The “Castle” on the Kennedy Comes on the Market: 3721 N. Parkview Terrace
Several of you pointed out to me that the “Castle” on the Kennedy- or actually- 3721 N. Parkview Terrace in Irving Park, which is easily seen from the Kennedy, has just come on the market.
It was also highlighted in this weekend’s Chicago Tribune Elite Street column.
Rudy Acosta, the onetime head of a Chicago hip-hop recording company, constructed the five-bedroom house from 2006 until 2010 on land he purchased from the Illinois Department of Transportation in 2000. Almost immediately, Acosta’s neighbors complained to city officials about the 42-foot height of the three-story brick and limestone house, which Acosta never occupied.
“It’s out of scale of the neighborhood and does not fit with the context of the neighborhood,” said neighbor Sharon Sears. “Most homes in our area don’t even come close to maximizing the zoning allowed for our lots.”
In 2002, Acosta had won rezoning that would permit a much larger and taller home to be built. Neighbors contend that the land was rezoned without notifying them.
The house is not completely finished. The listing says it is its “drywall state” on 3 floors.
At 7000 square feet, it is built on an extra large 131x124x71 lot.
The listing says the master bedroom takes up the entire top floor.
Beverly Fishman at Prudential Rubloff has the listing. See the pictures here.
3721 N. Parkview Terrace: 5 bedrooms, 5.5 baths, 7000 square feet, 2 car parking
- Currently listed for $1.89 million
- Taxes of $4069
- Central Air? (it’s unclear if it’s already installed)
a ha. i knew exactly which home was the “castle”. for some reason I thought it was Kanye west’s place.
Thought it was mob related with all the security cameras.
stupid neighbors, here’s a few hundred k…shut up and enjoy the view of my bricks
Might be able to get that ask for a finished product. As it is, would anyone here consider paying over $1mm for it?
Sure, 2 million in unfinished dollars.
isnt this around where hd wants to move? he’s been saving for a while…
I’ve never understood that house and it’s location. Who’d want to build a multi-million dollar home overlooking the expressway? If “Location, location, location” is key then he struck out on three pitches. So what happened that Mr. Acosta isn’t even moving into this home after the battle with neighbors, etc?
Is the home some kind of bad joke?
“what happened that Mr. Acosta isn’t even moving into this home”?
The “onetime head of a Chicago hip-hop recording company” “now works in the private security business”.
I think one has something to do with the other.
Oh, yeah. This is gonna be my new stabbin’ cabin. Attention ladies, big papa is movin’ on up and he’s takin’ you along for the ride.
Anyone want some free morals?
Don’t buy the nicest house on this block.
You can only extend and pretend for so long before people start asking “Exactly which hip hop label do you own?”.
Your ability to trade off your name ends exactly when someone asks “So, what is it you do in the private security industry?”.
Hip-hop “mogul” + “Castle” on expressway + tons of security cameras = “private security business”
This property defies good taste and logic.
Not only it is completely inapproprite for the neighborhood, it is right off the highway advertising to everyone that drives by there is a rich guy who lives here. You will get so many random people seeing this from the highway who knows what kind of intention some people would have.
This may sell for under $500,000 in line with double the average comp in the neighborhood perhaps.
Brother of Rolando Acosta, Gerry Chico’s zoning attorney-partner and former Chicago zoning director? Clouted rezoning transaction?
“This may sell for under $500,000 in line with double the average comp in the neighborhood perhaps.”
This place has problems and is definitely weird but this is pretty ridiculous
Castle? This place looks more like a public building relative to the neighbor’s houses.
It just MIGHT go as low as $500K, if only because of the expense of finishing it, which will easily be $600K. Or more, really, to make it look really good. It is very raw right now. Additionally, the architecture is bizarre and the interior architecture is bland. Even as raw as it is, you can see that it doesn’t have the details or finish that a buyer of a fine house expects.
It really doesn’t even look or feel like a house, somehow. It has an industrial quality about it- it somehow registers as more of place to run a business than live.
barbaro, the neighborhood is independence park. there are a lot of large nice homes. 250k is not the average selling pricew but it will be difficult to put a price on this.
