Park Monroe Developer Reduces Prices Up to $300K: 65 E. Monroe
These are the first reductions at 65 E. Monroe, the Park Monroe, in the Loop, the 156-unit office to condo conversion which has views of Millennium Park and the lake to the east and the city to the west.
The building is being converted from the 42nd floor on up for residences. They started closing on units last February.
I have heard the rooftop deck and the garden is amazing.
Statistics on the building (out of 156 units):
- Looks like 45 have sold (per the Chicago Tribune records)
- Only a handful are currently on the market from the developer
Here are some examples of the price reductions:
Unit #4408: 1 bedroom, 1 bath, west/city view, 928 square feet
- Was priced at $399,900
- Currently priced at $299,500
Unit #4603: 1 bedroom, 1.5 baths, west/city view, 1043 square feet
- Was priced at $519,900
- Currently priced at $399,500
Unit #4324: 2 bedrooms, 2 baths, lake/city view, 1453 square feet
- Was priced at $729,900
- Currently priced at $599,500
Unit #4321: 2 bedrooms, 2 baths, lake views, 1571 square feet
- Was priced at $999,900
- Currently priced at $799,500
Unit #4214: 2 bedrooms, 2.5 baths, den, lake views, 2005 square feet
- Was priced at $1.3 million
- Currently priced at $1 million
Are any of these price cuts “deals”?
The ad in the Tribune says it’s a “limited offer.”
See more info on the building’s website: The Park Monroe.
“The ad in the Tribune says it’s a “limited offer.””
Yeah, until the next price cut.
That’s an ugly ugly building after the renovations. They should have just left it as offices.
I was struck by the lack of windows, due to its having been designed as an office building, I guess. Long, dark units.
I thought the this devlopement was pretty neat, given the box ontop of office building.
i thought the park monroe was to have a sweet atrium in the middle and the penthouses were to open into it?
and this place has 11 ft floor to ceiling windows and with the duplex loft area would give you 22ft floor to ceiling windows. also “The views, both the eastern (protected by the adjacent historical buildings)”.
i walk by the entry way every time on the way to millennium park and it looks classy.
“you could live in one of the best buildings around Millennium at 340 on the Park”
i thought 340 is priced per sq ft pretty high.
what other places like the heritage and legacy going for?
I’ve been in these units recently.
The roof deck, pool, and atrium area on top is beautiful.
The view are great
The lobby/elevators are separate from the office building
Parking is restricted to a specific floor for condo residents
-Floor plans did have to deal with lots of internal space so most units have a lofted bedroom
note the optional washer/dryer. I love the fact that they discount $300K and for a $MM you still have to upgrade for a washer & dryer.
How does the pricing in these buildings compare 6 N Michigan?
I just looked at the 1 bed/1 bath floorplans. No window in the bedroom? No thanks!
@ David – Doesn’t look lofted from the floorplans. Am I mistaken?
David
am i right about the PH opening into the atrium or did they change or am i thinking of somewhere else?
I would love to know what the assessments are on this place. Anyone have any idea?
Normally I would think 1/1s for 300k are absurd. However, in mixed use buildings like this, I could see paying a premium to live in the same building you worked in.
It would be such a rare and uncommon amenity I could see it making sense. The thing is you’d have to have a job in that particular building.
I’ve seen some of the units. Yes, they replaced the office windows so you do have floor-to-ceiling views now. The model finishes are not the same as standard so a little turned off by that given the high dollar pricing.
To the north, views do get cutoff by the Legacy (basically no view). So you need to be NE, E, or SE to get best views. Probably getting closer to getting my wife and I interested. Though concerns about 2/3 inventory unsold.
I think they are targeting initial assessments at $0.40 per sq foot.
Limited time offer, until when? The next price reduction?
“Floor plans did have to deal with lots of internal space so most units have a lofted bedroom.”
I thought the rule in Chicago was that if the “bedroom” doesn’t have a window, it cannot have walls that go to the ceiling (it has to have some natural light coming from somewhere.) Is that right?
I’m not sure about the penthouses opening up to the patio/pool area.
