Is 340 On The Park The Hottest High Rise in Chicago? 340 E. Randolph in Lakeshore East
Several of you were recently chattering about a bunch of the units being under contract in 340 On the Park at 340 E. Randolph in Lakeshore East and how there were no deals in the building.
It is true that two 3-bedroom units ARE under contract, but there are several 2-bedroom and 1-bedroom units available in the building.
One of the 1-bedroom units that is available is this one on the 5th floor.
It is no ordinary 1-bedroom as at 1337 square feet. It is the size of most 2-bedroom units in other downtown high rises.
The listing says it has N/E/S exposures with a north east corner balcony.
It has dark bamboo floors.
The kitchen has Snaidero cabinets, quartz counter tops and stainless steel appliances.
It has the new construction amenities such as central air, washer/dryer in the unit and parking is extra (usually $50,000).
It’s been on and off the market since 2009. The unit has also been listed anywhere from $550,000 back in February 2010 to the current list of $595,000.
Before you say, “why is someone paying $600,000 for a 1-bedroom”- there are two other 1-bedrooms currently under contract in the building:
- Unit #207 with a 12×10 terrace directly overlooking Millennium Park and 1186 square feet, is listed at $629,000 plus $50,000 for parking.
- Unit #900 which is also 1337 square feet. It is listed for $625,000 including the parking.
What makes 340 On the Park such a popular building?
Vickie Liu at Urban Real Estate has the listing. See the pictures here.
Unit #500: 1 bedroom, 1.5 baths, 1337 square feet
- Sold in July 2007 for $509,000 (included the parking)
- Listed in 2009 for $589,000
- Reduced
- Listed in February 2010 for $550,000 (plus $50k for parking)
- Withdrawn in July 2010
- Re-listed in March 2012 at $605,000 (plus $50k for parking)
- Reduced
- Currently listed at $595,000 (plus $50k for parking)
- Assessments of $560 a month (includes gas, doorman, pool)
- Taxes of $4470
- Central Air
- Washer/Dryer in the unit
- Bedroom: 18×12
It’s the forever views and the finishes. And I guess the amenities also. If you’ve got the money…
There are three or four other buildings there that have the same views.
Also very nice views in The Heritage- and prices are still falling in there. Same amenities as well (The Heritage has a fantastic indoor pool. One of the best I’ve ever seen in the city.)
All the units in 340 OTP have the same finishes. They put the same kitchens in every unit.
I’m just curious- is all- why everyone prefers this building.
I think 340 OTP has a better location than Heritage. I actually prefer the SE view of Heritage. But it is just way too crowed around Heritage when weather is good. Also assessment and property taxes at 340 OTP are much much lower than Heritage. I am not sure why. Property taxes are ridiculously low at 340 OPT, comparing to Heritage and 600 LSD.
The forever views and location sell the building as well as the modern finishes. I think the finishes are just above average personally; once the cabinets are out of style then there is nothing great about the interior of the unit. However, as I’ve said on this blog, there is not a lot of great modern avaiilable and modern is selling at a premium (110 W. Oak). Many modern units have wierd floorplans, but this one does not.
Is it all wealthy foreigners buying in the building? Otherwise, I don’t understand these prices. The location is nice I suppose. My friend just started renting in Aqua and I was very unimpressed. Maybe the apartments are different than the condos, but the apartments have low popcorn ceilings. Maybe people check out the Aqua and don’t like it and then see something at 340 OTP and love it compared to Aqua.
This is perfect for an in-town and my guess would be that these are being used for that. Gorgeous S views, nice(er) modern finishes. I agree, modern finishes are being snatched up at premiums all over the city. If I was a developer, I’d only be doing modern now and watch them fly off the shelves.
I just don’t understand why people would want a premium building for an in-town. I’d have to understand what they do when they come into town. What percent of the time are they actually in their unit and awake? It’s like when you take a cruise…get the cheap rooms…you’re never in them unless you are asleep. Reminds me of the old Red Roof Inn (I think) commercials.
I got interested for about 10 seconds in who would be trying to flip units like these in such a short time frame, then I realized that Redfin has the wrong PIN for #500 and got bored.
i can understand the appeal.
great common spaces. lap pool/sauna. great private-ish park to your north. millenium park to the south (and a less crowded part of millenium park at that)…lake right to the east. shopping/restaurants all a 5 minute cab ride or short walk away.
and great views.
but at $650K all in you’re definitely pushing it for anyone in the market for a 1 bedroom as, for that money, they certainly have options of many of the nicest 2 bedrooms in still prime locations in town.
anyway, i’d love to have throw-away money for a place like this, but alas, i do not.
Gary, there is certainly a fine line between if you need uber-luxurious or just a decent place. I think most folks who have in towns tend to have higher income and probably have certain expectations on finishes and amenities. Personally, I’d prefer a nicer building like this for an in town. Even if you spend a lot of time outside of the unit, you still are going to want to enjoy the time you do have in the unit. Plus with an in town, you are going to be using the unit frequently so the nicer the better imho. I’d also think some people see these places as their future empty nester place so might as well get something with longer term potential.
