Market Conditions: New Record High Price for 340 On the Park in Lakeshore East
A 3-bedroom penthouse in 340 On the Park at 340 E. Randolph in Lakeshore East just closed for $5.2 million.
On the 62nd floor, it has 12 foot floor-to-ceiling windows with views of the Lake, Millennium Park, and the rest of the city.
The views are pretty spectacular.
The unit has 3 terraces and 2 parking spaces were included.
Not only was this sale a new record for this building, it was the first sale above $5 million in the building.
It has established a new price point for the building and Lakeshore East.
Are we entering a new era in luxury living downtown?
Naomi Wilkinson at Magellan Realty had the listing. You can still see the pictures here.
Unit #62W: 3 bedrooms, 3.5 baths, 4919 square feet, penthouse
- Sold in March 2008 for $3.4 million
- Listed in May 2014
- Sold in November 2015 for $5.2 million
- Assessments of $2447 a month (includes water, gas, parking, cable, internet, doorman, exercise room, pool, exterior maintenance, lawn care, scavenger, snow removal)
- Taxes of $47801
- Listing says there was a special service area fee: $4641
- Terrace #1: 30×9
- Terrace #2: 36×6
- Bedroom #1: 25×17
- Bedroom #2: 14×14
- Bedroom #3: 20×13
Love it. My only complaint is the price.
Wow those views. I think the price is not bad at all. Chicago is a gorgeous city. Where else you can get a place like this at a city as cool as Chicago for this price.
Those outdoor spaces are pretty nice too for those who are not afraid of height.
besides that its an entire floor (or is it?) and the views are awesome I am a bit underwhelmed at that price point, interior is about as boring as it gets then again some folks like that but for 5 million bucks I would want to be wowed
The wow comes from the square footage and mostly protected views.
I say mostly because you just never know what can happen in Chicago. Especially as price points climb over $5M for a penthouse unit.
I’m sure that many buyers on the west side of this building were SHOCKED when BC/BS announced plans to add floors to their building after they had already closed on their units. That had to kill at least a few owners fabulous views.
Great Views but I don’t think the finishes are nice and I wouldn’t want to be in a building with so many 1 bedroom units
County shows taxes of ‘only’ $44,320.08.
AV was 243,276–after being 129,153 from ’09 to ’11. Absurdly undertaxed.
Still won’t be ‘accurately’ assessed this cycle, but I’d be a little surprised if taxes don’t top $60,000 next year.
Does anyone know if the rooftop area on top of 400 E Randolph is a private penthouse terrace? I used to be able to see it from my old building and it looks like an interesting space.
I wonder if the buyer was foreign or local.
Really good photos of both the interior and the views. Photos are all well lighted and nicely composed. Also good that photographer came back for night photos. Not a single photo wasted with an irrelevant feature (like a typical entrance hall photo).
Entrance hall photos are not a waste to me.
With a limit of 25 photos, it’s seems poor judgement to waste one on a condo entrance hall photo, which are typically poor quality photos. In most cases, I’m sure there must be a better photo of something more appealing.
Pointless generalization. All properties differ. For a few the entrance hall might be the highlight.
nice place, good price, sellers made some coin, all finishes are low end for a penthouse and were from 2008 purchase, that’s why it looks crappy inside. new owner is rich, can afford to make it look like a real penthouse on the inside now.