LOL! I’ve never seen this one before, thanks for the bump HD
good gravy who thought THIS place was a good idea… the polish consulate?
whom ever buys this house aslo instantaneously becomes the a-hole neighbor. This ‘house’ was a travesty and a great exampt of the RE glutany of the mid-2000’s. I’d love to know the actual final costs of this non-project.
Glad to see someone who cheated get shafted in the end. Now I’d like to see some heads roll in IDOT and Zoning.
The good news is that you are located within walking distance of the other Chicago castle. There is a “White Castle” right down the street on Addison. I’d bet that this home plan was developed late one late night after a heavy night of drinking large quantities of Moet White Star or some Gin and juice.
I know how it is….the taste you crave makes me crazy. I’d suggest that they put in a request to the zoning board for commercial usage of this property. Add a large sign on the roof and traffic on the Addison exit would triple. They could easily add a drive thru window and a few parking spots.
Think of the fun birthday parties you could have for little ones. All the Sliders you can eat, maybe a few lessons for the girls on the stripper pole, and the boys could go down to the studio practice some rap and lay a few tracks.
That should easily fetch 2M+
“I’ve never understood that house and it’s location. Who’d want to build a multi-million dollar home overlooking the expressway”
word on the street is the guy planned to use this to advertise his music business, clearly that didn’t work out.
“This place has problems and is definitely weird but this is pretty ridiculous”
You really shouldn’t beat a dead horse.
Kanye West will be occupying the beyond fab and futuristic penthouse in the new HL23 by Denari here in NY. It is an unbelievable building that sits directly ‘on top’ of the Highline in the Meatpacking/W Chelsea district. After seeing this place ALL Chicago properties pale in comparison and I seriously doubt he would consider buying anything else. I weakly placed a bid on a lower floor unit only to be immediately dismissed because of my lack of well heeled connections to anyone involved with the building.
ANY home that is custom designed for an ‘entertainment mogul’ …or one time hopeful mogul, is not going to be a run of the mill building and it will be negatively scrutinized by everyone who comes across it. Other than the awful location (WTF was he thinking building this on the 90/94, I see a great amount of potential to build this out to a stellar home.
There has to be a great story there somewhere.
I can’t discount it just because of that…the finished place (running around another million + to build out) has the potential to be quite a stunner…besides, who gives a crap what your neighbors think?
I know my building (my own duplex + three adjoining units) here in NY caused quite a stir before/during and after the years long renovation/conversion because of its location and the buildings history. We actually had to attend countless hearings in order to get permission from the preservation committee before I could begin & finish construction. Every aspect was a month long question that I had to answer to just to have the ‘right’ to build it. I will never go through a process like that again. Along with the resources I invested in it, fighting with NYC dinosaurs to get the numerous permits was mind boggling.
I ended up walking away from the whole process with a big F%#& Y(# to my then neighbors and nothing was ever the same on the block again. Now years later, other residents still hurl negative comments at it (and me), but it is still one of the areas most coveted addresses. Did/do I care about the whole controversy? Hell to the no!!
Now had this residence been constructed in one of the high dollar, upscale bedroom communities in NJ, it would be appreciated and priced double…triple or more than were it is listed now…and the finishing expenses would run just as much.
You want to experience ‘questionable taste’ in RE, take a few days to tour these NJ areas!! It would fit right in there and would probably be the envy of the neighborhood.
As far as the comment about it selling for $500k…thanks for the laugh that caused me to hurl some OJ across my desk!! Not to crap on any of my fellow CC posters and their opinions, but I have noticed in past discussions that when property prices pass the million dollar amount, the posted comments are nothing but negative and derogatory. Which I totally understand….especially after the bubble and crash of Chicago’s housing market. These days everyone is expecting a mini mansion for under $500k in the GC or better sections of LP and it is hard to accept any thing that is listed above the $250 mark.
To close my commentary on this enjoyable thread, I have to remind everyone that for every ‘foolishly’ conceieved project comes along an equally foolish buyer.
that HL23 building is insanely cool wloop, what’s the $/sqft on a joint like that?
“As far as the comment about it selling for $500k…thanks for the laugh that caused me to hurl some OJ across my desk!!”
Sure, but, given the Chicago market and the actual location of this place, and taking into consideration a desire to resell the place at some future time (say ten years) without losing gobs of (inflation-adjusted) dollars, is $1.89m in its current unfinished state even vaguely realistic?