Id much rather have a 1340 sq ft 1 bedroom, than a 2 bedroom of the same size. I pretty much converted my current home into a 1to 2 bedroom and i like it that way. I have no need for more bedrooms.
Jenny, I’ve never seen the apts at Aqua but the ceilings in the condo units are 9.5′. The penthouse ceilings are up to 14′.
I personally hate the finishes at 340otp and the kitchens are so tiny with almost no cabinet space. BUT, the view is one of the best in the city, the ceiling height is nice, it is new and the assessments/taxes are obscenely low.
“I just don’t understand why people would want a premium building for an in-town. I’d have to understand what they do when they come into town. What percent of the time are they actually in their unit and awake? It’s like when you take a cruise…get the cheap rooms…you’re never in them unless you are asleep. Reminds me of the old Red Roof Inn (I think) commercials.”
Where’s clio? Didn’t he once opine that people like to brag, who wants to tell someone they own a Chicago condo on “Franklin Street” or in the “West Loop” etc.? They want LSD, Mich Ave. or something like this building.
Answer: 340 OTP is one of the best buildings in the city, period. It is possibly in the top 5 and certainly in the top 10 (depending on a new/old factor). It is not a mixed-use smorgasbord like Trump or Aqua and does not sit adjacent to crappy Wabash. If you have the income to pick what and where, I think this property certainly exceeds all others in the MP/LSE neighborhood.
“Where’s clio? Didn’t he once opine that people like to brag, who wants to tell someone they own a Chicago condo on “Franklin Street” or in the “West Loop” etc.? They want LSD, Mich Ave. or something like this building.”
Sitting at home, popping anti-depressants……the real estate market killed me. My new address is 1 Lower Wacker Drive……
New address 1 Lower Wacker drive
Good plan CLIO I think that you should look up that guy that actually lived “inside the bridge” at Wacker and Michigan Ave. He actually had a Direct TV box installed! Pretty cool digs and all for free.
Still much prefer the view from the Heritage or my dentist office at 30 N. Michigan over the 340 view. Being on Randolph is like being sat backstage at a concert. Cool yes but you are always looking at things from the back.
“Still much prefer the view from the Heritage or my dentist office at 30 N. Michigan over the 340 view. Being on Randolph is like being sat backstage at a concert. Cool yes but you are always looking at things from the back.”
I would like to turn the ampitheater at the Shedd aquarium into my residence. That would have not only awesome views, but dolphins as well.
“I pretty much converted my current home into a 1to 2 bedroom and i like it that way. I have no need for more bedrooms.”
“I would like to turn the ampitheater at the Shedd aquarium into my residence. That would have not only awesome views, but dolphins as well.”
What’s next, you’re going to tell what you like for lunch today?
Look at the bathrooms in this unit. No walk-in shower, just a step over shower/bath combo. And look at the half bath, should be a 1/4 bath. You could touch both walls at the same time. I’ve seen nicer bathrooms in units worth less than $150k!
Yeah, only a foreigner who’s never been to Chicago would buy this for $600k, and with stolen money, then use it once or twice total.
Nice looking place, but if you’re going to live in a high rise, why would you want to be on just the 5th floor? I know, people like the location, amenities, etc. But to me the best thing about high-rise living is the view. It looks like this building has awesome views from high up, so that’s where I’d want to be.
By the way, I like the new humbler Clio.
“What’s next, you’re going to tell what you like for lunch today?”
NO!!! Very hot.. not much of an appetite… waiting for it to cool off so I can go running… then maybe read a book and watch an episode of “the killing”. But for dinner it will be Macadamia crusted fish with zuchini and rice… Ze’s keeping it light and simple 🙂
Thanks for asking.
340OTP deserves a premium and certainly to Aqua. The quality of finishes are far superior to Aqua and the fact that you don’t have to share all the amenities with hotel guests and renters is a huge plus. Also, i believe the ceiling heights in the Aqua condos are below 9′
The standard ceiling height for the Aqua condominiums is 8’8″ throughout except for the transition floors and the penthouses. The ceiling height at 340 is 9’4″ but it is not throughout the unit, most have 12″ dropped ceilings in portions of the unit such as the hallways and closets.
These prices have nowhere to go but down as the building ages and newer, hipper buildings come to market in the ensuing decades.
“You could touch both walls at the same time.”
If it only has two walls, it’s a hallway, not a bathroom.
“…waiting for it to cool off so I can go running… then maybe read a book and watch an episode of “the killing”. But for dinner it will be Macadamia crusted fish with zuchini and rice… Ze’s keeping it light and simple.”
LOL, who else has a vision of Ze living in a viewless 2 bd. class B apt. in Rio, smoking bowls and doing the occasional line of blow, walking around in his underwear, cooking, watching TV, looking at his increasing gut, jerking off, and then waiting for his brazilian Crying Game “wife” to come home …all with Culture Club playing in the background on the bose speakers?
helmet… Ze don’t do blow, I like calling it a 1 bedroom but that annoys my wife, and my preference are definitely Aerial Acoustic speakers.. although I no longer have my Krell 600…and nothing wrong with Culture Club… brings back great memories…
The view., like a shorn scrotum…. It is truly breathtaking! As for smoking bowls and jerking off.. Yes to one and would simply prefer you not be thinking about the other…
C’mon.. you’re relatively intelligent for a Neo-Nazi.. I would think you might have figured me out better by now… Actually I think I even once told you what I did.
