged, right? If so, is the person that staging appeals to truly the likely market for this unit? Maybe…but then that’s also a sing that this is not the building for most Chicagoans, imo.
Question based on the redfin ‘payment calculator’:
Are people actually paying that much for HO insurance? $1764 annually for a #360k apartment?? If so, makes me feel much better about mu insurance rate.
testing if post goes through.
“The assessments seem too low to me.”
Agreed
“Are people actually paying that much for HO insurance? $1764 annually for a #360k apartment??”
No, that is crazy talk. Maybe redfin is calculator is confused because it is a co-op and is treating it like a stand alone house instead of condo?
“testing if post goes through.”
It did not.
“Maybe redfin is calculator is confused because it is a co-op ”
Clicking over to the first “nearby similar”, it’s a $245k 2/2 in a low-rise, and it sez $1200/year.
https://www.redfin.com/IL/Chicago/5625-N-Wayne-Ave-60660/unit-A2/home/21800438
Still seems crazy high.
The trump tower unit, RF sez insurance would be $21,027(!!) per year.
“Are people actually paying that much for HO insurance?”
Redfin’s H/O insurance calculations are all over the place. I just looked up a few comps to my house and Redfin’s numbers are twice as much as I pay.
ITS NO TRUMP TOWER LOLZ!!!! LETS GO CUBBIES!!!!!!!!!!!!! RAWKKKKK!!!!!!
I was certain that the last iconic building of the week was going to be Lake Point Tower.
This building just doesn’t have the vibe for me.
I think it’s a fair question to estimate the age demographic in this building. I’m guessing it skews, quite a bit, to the high side. Am I wrong?
I meant… I am certain that the last iconic building of the week is going to be Lake Point Tower.
There was a special assessment on the building about 1999-2000 for major renovations. Might be the high assessments are insurance against another special in the future?
What is going in on with the retro parking garage and outside pictures? Is it meant to attract the demo targeted by the staging?
High assessments are for the 8 fright elevators…..
“High assessments are for the 8 fright elevators…..”
Are they really that high? Don’t seem like it to me.
Taxes are at least $250-$300 a month.
Then it includes heat (another $100 a month), cable ($100-$150), Internet (another $50).
That leaves the assessments around $400 to $500 a month. You get what you pay for: indoor pool, exercise room, doorman, someone to shovel the front walk, the gardens maintained, someone to keep track of all your packages etc.
Some people value a building where everything is done. Others do not.
But these don’t seem excessive compared to other buildings- even those that are built “new” (i.e. less than 10 years old and have 300 units.) And for one built in 1929? They seem quite affordable.
“Might be the high assessments are insurance against another special in the future?”
Assessments aren’t high. They include the real estate taxes because it’s a co-op.
I have a feeling that this building, like one of similar age and quality in Hyde Park recently, is going to have to change from co-op to condo before all of the current owners die off and their heirs are stuck with unsellable properties that younger home buyers just don’t want. They don’t “get” the concept of co-op (unless they are upper-class New Yorkers maybe, and how many of them are moving to Chicago?) and want either condos or houses.
I love that place. Would I buy? No.
“I have a feeling that this building, like one of similar age and quality in Hyde Park recently, is going to have to change from co-op to condo before all of the current owners die off and their heirs are stuck with unsellable properties that younger home buyers just don’t want. They don’t “get” the concept of co-op (unless they are upper-class New Yorkers maybe, and how many of them are moving to Chicago?) and want either condos or houses.”
If you’re talking 5000 EE it was a big financial mess for years and had a big palace coup after the conversion. A friend of mine in a six-flat co-op in Hyde Park just told me that a young couple bought one of the units, at what I consider a somewhat high price (around 450 iirc, down from 5 something – it needed work, but is truly massive), so it’s not totally alien to younger people.
The assessments here seem about right for the amount of service and age of the building. And yes, there are service elevators for every two tiers with three central passenger elevators.