No Expense Spared on a 2/2 with City and Lake Views for $599,000: 10 E. Ontario in River North
This 2-bedroom in Ontario Place at 10 E. Ontario in River North came on the market in June 2023.
Built in 1983, Ontario Place was originally called the Private Residences at Ontario Place and was an apartment building. It was converted to condos in 2005, during the housing bubble.
It has 467 units and an attached parking garage. It is a full amenity building with 24/7 door and maintenance staff, an outdoor pool and sundeck, a fitness center, a dry cleaners and a business center.
It even has a mature park on top of the parking garage with trees, grass, and places for residents to gather.
You might remember that there was a Chili’s in the base of the building but it now houses a Gordon Ramsay Burger.
This unit is on the 50th floor and has “gorgeous” city and lake views from a private 150 square foot terrace.
The listing says “no expense spared” on the renovation of this unit.
It has custom 12×24 Daltile on-trend Porcelain tile laid in a classic herringbone pattern on the floors throughout.
The unit has custom Lightology lighting and custom remote window shades.
The kitchen is open to the living/dining room and has true walnut kitchen cabinets with vintage mirror inserts, wine storage, Taj Mahal quartzite countertops, a handmade backsplash from Italy and luxury stainless steel appliances.
There is also an exposed brick wall in the living/dining room and a ceiling fan.
Both bathrooms have heated floors.
The primary suite has an en suite bathroom with Iceberg counter tops in quartz, a Toto smart toilet, Newport brass plumbing and a clear glass frameless 3/8 thick shower door.
This unit has central air, one parking space is included but it doesn’t have in-unit washer/dryer. There is coin laundry in the building.
We haven’t chattered about Ontario Place in quite some time. For the last 3 years the owners have been distracted by a planned deconversion from condos back into apartments that was going to be one of the priciest in the city at $190 million.
From The Real Deal in July 2023:
A condo deconversion that had been on the table for years to transition the 51-story, 467-unit Ontario Place building into apartments was killed on June 7, and since then a load of units in the building have come up for sale, several of them owned by investors who thought they’d make well more in a bulk sale to Strategic than they’re seeking for their condos now.
The listing also says Ontario Place has $2.7 million in reserves.
This building is in the heart of River North, near the Eataly, the Mag Mile, an AMC movie theater, a Sweetgreen, the temporary Bally’s casino and numerous bus lines as well as the Red line stop at Grand.
Listed at $650,000 in June 2023, it has been reduced to $599,000.
That’s now under the March 2007 housing bubble purchase price of $620,500.
Buyers love “new.”
Will the renovation make the sale?
Janelle Emalfarb-Gordon at @properties Christie’s has the listing. See the pictures and floor plan here.
Unit #5006: 2 bedrooms, 2 baths, 1390 square feet
- Sold in March 2007 for $620,500
- Lis pendens foreclosure filed in July 2009
- Sold in April 2010 for $325,000
- Sold in January 2016 for $489,000
- Originally listed in June 2023 for $650,000
- Reduced
- Currently listed at $599,000
- Assessments of $1156 a month (includes doorman, exercise room, pool, exterior maintenance, scavenger, coin laundry)
- Taxes of $9,000
- Central Air
- No washer/dryer in the unit but laundry room in the building
- One parking spot included
- Bedroom #1: 12×17
- Bedroom #2: 11×15
- Living/dining combo: 15×22
- Kitchen: 9×17
- Balcony: 3×25
Why do realtaors lie? The unit SF is listed in the plan at 1281. Its almost as if they are intentionally being dishonest. I hope the justice department shoves a red hot poker up their ass
A block from Eataly, Sweetgreen AND a Gordon Ramsey Hamburger joint? Take all my money. Shocking that it hasnt sold…
If “No expense was spared” the owner is losing their ass. That faux brick wall is offputting and doesnt belong.
Own for $5200/mo (+$120kDP) or rent for $3400 – https://www.zillow.com/homedetails/10-E-Ontario-St-APT-4704-Chicago-IL-60611/80813646_zpid/?
I dont love it but 4804 is nicer and $50k less
““gorgeous” city and lake views”
The lake views shown in the listing are indeed stunning.
“a private 150 square foot terrace”
The floorplan in the listing sez it is 101 sqft. ???
“The unit SF is listed in the plan at 1281.”
plus 150 sf for the terrace = 1430, JU. Or is the interior space only 1240??
Brick wall is a clown show.
What does anyone think about the kitchen cabinet choice?
OMG avoid like the plague. Happily rented here in the early 2000s. Was a good location and value. The building had elevator and water issues that I’m confident have never been properly fixed. Got the sales pitch in 2005 during the conversion and ran. Invsco was such a fraud. Last building in downtown Chicago that you’d want to own in.
the design choices are terrible.
“A block from Eataly, Sweetgreen AND a Gordon Ramsey Hamburger joint? Take all my money. Shocking that it hasnt sold…”
not the reason it hasn’t sold. someone moving to this area knows what to expect. there’s also some decent restaurants a short walk from here.
