“Ready to Be Fully Customized” in the Gold Coast: A 2-Bedroom at 1555 N. Astor
By popular demand, we’re chattering about this 2-bedroom at 1555 N. Astor in the Gold Coast. It came on the market in January 2023.
Built in 1973, 1555 N. Astor has 104 units and an attached private garage which is “fully staffed” and which costs $200 a month, has guest parking and detailed car wash for $10.
This is a full amenity building which the listing calls a “white glove building” with 24 hour door staff, tennis courts, indoor pool, gym, sauna, sundeck with grills and lounge chairs plus a basketball hoop. It also has an on-site building manager.
This unit is a Southeast facing corner unit with city and lake views. The building only has 2 to 3 units per floor.
The listing says it is “ready to be fully customized.”
The kitchen has white cabinets and terracotta floors along with white appliances that look like they are the originals.
It does have a washer/dryer hook-up in unit and central air.
The building is pet friendly with 1 dog up to 80 pounds or 2 dogs of 40 pounds each. The unit comes with a storage locker.
This building is on the border of Lincoln Park and is close to the shops and restaurants of Old Town.
Listed at $495,000, is it priced for a full renovation?
Juliana Yeager and Benjamin Yeager at @Properties Christie’s has the listing. See the pictures and floor plan here.
Unit #10SE: 2 bedrooms, 2 baths, 1549 square feet
- No prior sales price back to 1994
- Originally listed in January 2023 for $495,000
- Currently still listed at $495,000
- Assessments of $1349 a month (includes doorman, exercise room, pool, exterior maintenance, lawn care, scavenger, snow removal)
- Taxes of $11,655
- Central Air
- Washer/dryer hook-up in the unit
- Attached garage available for $200 a month
- Bedroom #1: 15×12
- Bedroom #2: 13×1
- Living room: 19×15
- Dining room: 14×12
- Kitchen: 12×11
- Walk-in-closet: 7×6
- Foyer: 8×6
Well…to be fair, $10 for a detailed car wash is a pretty good deal.
Hope whomever buys this keeps the TC/Saltillo kitchen flooring
The duct in the LR is odd, Malm type FP?
The OP is grossly overpriced – 7E closed for $585k 6Mo ago in a slightly better rate enviroment
https://www.zillow.com/homedetails/1555-N-Astor-St-APT-7SE-Chicago-IL-60610/3842988_zpid/?
I dont love 7E, but its 10X 10E. You arent getting anywhere near 7E for $90k.
Hell even 6E is nicer and $10k less and sold when rates were 2 points lower
The views to the south from the LR are better than these pics would indicate, especially at night. The views to the east are a bummer, especially from the kitchen (having just a tease of the lake is almost worse than no lake view at all, and this tease includes a pretty direct look at LSD; the building directly east and effectively butting up against the kitchen window might be one of the ugliest in the city).
Every floor/hallway off the elevator is different throughout the building (the product of whatever the unit owners on a floor can decide on). This one is probably the most modest/budget hotel-like I’ve seen (having trick-or-treated on most). Hopefully the buyer of this unit can get the others on 10 to do a basic update.
The building is obviously neither a 100-year old charmer nor a modern luxury product. But for its vintage, it’s in good shape and is very well run. The amenities are nice, and for a long time were hardly used (fifteen years ago it seemed like most of the residents were elderly; lately there appear to be a few new younger families (who the developer at Clark and North probably thought they’d get as buyers) and empty nesters.
As JU notes, 7E is a comp killer for this unit. Seems like these folks had been carrying those assessments for a long time since the last occupant moved out, finally got around to bothering to unload it, and missed the momment. Maybe it moves at $400k, assuming someone’s putting $200k into it?
“Listed at $495,000, is it priced for a full renovation?”
It’s easily $100k too high for a reno, even (or especially) for a professional flipper.
“the developer at Clark and North”
CIM. They can float a slow-selling project.
“CIM. They can float a slow-selling project.”
Slow selling? That’s an understatement. Will probably take a decade, or more, to sell that building out.
30-year fixed mortgage rate is back under 6%. Just fell to 5.99%.
Bring it. Spring season could be really hot as buyers pile back in on the lower rates.
If they can’t sell it they can rent it out for 70’s-themed disco parties.
Agree about the east views. I wish that building east of it had never been built. It’s a highly-visible location on the skyline for what’s basically a skyscraper version of a 4+1. I know styles and tastes change, but who could have ever thought this was appropriate for the site?
“Slow selling? That’s an understatement. Will probably take a decade, or more, to sell that building out.”
I count 25 of 32 having sold by the developer. 3 in the last 12 months–28 months supply. And it’s not the most expensive units sitting.
