New York v. Chicago Lofts: No Contest
I was reading New York Magazine a few days ago and stumbled upon its real estate section which has a “featured property.” The realtors discuss what they like or don’t like about the property and try and estimate what it should list for.
This issue had a Tribeca loft. The pictures of the loft are above. Here are its stats:
Tribeca Loft, Castiron Loft Building, 55 White Street, Apartment 4A:
- 591 square feet studio
- Slightly older gallery kitchen
- Marble bath
- Washer/dryer in the unit
- Assessment and taxes of $546 per month
The realtors all liked the big window in the living space and said the building was well run. Tribeca is also VERY popular with new buyers, for obvious reasons. Said one of the realtors:
Alan Pfeifer, Halstead Realty: Pfeifer notes that “there aren’t many small loft spaces [here], and there’s more demand than supply,” which should mean a quick sale. “It should attract the starter buyer who wants to get into Tribeca.” Still, “it’s a comfortable space for one person, maybe two, but it would be a challenge for more.”
The list price?
- $785,000
Corcoran Group has the listing.
So I got to thinking what you would get for your money here in Chicago for a similar loft. Granted, there is no loft neighborhood equivalent to Tribeca in Chicago. You could, however, look in River North, the West Loop or Printers Row.
I decided to choose Printers Row because its loft style is most similar to Tribeca’s (no parking, old industrial buildings, no balconies.) Pictures of the Printers Row loft are below:
Printers Row Loft, The Donohue Building, 727 S. Dearborn #612:
- 1500 square foot one bedroom
- 2 baths, limestone in the master
- Washer/dryer
- 12 foot ceilings
- Corner Unit so numerous windows, including in the master bath
- Renovated kitchen with subzero
- Assessments of $655 a month
The listing price?
$469,000
Obviously, Chicago is not New York and makes no claims on being so. But Chicago lofts, per square footage, easily beat New York lofts in terms of affordability. And the Chicago lofts are pretty darn cool looking.
Rubloff has the listing.