And, yes, I definitely agree that, were one to build this sort of place in this sort of location, it’s actually probably better that it’s not finished, as that saves the cost of interior demo.
wesloop has left town but still likes to bloviate on nyc’s superiority. you can have kanye, he’s no fun any more.
Sonies info on HL 23:
8 active sales listings: $1,802 per ft² (median)
2 previous sales listings: $920 per ft² (median)
Ignored comment from CH…after my kiss and make up with MG, I no longer find it amusing to have bitch outs with CC posters.
“As far as the comment about it selling for $500k…thanks for the laugh that caused me to hurl some OJ across my desk!! Not to crap on any of my fellow CC posters and their opinions, but I have noticed in past discussions that when property prices pass the million dollar amount, the posted comments are nothing but negative and derogatory.”
Can you honestly look at this property, its location and the neighborhood and with a straight face say someone rational who can finance or has $1 million to put down on a home would choose to live here over another location where it is amongst similar million dollar type properties?
I live in manhattan too and I would say overlooking the Highline is completely different then overlooking the 90/94 highway.
And I must remind you just because it is asking $1million + does not mean it is worth anywhere near that.
Lets say this home when finished is worth $1 million. Did you look at the pictures. You are going to need to drop at least half a mill to finish it.
It will be interesting to see what this sells for but I would definitely think my 500 k estimate is way closer than what the current asking price is and what it sells for.
but you still find it amusing to roll out the same tired big apple cheers. lucky us
http://www.redfin.com/IL/Chicago/3837-N-Ridgeway-Ave-60618/home/13456564
Same ‘hood, under K, listed at $650k
http://www.redfin.com/IL/Chicago/3701-N-Parkview-Ter-60618/home/13456898
Same Hood, a few houses down, listed at $299, under K in a couple of days
I’m with Laura, this would make a great municipal or commercial space.
A library? A museum? Maybe the city or state could buy it… oh, wait, they’re both broke.
nevermind.
“Same ‘hood, under K, listed at $650k”
In a better location with a double lot. wow. Not even close to the same spectacle, but still.
How much spent on the reno? It’s listed for $15k more than the ’06 purchase, so these folks are likely losing money–appears they owe $670 in original amount on 2 loans.
“It will be interesting to see what this sells for but I would definitely think my 500 k estimate is way closer than what the current asking price is and what it sells for.”
Not likely, unless the economy tailspins and it goes into foreclosure.
Nobody is going to take a hit like that, the architectural dubiousness of the project notwithstanding.
“Not likely, unless the economy tailspins and it goes into foreclosure. Nobody is going to take a hit like that”
99% of the time someone sells a newly constructed home unfinished it is because they have run out of money.
The other 1% usually sinks so much money into their dream project reality slowly sinks in when the bills come and they then realize the home is costing them way more than its worth.
Either way the ultimate result is foreclosure.
If you have any other logical explaination why you would sell please let me know.
Considering the poor decision of putting up this type of property in this type of area overlooking this type of view I would imagine this individual isnt the best financial decision maker.
I’ve decided to opt out of this deal and will be crashing @ Kanye’s crib. Perhaps Medieval Times is looking for a Chicago location.
“If you have any other logical explaination why you would sell please let me know.”
specifically for this place, the guy may have thought he was going to plaster giant billboards on the building (this was some of the original gossip going around).
there are still lots of new construction SFHs in this area that didn’t sell, but the prices don’t seem to be dropping any more – so that’s what I base my assessment on, that whomever built this/owns it now is going to tough it out as opposed to taking a bath. just a guess.
“Considering the poor decision of putting up this type of property in this type of area overlooking this type of view I would imagine this individual isnt the best financial decision maker.”
I think you have to bear in mind it’s a poor decision, financially, due as much to the market crashing as a whole than this building’s construction, fugliness, out-of-placeness, etc.
