Live in Your Dream Building: 1550 N. State Parkway in the Gold Coast
This 3-bedroom in Benjamin Marshall’s elegant 1550 N. State Parkway in the Gold Coast came on the market in August 2015.
Built in 1911, the 10-story limestone clad building has 33 units which were originally apartments. It was converted into condos in 1977.
There’s no parking with the building, but parking is available next door in the Constellation high rise.
This unit has north views of Lincoln Park and East views which includes the lake.
It is a half floor apartment with 4160 square feet.
It has 10 foot ceilings, 2 fireplaces and 4 balconies, several of which you can fit a small table and chairs on.
There’s a library and an eat-in kitchen.
The unit has central air and washer/dryer.
The building has 24-hour door staff and an exercise room.
There have only been 2 owners of the unit since 1986. The current seller has lived there since 1995.
Sales in the building are rare.
Is this a unique opportunity to buy into a Chicago gem?
Nancy Joyce at @Properties has the listing. See the pictures here.
Unit #402: 3 bedrooms, 3.5 baths, 4160 square feet
- Sold before 1986
- Sold in January 1995 for $1.2 million
- Listed in August 2015 for $3.85 million
- Currently still listed at $3.85 million
- Assessments of $5971 a month (includes water, heat, doorman, exercise room, snow removal, exterior maintenance)
- Taxes of $41,800
- Central Air
- Washer/Dryer in the unit
- Parking available next door in the Constellation high rise
- 2 gas fireplaces
- Bedroom #1: 24×15
- Bedroom #2: 17×14
- Bedroom #3: 16×11
- Laundry room: 9×8
- Library: 24×15
Nice place but no parking included is a deal breaker for me.
“Taxes of $41,800”
That’s a guesstimate based on the AV going from 139,762 to 226,285. The taxes paid this year were “only” $25,114.24. I think next year’s taxes will be more like $45k.
I don’t see that parking is a deal killer. If you’ve just dropped nearly $4 million on this place and still have to pay over $9,000 month in assessments and taxes, surely you can throw a little more money at the parking problem. I’d bet you could find a garage in the area that would valet your car for a fee.
“i don’t see that (no) parking is a deal killer.”
Imo a number of GC SFR’s and row houses (so all asking above $1 mil) have been languishing on market precisely b/c owner can’t deliver on site parking or an acceptable substitute – maybe 5 on Astor alone?
Speaking of taxes; I got a letter from Joe Berrios today saying the AV of my condo+parking is going from 22,500 to 30,000 next year.
Me thinks property tax increases are going to be bigger than advertised.
“I don’t see that parking is a deal killer.”
The current owner has dealt with no parking for 20 years- and this was before Uber. And none of the other units in the building have parking- why aren’t they all trying to move?
Obviously, it’s not an issue.
And Constellation next door is very inexpensive parking like $175. Not that it matters as most of these owners probably have drivers.
Such a beautiful building. Someone could do a great deal with that space and the outlook is incomparable.
I didn’t look closely enough at the listing…it shows parking 4 spaces, 2 garage, 2 exterior next door with valet. Sounds like a reasonable setup to me.
“I didn’t look closely enough at the listing…it shows parking 4 spaces, 2 garage, 2 exterior next door with valet.”
This building doesn’t have any parking. It was built in 1911. They didn’t think everyone would be driving around in hulking metal machines that they would want to house like a horse.
All of the parking is next door at the Constellation. It has a public garage as well so anyone can park there (along with monthly parking.)
Yeah, that’s what I was saying. Pull up next door, toss your keys to the valet and walk into your building. Sounds like a suitable solution for a high roller.