The Magnificient Millennium Park Penthouse Sells- Was It The Deal Of The Year? 6 N. Michigan
We last chattered about this true penthouse at 6 N. Michigan across from Millennium Park in the loop in October 2012.
See our prior chatter here.
Originally listed at $7 million back in 2010, it had been reduced to $3 million.
Many of you still felt it was too expensive given its location and that it had to be built out.
If you recall, it was 6500 square feet of raw space but included beautiful original arched windows in a 35×35 great room with views of the Park and Lake Michigan.
The penthouse just sold for only $1.9 million.
Was this the deal of the year for some lucky buyer?
Anthony Madonia at @Properties had the listing. You can see more pictures of the great room windows here.
Unit #1901: 5 bedrooms, 6.5 baths, 6500 square feet
- Originally listed in 2010 for $7 million (but was 8000 square feet)
- Was listed in July 2012 for $4.5 million
- Reduced
- Was listed in October 2012 for $3 million
- Sold in December 2012 for $1.9 million
- Assessments of $6101 a month
- Taxes are “new” – but there is an 8 year historic tax freeze on the building
- 2 car parking was included in the sale
Dammit Sabrina, you promise not to share that I bought a place until after we moved in and got settled. I still need to paint the living room red to piss groove off :d
I always thought selling this place as raw space was a perfect idea.
I was wrong, as if a prime unit like this only goes for 1.9miI then my views on “prime” are way off.
So this presumably wealthy owner pays no taxes for 8 years while the average working stiff pays thousands on their 2/2 McCondo. Seems legit. ‘Merica, F*ck Yeah!
This does seem like quite a steal and someone is going to build a magnificent place.
Wow this is an amazing deal. I wonder if it is an investor?!
The building swirls with uncertainty. Who knows if the finances and condo assessments will ever be in order, or to be trustworthy or quantifiable?
It’s been 10+ years and the building is still in disarray. or not? maybe that’s why the price is so low.
http://www.justice.gov/usao/iln/pr/chicago/2012/pr1030_02.pdf
OAK PARK MAN PLEADS GUILTY TO $48.8 MILLION BANK FRAUD INVOLVING TWO CHICAGO LOOP CONDOMINIUM PROJECTS
CHICAGO — An Oak Park man pleaded guilty today to defrauding a bank of approximately $48.8 million involving two failed condominium conversion projects in downtown Chicago that he and a partner were involved with between 1999 and 2003. The projects involved converting office buildings at 6 North Michigan Ave., and 59 East Van Buren St., to residential condominiums.
The defendant, Bassam Hajyousif, 44, of Oak Park, pleaded guilty to one count of bank fraud. A co-defendant, Romel Esmail, is a fugitive believed to be living outside the United States.
Hajyousif remains free on bond while awaiting sentencing, which U.S. District Judge Harry Leinenweber scheduled for Feb. 20, 2013.
Wow: “the defendant’s conduct caused the bank lose approximately $500,000 on the 59 East Van Buren loan, and the entire $48.3 million loan for 6 North Michigan.”
“Assessments of $6101 a month”
Nice!
how do they figure $6101 for assessments i wonder? seems like a steal for the space/location/views.
helmethofer – shut up.
This property is pretty close to Columbia, which is an Ivy League school. I would be willing to bet that some rich kid’s parents bought this place for him to live in while he goes to school, only to sell it for a profit when he is graduated. There are a lot of rich kids that go to Ivy League schools and I have heard of this happening a lot. Makes sense that if the kid is smart enough to go to an Ivy League school that his parents would be smart too!
Matt
Your. Best. Post. Yet.
Not sure everyone here appreciates your wit.
LOL!
Icarus, my guess was that Groove bought it not you. I thought this was a little over your price range. Either way, we ALL need an invite to the first cc get together here. 🙂
“you promise not to share that I bought a place until after we moved in and got settled. ”
wait you were unable to unload/sell your condo?
“I wonder if it is an investor?!”
I hope not, as the potential here is huge and an investor will beige wall/pottery barn/burr ridge style it to make it appeal to all types of buyers. and that would be the worst thing to happen
“Matt,
Your. Best. Post. Yet.”
yes if you swing and miss as much as he does your do end up finally getting a hold of one. a broken clock is correct twice a day
“my guess was that Groove bought it not you. I thought this was a little over your price range”
talk about underestimating icarus’s abilty to build something other than a failed wiki, and overestimating grooves working stiff W2
NO building disarray. Completely sold out and in the hands of the association. Very stable, no uncertainty.
