Love Views? A Completely Renovated 3-Bedroom in Lake Point Tower: 505 N. Lake Shore Drive
This 3-bedroom in Lake Point Tower at 505 N. Lake Shore Drive in Streeterville came on the market in March 2022.
Built in 1968, Lake Point Tower is the only condo building east of Lake Shore Drive. It has 750 units and attached garage parking.
It’s nearly a mini-city unto itself with the following amenities: “24-hour door staff, health club, pet friendly, business center, event spaces, mini-market, indoor and outdoor pool, and 2.5-acre park with manicured gardens, giant playground for kids, outdoor barbecue/kitchen area.”
This unit is on the 61st floor which the listing says is a “top 10” floor in the building. It has views of the city skyline, the River and the Lake.
The listing says it has been “COMPLETELY RENOVATED” and has hardwood floors throughout.
The chef’s kitchen is open to the living/dining room and has white Shaker cabinets, quartz countertops, SubZero and JennAir appliances and a breakfast bar.
French doors lead to the first and second bedrooms.
The primary suite can fit a king bed, has a walk-in-closet and the en suite bath has quartz counter tops, floor to ceiling marble-like tile, a double vanity, a luxury free standing tub and walk-in-shower.
The unit has electric wall heating/cooling units which were common in high rises of the 1960s and early 1970s era.
It has washer/dryer in the unit and garage parking is available to lease in the building.
Originally listed in March 2022 at $1,099,000, it has been reduced $159,001 to $939,999.
Buyers love “new.”
After the price reductions, is this a deal?
Ryan Cherney at Circle One Realty has the listing. See the pictures here.
Unit #6112: 3 bedrooms, 2 baths, 2200 square feet
- Sold in November 2004 for $680,500
- Originally listed in March 2022 for $1,099,000
- Reduced
- Currently listed at $939,999
- Assessments of $1550 a month (includes doorman, cable, exercise, pool, exterior maintenance, lawn care, scavenger, snow removal, Internet)
- Taxes of $15,250
- No central air but wall heat/cooling units
- Washer/dryer in the unit
- Leased parking in the building
- Bedroom #1: 17×16
- Bedroom #2: 16×13
- Bedroom #3: 16×12
- Living/dining combo: 32×16
- Kitchen: 18×11
- Walk-in-closet: 13×13
- Foyer: 12×6
“November 2004 for $680,500” + CPI = $1,055,000
not great, esp with the $$ spent on the reno.
Is the laundry room as borderline unusable as the pic makes it seem??
There’s no floor plan. Can’t tell where the laundry room is located.
Setting aside how out of place they look in this building, What kind of a weirdo puts french doors on a bathroom?
I was in this building years ago to use a groupon at that silly and more than kinda gross restaurant, Cite, and recollect the lobbies on each floor are super depressing and icky/dated and dark…still true?
Do they need to stage this with some color? Maybe some fig trees and living room/dining room furniture?
The views are amazing.
“I was in this building years ago to use a groupon at that silly and more than kinda gross restaurant, Cite”
I think the restaurant closed, did it not?
“Can’t tell where the laundry room is located.”
Did you look at the pic (#20)? The washing machine looks like half of it is 6″ from the front wall of the closet, which would be hard to deal with, especially for anyone who isn’t tall.
“french doors on a bathroom”
It allows some natural light to get in, which I have to admit I like in a bathroom. But in this particular application–agreed, not good.
@The Cat – “What kind of a weirdo puts french doors on a bathroom?”
*maybe* if it was one of those setups where the toilet is in a separate WC. In this layout, it sure looks like you could walk into the bedroom and be treated to seeing your partner dropping the kids at the pool. Like is this owned by a single guy who didn’t think about that and wants to be able to see his amazeballs view while using the crapper?
@anon – agree, feels like there should be a stackable where the dryer is so they’d be more easily reached, but then where the washer is would be inaccessible space.
Oops, missed this. re: Cite, appears it has reopened. I do recall it being closed (pre-pandemic I think). Just googled to see if something else had replaced it and it appears it’s back. Can get it on OpenTable for tonight. Not sure if same owners or someone new bought it and kept the concept?
I was there once for a wedding. The building nerd in me liked seeing all the rooftop mechanicals for the main building wings. tracks for the window washer and stuff like that. It sorta felt like it should have been one of those rotating places but it isn’t. Views are pretty great and different from Signature Room
“Cite, appears it has reopened”
but in BK and to be sold (possibly for non-commercial use):
https://www.chicagobusiness.com/commercial-real-estate/cite-restaurant-atop-lake-point-tower-bankruptcy-and-sale-again
“but in BK and to be sold”
wow, that doesn’t sound good at all. I don’t have Crain’s access, but found another article that said a filing said they were $61k cash flow negative in March.
Interesting idea to convert to residential, but not sure it’s a great one. It actually is a penthouse, but as I mentioned earlier, that’s not entirely great as you can see all the mech on the roof. Cool to look over once while visiting the restaurant. Not so cool out the windows every day.
That’s probably a fun situation for the building as well, have to assume there’s some assessments not being paid.
One of the better tiers in the building for views, though I’d prefer a wider view of the lake.
Renovation obviously done decently, but the features leave me kind of cold. It’s kind of anonymous looking. Maybe I need to see it with furniture.
Taxes and assessments aren’t bad. Price might have to drop slightly, but not too much. Problem with this building is there’s no private outdoor space. It’s also kind of isolated from the rest of the city.