“I count 25 of 32 having sold by the developer. 3 in the last 12 months–28 months supply. And it’s not the most expensive units sitting.”
Yep. Another decade.
Been on the market for years already. Some original owners have already sold, or tried to. It’s not surprising. Just too much luxury condos on the market.
“Been on the market for years already. Some original owners have already sold, or tried to. It’s not surprising. Just too much luxury condos on the market.”
Seems like the building being on that corner vs luxury condo market volume is the issue. If it were elsewhere in south ELP/prime OTT/north GC, presumably the target market would be more compelled. Maybe they should add a foot bridge or zip line over to Latin. It’s a shame – loved the milkshakes at Elly’s.
“Yep. Another decade.”
So one every 18 months.
Pretty bearish call.
If this project comes to fruition, it will be a boon to this area:
https://blockclubchicago.org/2023/02/03/huge-old-town-development-would-remove-2-gas-stations-add-residential-tower-and-bring-grocer-to-former-treasure-island-spot/
“If this project comes to fruition, it will be a boon to this area”
Indeed. I wonder what the pricing is on the gas station sites (according to the article, selling 2MM gallons a year).
“pricing is on the gas station sites”
[…checking…]
Fern Hill ahas already bought both of them.
Shell was $4m in Jan-21
BP was $5.5m in Jan-21
Wintrust (lender to Fern Hill on the gas stations) owns the bank building next to the Shell. Which is 100% groovy, and would be a bummer to lose, but Wintrust doesn’t need a full-blown 60s/70s-era bank office there (just like the former First Chicago of Ravenswood bank campus at Lawrence and Ravenswood had become totally obsolete).
“If this project comes to fruition, it will be a boon to this area:”
Awesome. There has been talk for some time about a big development there as Fern Hill has been buying up the lots. They need a grocer in that location as the new Dom’s is too far away for those north of north avenue. It’s great that they have some grocers who are already interested.
What would they do with the Moody’s church? It doesn’t say. Would have to convert that into apartments in some way, right? But it has the gas stations on both sides.
There will be some fighting over the BP as it was designed by a famous architect. And honestly, if both of the gas stations are closed, what is the nearest gas station for this neighborhood? But the gas stations have also been the scene of riff raff over the years. Neighborhood might love to get rid of them.
What’s the plan on the Walgreens? Some want to keep the base. It does have some funky architecture that is probably better than what would replace it. Build on top? It needs to be more dense there.
Any infill construction helps a neighborhood so, yes, this will help Old Town. But Old Town is already one of the most popular neighborhoods. This would enhance it, for sure. Plenty of people want to live there so if they build at least one apartment tower and get a couple hundred apartments in, it would help.
They’ve already leased most of the towers to the south on Wells and Division and that is a massive development too. This location is even better.
Also, it’s great that they are starting out the process being engaged with the community and the alderman. Might as well start on the right foot. For many, change is hard. But I don’t know anyone who lives in the neighborhood who wants to keep looking at the shuttered Treasure Island.
And let’s build tall. Big buildings need to go in there.
“What would they do with the Moody’s church? ”
The church is 1,000% staying there as a church. The plans shown were really confusing on that point, tho.
“The church is 1,000% staying there as a church. The plans shown were really confusing on that point, tho.”
So they would pull a Holy Name Cathedral type thing? Sell off the parking lot but get agreement that there be spaces in whatever new building goes up?
Church is a super cool building.
The gas stations need to go – architectural they may be, but that doesn’t improve the look. They’re eyesores. Always felt 1660 would be a more attractive place to live without that station across the street.
I agree with Sabrina to build tall.
I attended the Zoom presentation for the Fern Hill development. They currently own the two gas stations, the old Treasure Island space and the parking lot east of the Walgreens. They want to work with some of the other stakeholders (Moody Church, Walgreens, Wintrust, Latin School and Chicago History Museum) to create an overall development plan.
Fern Hill will not be building a bunch of high rises, except possibly at the parking lot space. They didn’t say it, but most of the neighborhood knows they don’t own the air rights over the old Treasure Island space so their only option to go tall is the parking lot. They are actively pursuing a grocer to come into a redesigned space at the old TI.
Expect more definite concept designs this spring
Thanks for the update Anne. This is definitely going to be a development to watch this year.
“The gas stations need to go – architectural they may be, but that doesn’t improve the look. They’re eyesores. Always felt 1660 would be a more attractive place to live without that station across the street.”
So where are people supposed to get gas then? you’re going to make us drive all the way down to Chicago or all the way out to Halsted? Sadistic.
As the concept plans show, the block Moody Church is on is going to get–at most–3-4 story buildings, consistent with the Church and it’s related buildings.
“don’t own the air rights”
I know going tall isn’t an option there, but is it capped at the current height (ie, the top of the parking deck)?