“not the reason it hasn’t sold. someone moving to this area knows what to expect. there’s also some decent restaurants a short walk from here.”
There was a time when people would mock you if you lived near a Starbucks. Now, it’s a big selling point for a property.
Sweetgreen is red hot. If you actually LIVE in this building and neighborhood, you need places you will go to regularly that aren’t tourist focused. Sweetgreen is one of those. Many tourists at the Gordon Ramsay Burger but I’ve eaten there and I’m a local Chicagoan. It’s pricey so I’m not sure how much someone in the building would go there. More likely to go to the Shake Shack, I would think.
“OMG avoid like the plague. Happily rented here in the early 2000s. Was a good location and value. The building had elevator and water issues that I’m confident have never been properly fixed. Got the sales pitch in 2005 during the conversion and ran. Invsco was such a fraud. Last building in downtown Chicago that you’d want to own in.”
So, 24 years ago you rented in this building and so you “know” what is going on with it in 2024?
Buyers are better off reading all the articles about the deconversion than listening to someone who lived there a quarter of a century ago.
“What does anyone think about the kitchen cabinet choice?”
I appreciate the walnut cabinets but it’s just not the current style. I would probably paint them. (gasp)
I would also paint the brick wall.
What about the tile floors? That’s somewhat rare in Chicago. You’re more likely to see this in a warmer climate.
“Own for $5200/mo (+$120kDP) or rent for $3400 –”
Nice rental at a fantastic price.
Isn’t this why many owners were crushed the deconversion didn’t go through? They would have been able to get out at a very nice price.
I think the lack of w/d in the unit in this building really hurts its value.
“plus 150 sf for the terrace = 1430, JU. Or is the interior space only 1240??”
sez 1281 + 101
But the Realator also has the balcony at 75sf. Way to earn your commission, Realator
“not the reason it hasn’t sold. someone moving to this area knows what to expect. there’s also some decent restaurants a short walk from here.”
Just a weird grouping of Restaurants to note (Tho Eataly is more of a meme)
“So, 24 years ago you rented in this building and so you “know” what is going on with it in 2024?
Buyers are better off reading all the articles about the deconversion than listening to someone who lived there a quarter of a century ago.”
Do you “know” that these issues have been addressed correctly?
Do you really think a Realator is going to provide the prospective buyer correct information? Hell they cant even get something as simple as getting the sf correct.
Unless you “know” what repairs modifications were made, I’d think you’d want to know some history of the property (Good, bad or indifferent).
“Do you “know” that these issues have been addressed correctly?”
So some guy who posts on Crib Chatter saying he lived there 24 years ago and there were these “issues” “knows” that there WERE actually these issues and is certain they haven’t been fixed?
Ba ha ha ha.
Come on.
For years, whenever I posted on 1000 W. Washington on this blog there was a couple of people who showed up to talk about all the problems with the building. There were lawsuits. You can google it to find out. But that was literally 15 years ago. Life moves on. But many people do not.
“Do you really think a Realator is going to provide the prospective buyer correct information? Hell they cant even get something as simple as getting the sf correct.”
All buyers need to do their due diligence. State law can protect you on some things, but not all.
If you are buying a condo or in an association with an HOA, get the condo board minutes and budget. Find out where the money is going. They also have to disclose if there are lawsuits.
When buildings reach a certain age (or homes), things need to be replaced. Find out when they were or when they are going to be.
In a high rise it is:
The roof
The windows
The elevators
Building A/C
Parking garage concrete and lighting repairs
Pool repairs
Hallways re-carpeted
Lobby re-do
Riser replacement
I’m sure there’s some other things. But these are the “major” projects.
This building has a $2.7 million reserve.
“Just a weird grouping of Restaurants to note (Tho Eataly is more of a meme)”
Sweetgreen is directly across the street and Gordon Ramsay Burger is IN the building. If you lived in this building, you are likely to go to those two places.
Also several other restaurants right across the street you might go to as well but these are two big national brands.
The realtor mentioned the Eataly in the listing.
“All buyers need to do their due diligence. State law can protect you on some things, but not all.
If you are buying a condo or in an association with an HOA, get the condo board minutes and budget.”
I left 10 E Ontario and ended up buying a condo in West Lakeview in a newly renovated building. It was my first purchase and I did my best to review the mountain of docs included and ask many questions of my closing attorney.
The developer was keen to hand over the HOA asap and didn’t disclose the multitude of issues that he and the GC left unresolved. A very leaky roof (contract had said new membrane was installed – a lie), masonry issues, gas and electrical problems, sewer line issues, etc etc. The HOA (mostly me) spent years and a ton of $$$ to fix everything.
So yeah, don’t expect full disclosure and if a property has a history of issues, I wouldn’t assume that they magically got fixed.
“Sweetgreen is directly across the street and Gordon Ramsay Burger is IN the building. If you lived in this building, you are likely to go to those two places.”
