Love Views? A 2/2 on the 44th Floor in East Lakeview: 3660 N. Lake Shore Drive
This 2-bedroom in New York Private Residences at 3660 N. Lake Shore Drive in East Lakeview came on the market in November 2021.
Built in 1987, the New York Private Residences has 49 stories and 594 units.
It was converted into condos during the housing boom.
The building has an attached garage, a common rooftop deck, party room, a multiplex gym with swimming pool, which apparently costs extra.
This unit is on the 44th floor and has views of the Lake, golf course and harbor.
It has wood floors in the living/dining room as well as a wood crown molding in the living room, dining room and hallways.
The bedrooms are on a split floor plan and have carpet.
The primary bedroom is en suite and has a walk-in-closet.
The kitchen has been “tastefully renovated” with wood cabinets, granite counter tops and stainless steel appliances.
This unit has central air, but no washer/dryer in the unit. There is a laundry room in the building.
Included in the price is one garage parking space and 2 storage units.
It also has two balconies, one off the living room and one off the second bedroom.
Originally listed in November 2021 at $449,000, it has been reduced $34,200 to $414,800.
If you’re a lover of views but want to live in Lakeview, is this building the place to be?
Mike Checuga at Re/Max Next has the listing. See the pictures and floor plan here.
Unit #4402: 2 bedrooms, 2 baths, no square footage listed
- CCRD was down
- Sold in January 2001 for $426,500 (per Zillow)
- Sold in March 2012 for $178,500 (per Zillow)
- Sold in May 2012 for $285,000 (per Redfin)
- Originally listed in November 2021 for $449,000
- Reduced
- Currently listed at $414,800 (includes garage parking)
- Assessments of $852 a month (includes heat, a/c, doorman, cable, Internet, exterior maintenance, lawn care, scavenger, snow removal)
- Taxes of $8317
- Central Air
- No washer/dryer in the unit. There’s a laundry room in the building
- Bedroom #1: 16×13
- Bedroom #2: 12×11
- Living room: 21×14
- Dining room: 10×10
- Kitchen: 10×10
Bold of the seller to list this 45% over the 2012 sale price after seemingly making no major updates to the place.
Not terrible, but not great.
Isn’t there a plan to put another high rise right in front of this building? Not sure if the 44th floor is high enough to retain the views.
Madelaine, there WAS a plan to build another building in front of it when it was built back in the late 80s, but the neighborhood NIMBY platoon put the nix on that, making the usual noises about increased traffic and all.
Don’t ask me why the neighbors would rather have a dark, vacant lot to walk past at night than a live high rise building. To me, it looks like a missing tooth and to my way of thinking, makes the street more dangerous at night, not safer.
The building was built as a rental, and the apartments are small and cramped, with low ceilings, and tiny kitchens. It’s not a bad place, but it’s not great, either.
“Isn’t there a plan to put another high rise right in front of this building?”
I think that got killed by the alderman … [checking]…
Latest proposal seems to be much shorter (2 buildings of 19 and 6):
“It’s an optimistic outlook that he’s bringing to the Lake View community as well, where Holtzman wants to build on what may be the last vacant site overlooking North Lake Shore Drive. The site is nearly two acres at Waveland Avenue that for years has slithered out of developers’ grasps.
Details may change, but Holtzman has proposed a two-section building with 19 and six stories, containing 333 units. In April, the East Lake View Neighbors gave the project a key letter of support. It also has the backing of condo associations for buildings at 3600 and 3660 N. Lake Shore Drive. The latter is a high-rise called the New York. Despite the address, the building is set back from the Drive. Holtzman’s building would go up east of it and block some views, but its alignment has proven satisfactory to the condo association.”
https://chicago.suntimes.com/2021/5/24/22445820/apartment-developer-jonathan-holtzman-loop-lake-shore-drive-higher-end-services
“The building was built as a rental”
Another Invsco winner!
https://cribchatter.com/?p=1384
Invesco conversions are great if you like hearing your neighbors TV and knowing what they are eating for dinner every night.
“Don’t ask me why the neighbors would rather have a dark, vacant lot to walk past at night than a live high rise building.”
When I lived down near the corner of Surf and Sheridan for a year, I had shin splints from running so was taking a few weeks off, but was heading to climb Mt. Kilimanjaro over Christmas 2005, and was nervous about falling out of shape, so I did a one-month trial at whatever the gym was in the lobby of this building at the time, to use the elliptical. Would take the bus up when the sun was just rising, and yes, that whole stretch to get to the building was pretty desolate. The whole property felt sort of deserted.
I bet the hallways perpetually smell of soup or various seasonings.