“I think you have to bear in mind it’s a poor decision, financially, due as much to the market crashing as a whole than this building’s construction, fugliness, out-of-placeness, etc.”
c’mon. Even if the market hadn’t crashed–had merely flattened with no prospect for the return of superjumbo ninja loans–what sort of non-imaginary person would pay over $2.5mm to live in this place in this location anytime in the next decade?
anon(tfo) – Hedge Fund manager, investment banker, politician, etc, sports star. They all could afford this place. St. viators is only a mile away down addison for elementary. Perfect place for a rich person. I’m surprised it hasn’t yet sold above ask to some rich person.
hd almost got me there. had me thinking for a second.. wow he really is a big fan of this part of the city.
hd: “…politician…”
In the good ol’ days, that would’ve been a distinct possibility. Today, it’s too hard to hide that much graft when displayed so ostentatiously.
The rest of them, of course, were they interested in such a manse, in such a neighborhood, would most likely choose Beverly or the far NW side or Kenwood.
“what sort of non-imaginary person would pay over $2.5mm to live in this place in this location anytime in the next decade?”
for 99% of the population, I completely agree. but I’ve been reading News of the Weird for a long time, and PT Barnum’s old adage always comes back into play.
Quoting my good friend Bob…. “epic fail”
I think the location came about by this guy basically being handed all of the land by an important official whose pockets were bulging the very next day. Couple that with a small subset of the population who are so egomaniacal that living in plain view of a million cars a day whizzing by 15 feet away and the world knowing you live there and you may have the perfect location. who cares about the fumes, he wasn’t planning on living past 40 anyways.
Do the “Elite Street” homes go to special “Elite Foreclosure Court”?
Does this court have posher carpeting and more expensive wood paneling adorning it than the regular, run of the mill foreclosure court relegated to the plebs?
Barbaro:
“Can you honestly look at this property, its location and the neighborhood and with a straight face say someone rational who can finance or has $1 million to put down on a home would choose to live here over another location where it is amongst similar million dollar type properties?”
My statement:
“I have to remind everyone that for every ‘foolishly’ conceieved project comes along an equally foolish buyer.” LOL @ quoting myself. The eventual buyer will have the same values and thought process the original planner/owner had…they want a place that will be seen from 90 and yes, they would be looking for the best house on the block. Even if that designation comes from the inflated pricing, the new owner will see proper justification for spending such an amount.
“I live in manhattan too and I would say overlooking the Highline is completely different then overlooking the 90/94 highway.”
No where in my post did I compare the two totally different units…no where. My mention of HL23 was only to tell of Kanye’s crib, nothing more. And yes, I will go one step further and say that HL23, overlooking the highline, blows any building currently on the Chicago market out of the water…absolutely no comparison between this mini mansion and HL23.
BTW, I stopped comparing NY props to Chicago after being scolded several times! While I do mention NYC starchitect projects, I do so not to compare, but rather to inform…ok, brag to CCers what is going on in my city. Again, humor and sarcasm, not a point of debate.
“And I must remind you just because it is asking $1million + does not mean it is worth anywhere near that.
Lets say this home when finished is worth $1 million. Did you look at the pictures. You are going to need to drop at least half a mill to finish it.
It will be interesting to see what this sells for but I would definitely think my 500 k estimate is way closer than what the current asking price is and what it sells for.”
And I must remind you that the asking is $1.89 mil and is FAR above the $500k estimate you carelessly slap on this place.
Having a RE career spanning over 25 years in multiple locales, I am fully aware of the difference between the listing price and the sales price. Yes, I agree an asking price is just that but that is where the agreement ends.
I am sure it will sell around 30% lower than that price. That was the questionable strategy put in place by the seller and the broker. Price ridiculously high for an unfinished luxury place and you have a lot of room for chopping. But I guarantee you, for what it is and the size of the lot, $500 is an insane figure to come up with.
Say your scenario does play out and a $500k offer is accepted… you say at least another $500k would be needed to finish it (I think…no I know the build out expenses would be greater) and then the seller could ask for a mil.
Still it does not make sense.
If you are indeed from Manhattan, I would not have to bring these points up to you…
Just sayin….
“
Good story in the Trib about this: http://www.chicagotribune.com/news/columnists/ct-met-kass-0527-20100526,0,7757312.column?page=1
Evidently the new buyer (if there ever is one) might have some tax issues to work out.
Reviving this post because I just learned that the property is in foreclosure. The owner, Rudy Acosta, filed chapter 7 bankruptcy in December. Apparently, it’s zoned only as a SFH.