Overpriced and mid Burgers, salad and Italian are selling points
“Also several other restaurants right across the street you might go to as well but these are two big national brands”
Embarrassing
“The realtor mentioned the Eataly in the listing”
LOL
Oof, as much as I like hearing the neighbors take a whiz and do the horizontal mambo, can’t do more than 287k for an Invesco turdola. Offer expires 24 hours.
Overpriced and mid Burgers, salad and Italian are selling points
Yes, one of the hottest food chains in America being across the street from your house IS a selling point. Just like a Starbucks is. Or a TJ’s or a Whole Foods. Those who are in real estate understand this.
Location, location, location.
In your everyday life, you want certain things. I’d really love a local family-owned Chinese restaurant in my neighborhood though. And there isn’t one. Ugh.
“The developer was keen to hand over the HOA asap and didn’t disclose the multitude of issues that he and the GC left unresolved. A very leaky roof (contract had said new membrane was installed – a lie), masonry issues, gas and electrical problems, sewer line issues, etc etc. The HOA (mostly me) spent years and a ton of $$$ to fix everything.”
Many people don’t like to buy new construction for this very reason. You don’t know what’s “wrong” with a building yet. There were some major structural issues with some of the new towers put up in the housing bubble, especially in the South Loop. Lawsuits etc.
This is why some like buying in the 100 year old vintage buildings. At least you know what you’re going to get.
“So yeah, don’t expect full disclosure and if a property has a history of issues, I wouldn’t assume that they magically got fixed.”
But I think you would agree, MJ, that after 20 years, any “issues” in a building are well known by everyone. And they will have been fixed after that length of time.
You can’t get an FHA loan in some buildings with lawsuits and construction issues. There’s a big incentive for the buildings to make repairs and fix the problem.
I also think it’s funny that many of you are older and remember Invsco but it is no longer in business so GenZ and Millennials don’t know what you’re even talking about.
Same with Loftminium World that happened in the West Loop. Only oldies know these things in Chicago real estate “history.”
Lol.
“There was a time when people would mock you if you lived near a Starbucks. Now, it’s a big selling point for a property.”
I suppose there may be some 12-17 year-olds who live in the building (at least part time).
This building has always been a hot mess…
“This is why some like buying in the 100 year old vintage buildings. At least you know what you’re going to get.”
Lead pipes, knob’n’tube wiring, a coal-fired boiler converted to oil then converted to gas, and 75 years of deferred maintenance.
Here’s some recent-ish info from Crain’s about the building:
“Meantime, the property has suffered from deferred maintenance as the board put off projects, believing that spending the money before a sale wouldn’t make sense, he said. Some Ontario Place units recently were fitted with window air-conditioning units after a cooling tower at the building failed, he said. Building management also has frequently shut the building’s plumbing system for emergency repairs, he said. Fixing the building’s problems could be expensive.
““It’s a money crunch now,” Silverberg said. “The building is in significant disrepair and people are dissatisfied. People are upset.””
“This is why some like buying in the 100 year old vintage buildings. At least you know what you’re going to get.”
Ha, my condo was in a 100yr old renovated building. Total gut job, but as a naive first-time buyer I didn’t know about underlying structural issues not to mention things underground, like root-infested sewer lines that ended up causing tens of thousands in repairs.
Thanks anon(tfo)for the Crain’s update. I’m not at all surprised. I lived there from 2001 to 2006 and there were regular issues with just about everything.
I’ve never seen an attractive unit in this building and this one keeps the streak unbroken. Even the views are sub-par considering it’s on the 50th floor.
“Here’s some recent-ish info from Crain’s about the building:”
Thanks for posting part of the article anon(tfo).
As I said, there’s a lot of information about this building out there due to the deconversion try. Buyers need to do their homework wherever they buy. No need to listen to people who come on Crib Chatter and talk about how they lived there 20+ years ago so they “know” what is going on in the building.
“Lead pipes, knob’n’tube wiring, a coal-fired boiler converted to oil then converted to gas, and 75 years of deferred maintenance.”
Again, no surprises with what happened in construction and what is going on. That’s why many buyers want an established building.
Why do you think it’s “75 years of deferred maintenance”?
Hard to defer on those 100 year old buildings because by year 75, they really aren’t standing if you do, right? I mean look at all the buildings that are 50 years old that are falling into troubles and have to be bought out and deconverted because they didn’t keep up. Imagine tacking on another 50 years? Yikes.
It’s interesting, isn’t it?
But not all tall building are “view” buildings. They are not always the same thing.
“Why do you think it’s “75 years of deferred maintenance”?”
Have to assume that–if I want to believe that I KNOW what I’m going to get.
Old walls hide many sins.
I looked at a couple units in this building to buy…
I remember my realtors warning about the building…multiple ongoing issues.
This whole building is just…Yuck.
This unit (and the 2 units I looked at < 10 years ago) are just…Yuck.
It’s kind of amazing that this unit is on the 50th floor, but that living/dining room somehow manages to look like a basement rec room.
What in the actual fuck is with this place LMAO I haven’t laughed this hard at a listing in a loooong time. Good find sabrina