Sold in Jan-01 for $426,500 (82% loan from WaMu)
Refi in Dec-07 with $434k mortgage (ie, a Jumbo from Chase)
Sold in Mar-12 for $178,500 f/c to BMO REO entity
Sold in May-12 for $285,000 from BMO REO entity (no mortgage)
Looking at asking rent for 2/2s in the building (eg, https://www.forrent.com/il/chicago/3660-n-lake-shore-dr/s30z807 ) seems like the current ask is about a 3.3 cap, which means any gain is based on future appreciation, rather than imputed or cashflow rent. As an investment, think this is *maybe* $325k.
Speaking of units with (and without) lake views, ads like the one below are becoming increasingly common and tick me off. Notice how the photos you see first show park and lake views. But they’re not from the unit itself. They’re from the roof deck. The unit has no lake views.
Deceptive advertising, IMO. A real pet peeve of mine.
https://www.redfin.com/IL/Chicago/1660-N-LaSalle-Dr-60614/unit-2908/home/13343145
As for the unit we’re discussing here at the New York (always hated the name), the rooms are tiny, and so are the windows. As someone else said, it was built as a rental and it shows. Not much you can do to fix problems like this. Agree with others it needs to sell for well under $400. Wouldn’t want to be in a building like this, even though I remember watching its construction back in the day (1987).
Views are nice, the rest is just terrible
Nice water damage showing at the sink
Track lighting & popcorn ceilings
HOA is high for no pool or Gym (Assuming you’re paying for the onsite gym)
From the rental TFO posted its $2800/mo w/parking Vs $4k(eq)/mo to buy the subject property
I dont see were anyone would finance this or why buying would be better than renting
“Speaking of units with (and without) lake views, ads like the one below are becoming increasingly common and tick me off. Notice how the photos you see first show park and lake views. But they’re not from the unit itself. They’re from the roof deck. The unit has no lake views.”
Sorry Dan #2. I disagree. The listing for the unit you linked to at 1660 n LaSalle states clearly that you have a west view from the balcony. Many units never state the exposure, so kudos to them for stating that. It talks about seeing the sunsets, not the sunrise.
Also, the pictures from the unit’s balcony are obvious and they all show city views. The pictures of the lake/park come right after the ones showing the roof deck so, to me, as a buyer, I’m really NOT thinking this unit has any lake views.
I don’t think this listing is deceptive at all.
“Invesco conversions are great if you like hearing your neighbors TV and knowing what they are eating for dinner every night.”
Depends on the building, right?
Different eras had different building techniques. Old 1960s and 70s building built with concrete walls between units. You don’t hear anything.
“I think that got killed by the alderman … [checking]…”
This project has been approved, even by the condo board in the New Yorker, as the article states.
That lot was always going to be built upon. It’s truly amazing that it has taken this long.
They’re not going to build a 40 story plus building on it so there’s only so much the association can complain. Views are not a “right.”
“Bold of the seller to list this 45% over the 2012 sale price after seemingly making no major updates to the place.”
Market has changed. Lots of foreclosures in this building in 2012, bottom of the housing bust. Most of the people who bought distressed properties in that time have done well for themselves upon selling.
“This project has been approved”
Which project?? The one that included the high rise that might have blocked a 44th floor view?
Has that one been approved?
“They’re not going to build a 40 story plus building on it ”
“they” wanted to several times over the years.
That was the “high rise” Madeline was referring to.
That plan was killed, even tho the PUD zoning allowed for it.
““they” wanted to several times over the years.”
Nah….you are being disingenuous anon(tfo). The alderman was never going to allow a mega-tower there AFTER the housing boom. While the housing boom was ongoing, yeah, anything was a go. But, just a reminder, that was 15 years ago now. It’s time to move on. Lots of buildings have been “proposed” in the city in the last 50 years.
The only neighborhood they are building 40+ story buildings outside of downtown right now is the West Loop/Fulton Market.
Of course, until they break ground on whatever it’s going to be, nothing is guaranteed. And even groundbreaking isn’t necessarily guaranteed in Chicago. Lol.
“Which project?? The one that included the high rise that might have blocked a 44th floor view?”
You can see the project all over the Internet. Neither building is 40+ tower and hasn’t been for a decade.
Please try and keep up anon(tfo). The project has already been approved by the Planning Commission. Not sure if the developer has obtained the loan to get started.
It’s fear mongering to still be talking about a 40 story tower. The developer went to the condo association to get them on board. The tallest of the buildings is 19 stories.
There was ALWAYS going to be a taller building on that land. The condo association knew it couldn’t fight a shorter building (the approved building is 19 stories.) Views are not protected in Chicago and the alderman aren’t going to stop a project because of your views when there is a huge piece of land sitting there.
But if you don’t go super tall, association is unlikely going to rage about it. And they didn’t. It was a win-win for everyone.
I hope they build this. Both buildings are a nice addition to the lake front. It will be nice to have two new buildings in that location with modern amenities.
https://chicagoyimby.com/2021/07/plan-commission-approves-mixed-use-development-at-3636-n-lake-shore-drive-in-lakeview-east.html