Loop Million Dollar Boutique Lofts Return with Wood Ceilings at 223 W. Lake
This 3-bedroom loft at 223 W Lake in the Loop came on the market (again) in December 2024.
Some of you may remember this building, which we chattered about in 2017 when the lofts were first listed for sale.
You can see that chatter here.
If you recall, there are 8 lofts in this industrial building which was built in 1895.
These units have all the features that loft lovers look for including tall reclaimed wood ceilings between 11.4 and 14.5 feet, exposed brick walls and iron and glass double paned window as the El line runs right in front of the building.
These lofts are all 3 bedroom, 3.5 baths. There are 2 units per floor, one facing north (towards the El) and one facing south (towards office buildings).
The 2 penthouse units each have private rooftop terraces.
They have oversized black frame windows.
They have chef kitchens with white modern white cabinets, Wolf and Subzero appliances, quartz counter tops and islands.
The bathrooms are also in the modern style.
There are white oak engineered hardwood floors throughout.
Each loft has a private elevator entry. The building has a heated garage but no doorman.
This block of Lake contains several historic brick buildings, including Monk’s Pub, one of the oldest restaurants in the loop. Monk’s survived the pandemic.
This 3-bedroom has 2700 square feet.
It has the features buyers look for including central air, washer/dryer in the unit and secure underground parking.
Back in 2017, these lofts ranged in price from $1.48 million to $2.34 million.
They have come back on the market at a lower price ranging from $1.15 million to $1.55 million.
8 years later, is this a better market to try again on these lofts?
Kacia Snyder at Jameson Sotheby’s now has the listings. See the pictures here.
Unit #3N: 3 bedrooms, 3.5 baths, 2700 square feet, loft
- New construction
- Originally listed in December 2024 for $1.199 million
- Reduced
- Currently listed at $1.15 million
- Assessments of $936 a month (includes exterior maintenance, scavenger)
- Taxes are “new”
- Central Air
- Washer/dryer in the unit
- Underground parking included
- Bedroom #1: 16×14
- Bedroom #2: 26×14
- Bedroom #3: 10×12
- Living room: 26×13
- Dining room: 21×14
- Kitchen: 17×13
- Bar: 13×13
- Walk-in-closet: 5×7
- Foyer: 6×8
- Laundry: 6×6
I work across the street and I am not sure if the Green Line could be any closer or louder to this building.
This area is quite safe at night and during the weekends.
2N closed at $1.1 in Dec:
https://www.redfin.com/IL/Chicago/223-W-Lake-St-60606/unit-2N/home/171320515
The loan discussed in the prior post was refi’d in Dec-21 for $6,450,470, and foreclosed in July-24. New owners’ basis is ~$6.1m, inlcudes the commerical space. Condo dec filed just before that 2N sale.
“I work across the street and I am not sure if the Green Line could be any closer or louder to this building.”
Chicago ambiance. Lol.
I think the original listing said it had double or triple pane windows.
Thanks for the info anon(tfo).
I see that there are just 6 units on the market and 8 in the building. I didn’t know if any had sold or if they just didn’t bother to list them all.
Looks like there is someon u/c for the commerical unit:
https://www.loopnet.com/Listing/223-W-Lake-St-Chicago-IL/34215467/