Original developer has been long gone and no part of the building for many many years. He had done close to zero build out.
Penthouse was a unique property that had its challenges and was sold completely raw.
I agree with Groove77….whoever purchased it, I hope they don’t screw up the build out. It would be an absolute shame.
I own and live in this building and absolutely love it. The Association is financially strong and the developer has been very responsive to every need. Owner occupied homes here to get a Historical Tax Freeze for 6 or 7 more years, but we do pay property tax, albeit on an appraised amount that is less than market. I believe the assessed amount is based on the assessed value pre rehab of this historically significant building. Living in that Penthouse would be incredible. I’ve been in it a few times and dreamed of being able to purchase it, but it was a bit out of my league. Hopefully I will get to know the new owner!
“NO building disarray. Completely sold out and in the hands of the association. Very stable, no uncertainty.”
wilmny and Tim,
i was under the impression that the current owner (i thought builder was out right after it was built) still has a bunch of units he is playing games with. taking the units on and off the market to make it look like only a few were available at a time?
also did you find that most units were not built out the same as the two models they were showing? From the few resale listing i saw pictures of online it showed lesser quality finishes and kind of really bland ones too.
this all was a while ago so all that may have changed.
“you promise not to share that I bought a place until after we moved in and got settled….
wait you were unable to unload/sell your condo?”
Not yet but if you know someone, send them my way.
“my guess was that Groove bought it not you. I thought this was a little over your price range…
talk about underestimating icarus’s abilty to build something other than a failed wiki, and overestimating grooves working stiff W2″
I suspect everyone underestimates you Groove. I also suspect that is part of your master plan.
Groove: I also live in the building…the penthouse was the last developer unit for sale.
Regarding finishes: There is a very small number of units in the building finished out by the original developer. Those units’ kitchens and baths are what we saw in Chicago in the 2001 era. The remaining units’ interiors are nicer than all others I’ve seen in the loop, including The Heritage, The Legacy, 65 E Monroe, etc. Assessments remain low, but with that comes the only negative part of living here…a less than average management company/door staff.
“I suspect everyone underestimates you Groove. I also suspect that is part of your master plan.”
nope to lazy for a master plan, what you read is what you get. i do sandbag on my stunning masculine looks though 😉
“This property is pretty close to Columbia, which is an Ivy League school. I would be willing to bet that some rich kid’s parents bought this place for him to live in while he goes to school, only to sell it for a profit when he is graduated. There are a lot of rich kids that go to Ivy League schools and I have heard of this happening a lot. Makes sense that if the kid is smart enough to go to an Ivy League school that his parents would be smart too!”
Do you realize that the Ivy League Columbia is actually in New York? Columbia COLLEGE is in downtown Chicago, which is completely unrelated.
matthewlesko, your oblivious sense of sarcasm only makes you appear uninformed.
Yes folk, Romel Esmail was the original owner of this project. The FBI and the us government are after him. He is hiding in Columbia and we’ree also after his sister ( BELLA ESMAIL MOORE) She currently resides in Melbourne Australia. HE PUT 5 MILLIOM DOLLARS INTO HER NAME BACK IN 2007. Now she is afraid to come here, because the U.S. Marshals and the Government are looking to question her.
OAK PARK MAN PLEADS GUILTY TO $48.8 MILLION BANK FRAUD INVOLVING TWO CHICAGO LOOP CONDOMINIUM PROJECTS
CHICAGO — An Oak Park man pleaded guilty today to defrauding a bank of approximately $48.8 million involving two failed condominium conversion projects in downtown Chicago that he and a partner were involved with between 1999 and 2003. The projects involved converting office buildings at 6 North Michigan Ave., and 59 East Van Buren St., to residential condominiums.
The defendant, Bassam Hajyousif, 44, of Oak Park, pleaded guilty to one count of bank fraud. A co-defendant, Romel Esmail, is a fugitive believed to be living outside the United States.
Hajyousif remains free on bond while awaiting sentencing, which U.S. District Judge Harry Leinenweber scheduled for Feb. 20, 2013.