That is the common area. I don’t recall seeing that and would have noticed.
Who wants there multimillion dollar unit accessible to the masses in the buildings through the common terrace?
John F,
Monroe has some spectacular views but 6 n Michigan has historic tax freeze. Tough call, depends on the side of the building that you can afford, etc
Groove77,
Don’t hold me to the penthouse comment. Not sure at all but I did not notice that when up there.
We were looking at 2/2s rentals so didn’t ask about it or pay close attention.
There are some penthouse units where the 2nd floor has a small fenced in area which can open up into the atrium/common area.
At the time I looked none of the penthouse units were finished.
david,
what were 2/2 rentals going for?
around 2400/month including parking. 1 bedroom had a window and 1 did not.
The one-bedroom units do not have a window in the bedroom. Instead, there is a pass-through window high on the wall between the bedroom and kitchen/living room to let natural light in to the bedroom (and thereby permit it to be called a bedroom).
The one-bedroom units are basically rectangular boxes, with the rooms stacked kitchen/living room then bedroom then bathroom in from the exterior.
The only units worth living in are the corner units (and maybe the penthouses), but not at that price.
The windows on the office floors are also floor-to-ceiling, but there is a drop ceiling, so they may be a bit shorter than the windows on the residential floors. Every other vertical element on the office floors is purely decorative, not structural. these were removed on the residential floors to permit wider windows.
I currently work in this building, a few floors below the residential portion, and I hate it. The elevators are unreliable and the owners have neglected the office tenants for the past few years, too focused on the residential conversion to tend to the needs of those already paying rent here.
I bet is smells like an old office building, too….
There are so many developments that I won’t even consider because of the windowless bedroom situation. 235 van buren (and most of CMK’s other properties), 6 north Michigan, Metropolitan Tower, this place…so many buildings where I actually like the location, views, finishes, etc., but I can’t justify the price when my guests can’t even sleep in peace because they can hear everything that’s going on in the rest of the unit. I guess if there’s at least glass in place, that helps a bit with the sound, but I really hate the lofted bedroom thing.
Seems like you some of you guys are on the up and up in Chicago condos. I work in the travel industry and have not had much time to check out a lot of properties/comparative shop as of late. If you guys have any suggestions for properties for sale or in foreclosure I’m all ears. Looking for a 1 bedroom or efficiency near the lake.
hey mike,
if you give us more detail of what your looking for and price frame, i bet you will be bombarded with ideas.
I know due to my lower price frame I am not going to get a ton. I prefer something with a door man because my schedule usually consists of 2 weeks on and 2 weeks off. I would like private parking to be an option, even if it’s an add-on cost later. Looking somewhere in the 225k range. I would really like a 1 bedroom, but if my price range means a studio or efficiency so be it. Classic loft, new construction does not mean a ton to me… would just like a happy medium between the el and the lake, and somewhere between the South loop-gold coast would be preferred for my commute.
Mike,
There are a lot of things to think about.
1. In unit laundry? How necessary is this to you? Is it OK to have a laundry room in the building?
2. Private outdoor space-Do you require a Balcony/terrace etc
3. Size of the building
You won’t have a problem finding a 1/1 in your targeted area at the 225K price point if no laundry in unit is OK
I’m a rookie, so I apologize for not a ton of details. Obviously in unit laundry would be a plus but if I have to sacrifice it for included parking or a balcony I would. Size of the building is not that important to me. I would like to be 5th floor or so as to get away from a little bit of the noise. I would, however, like a laundry room in the building. Just looked at 212 E Cullerton #708 (online) and it’s kind of appealing to me. Although, I would much rather be about a mile north of Cermak…. Thanks for all your guys help and feedback. The price is right, but I think for that far south and that price the parking should be included. Am I wrong?
there is a guy who i play ball with saturdays he just bought/closing/put a bid over on a place at 8 west monroe. that will put you by the EL, Lake and milienium park. I will ask him how he feels abou tthe place.
Ok so i’ve come to a conclusion… i need a balcony
i dont know if 8 west monroe has outdoor space, i will ask 2mro for ya.
Anyone notice the assessments in this building went up by around 40%???