This is basically in the point, right? Wouldn’t that make the layout of the combo room somewhat awkward? Can’t find a floorplan for this unit-type, but this:
http://www.dreamtown.com/images/cco/48ade7a2-9a70-482a-9dc4-97f23ee6dedf.jpg
gives an idea of the shape of that combo room space.
It’s definitely one of the best buildings in Chicago! Location can’t be beat, Mariano’s Market and lll Forks Restaraunt a few steps out the back door, convenient to theater, shopping, lakefront, Millennium Park festivites etc. The amenity level is simply stunning.
Sabrina, unit #207 is under contract – as is #900. There are only a total of 3 units available at the moment for sale.
I do not have the floor plan but the building has a different shape floors 2-14 on the NES corner. The building shape transitions to the point at floor 15. The 15th floor has the unit that has the large terrace on this corner of the building.
625k for a one bedroom. No thanks. I’ll stick with my 550k 3/3. Sure, I’ll be in the West Loop, but location is only worth so much. And buying into a highrise at that cost is risky. I don’t see how those prices can go up and let’s just hope there aren’t a rash of foreclosures in the building (like there are in my current LSD residence).
“why would you want to be on just the 5th floor?”
doode, the fifth floor here is like 20 floors above the park. randolph is raised pretty high when you get this far east
Groove.. stick around more.. the stupid humor goes to complete waste without you.
“the building has a different shape floors 2-14 on the NES corner.”
Ah–finally found a reasonable aerial view.
But this unit doesn’t have the direct south facing view of that square corner, does it?
“the fifth floor here is like 20 floors above the park.”
Park is raised pretty high too.
“like a shorn scrotum…. It is truly breathtaking!”
“Culture Club… brings back great memories…”
You are living like that dude in the movie Crying Game, maybe you don’t even know it yet!
“I’ll stick with my 550k 3/3. Sure, I’ll be in the West Loop, but location is only worth so much.”
If location isn’t a big concern, and we’re talking 3 beds for up to $550k…
The southeast view from the 00 tier you can see the Field Museum, the Cancer survivors park and the harbor. It does not have a view of Buckingham fountain or Millenium Park.
“If location isn’t a big concern, and we’re talking 3 beds for up to $550k…”
Actually in the middle… 3/3 were starting at 500 and go up to about 650. And I’m actually going to have an east view looking at the skyline. Not bad for a West Loop condo, if you ask me.
I just don’t see the appeal of a 1 bed at that cost. I guess if you’re looking to blow some money… and I’m tired of throwing away money for useless doormen.
“Groove.. stick around more.. the stupid humor goes to complete waste without you.”
tax season sorry, groove should be back to 80% this week if nothing catches on fire.
Brad,
Agreed, the bathrooms are pretty blah in this one.
““the fifth floor here is like 20 floors above the park.”
Park is raised pretty high too.”
20 floors like most my statements are rounded up for dramatic shock.
also any word from angry owners about the BCBS addition? IIRC the 3 bedrooms have the kitchen windows facing the BCBS building.
“also any word from angry owners about the BCBS addition?”
Word *for* those angry owners: ur-dumb.
Why a lower floor in a hirise? Well, SOMEBODY has to live there! And there are many people (including a client of mine) who don’t like heights but want all the amenities of hirise living like pool, gym, doorman, on-site dry cleaner, etc. So for a lower price than the “premium” floors they get the same amenities and locationlocationlocation.
“Word *for* those angry owners: ur-dumb.”
due diligence wasnt in the vocabulary in the boom years.
I didnt know they planed and already had the rights long ago to build. but then again i didnt need to know.
anyone have a link to the angry writer for the trib/sun that had a whole article about his/her condo and the lights in the building next door bothering them?
“Sabrina, unit #207 is under contract – as is #900.”
Yes- it says this quite clearly (I thought) in the post.
“Why a lower floor in a hirise?”
Who actually uses a balcony on the 43rd floor (or the 55th floor) of a building? Seriously- who? (one that isn’t enclosed.)
In other major cities with high rises (i.e. NY), they wouldn’t even build it with balconies because they are not usable. But in Chicago, you MUST, for some reason, build with balconies (which is why so many loft buildings were ruined by the addition of those small little balconies that hang off the sides.) In SF and NY they would NEVER add balconies like that to a brick loft building.
But- in answering the question of a lower floor in a highrise- some people want to see the trees. They want to see and hear the birds. And as ChiTownGal said- they still want all the amenities of a high rise.
In some locations, I would prefer the lower floor (like 2520 LP for example- which is directly across from Lincoln Park.)
I too have never understood the appeal of a low floor in a high rise, with the possible exception of 2520 LP since it is on a quiet street. Most high rises are in dense, noisy areas and you need at least 100 feet from the ground for noise abatement. Not to mention, its nice to have a view of something other than a brick wall of the neighboring building.