The Most Spectacular Roof Top Terrace of All Time? 1500 N. Lake Shore Drive
This 6-bedroom co-op penthouse at 1500 N. Lake Shore Drive in the Gold Coast just came on the market.
Built in 1927, 1500 N. Lake Shore Drive was designed by famed NY architect Rosario Candela, with the listing saying it was his only residential commission in Chicago, and outside of New York.
The building was constructed by McNally & Quinn and has 57 units and heated valet garage parking.
It’s a full service building with a doorman, an on-site property manager and a new state-of-the art exercise room.
This penthouse is designed as an Italianate villa and takes up the entire top floor of the building.
It’s three levels with 8,000 square feet of indoor space and a 5,000 square foot east facing terrace.
The listing says it’s the first time on the market in 50 years.
The unit has direct elevator access.
There’s a 40 foot long walnut-paneled gallery hall with vaulted ceilings finished in a fresco theme.
The living room has the original 20 foot coffered ceilings.
There are hand carved doors throughout.
Surprisingly, there’s just one wood burning fireplace and it’s in the living room.
There’s no picture, or description, of the kitchen.
There’s pictures of just 2 of the 6.5 bathrooms.
But it’s the outdoor space that’s the big selling point.
With a U-shape that faces the Lake, the landscaped terrace boasts a fountain, mature trees, grass and a covered loggia.
According to Dennis Rodkin at Crain’s, this penthouse was a private listing, i.e. not on the MLS, in July of this year at $24.5 million.
It has been reduced to $17 million.
The owner, who has lived in the property since 1975, apparently told the Wall Street Journal over the summer that he’s moving to Florida.
You can see the Crain’s article here.
This penthouse has space pak cooling, radiator heating (which is included in the assessments), washer/dryer in the unit and 2-car valet parking.
Some co-op buildings in the Gold Coast are cash only but after looking at some of the other listings in this building, it appears that the Board will allow up to 50% financing.
This is a unique opportunity to own a rare pre-war property with all the bells and whistles along with a massive terrace.
Will someone get a deal on it?
Mark Icuss and Cheryl Prosperi at Compass have the listing. See the pictures here (no floor plan, unfortunately).
Unit PH: 6 bedrooms, 6.5 baths, 8000 square feet
- Sold in 1975 (per Crain’s)
- Originally listed as a “private listing” in July 2020 for $24.5 million
- Reduced
- Currently listed on the MLS for $17 million
- Co-Op
- Assessments are $8,207 a month (includes heat, water, electric, 2-car valet parking, doorman, exercise room, exterior maintenance, lawn care, scavenger and snow removal)
- Taxes should be included in the monthly assessments
- Space pak cooling
- Washer/dryer in the unit
- 2-car valet garage parking
- 1 wood burning fireplace
- 50% financing allowed?
- Bedroom #1: 22×18 (main floor)
- Bedroom #2: 14×12 (main floor)
- Bedroom #3: 14×19 (main floor)
- Bedroom #4: 17×13 (main floor)
- Bedroom #5: 17×15 (main floor)
- Bedroom #6: 14×16 (no floor listed)
- Living room: 39×22 (main floor)
- Dining room: 25×16 (main floor)
- Kitchen: 22×27 (main floor)
- Office: 11×11 (main floor)
- Gallery: 12×39 (main floor)
- Exercise room: 22×21 (second floor)
- Game room: 13×12 (third level)
- 5000 square foot private terrace
Wow! How many other long-time Chicago residents had no idea this existed?
I can’t access the Crain’s article…does anyone actually live here?
Besides a pile of books in the living room, there doesn’t appear to be evidence of anyone actually occupying the space.
Also, no kitchen photos?
wow. this is beautiful! totally out of my league though…
Wow. But with all that, just an 8-seat dining table? And not a whole lot of seating on the terrace. Obviously things that can be easily changed by anyone remotely capable of even looking at this place, but it conjures a thoughts of isolated, lonely people living there.
I’ve been waiting for this to be listed for years! Not because I can afford it but for the fact I find this to be one of the most amazing properties in the city of Chicago. Yes, someone does live here. I believe the last name is Wilkie. I made reference to this property a time or two in the past. It’s not everyone’s taste but it is an amazing property. A quick search will reveal some amazing photos of the terrace as well. I get it though. Unless you are a real estate nerd you may not even know this property is in existence. This address, at least by some residents standards, has some cachet to it. They don’t like to talk about their building or have it talked about according to some. Regardless, this is a high end building with in my opinion the best penthouse in the city. I would drop 17 M in a heartbeat if I had it…
Specfuckingtacular
Probably didn’t get the $25MM as the view off the terrace is of the lake. Having a handle of BacardÍ probably didnt help either
While I dont want everything in the PH, I’s want everything in the PH
I have a feeling that the knife and firearm collection would cover a few months of HOA fees
The owner must of had a real hatred for white tigers (Or they bleached out over time)
Yes, please!
“I believe the last name is Wilkie.”
More likely “Wilkin” as in Abra Prentice Wilkin, a member of the Rockefeller family.
damn this is some guilded age style shit
reminds me of the McCormick mansion
No–Wilkie is correct. Michael Wilkie (though Abra Wilkin could also afford to live here). Wilkie owns/runs/inherited a company that supplies industrial parts: DoAll company (now DGI Supply)that had $300 Million in revenue in 2018. Another example of someone fabulously well off that most of us have never heard of!
A ton of money in boring industries. Most multi-millionaire business owners are not doing anything sexy or prestigious… just making widgets.
The problem with this place is buyers are probably looking at it thinking how many millions it would take to wash it out into whites / greys. Some how this place has managed to perfectly balance that gilded age mansion style and whimsy. It is so over the top, it is kind cool imho…
How accurate is redfins property taxes? Assuming this goes for ~$15MM property taxes are $3.15MM per year or >20% of the sale price per annum?
Given the tenuous financial position Chicago will be in this decade come 2030 will property taxes represent 30% or 35% per annum of the sale price?
Whoever buys it will probably spend a couple million remodeling and I assume at least a $1MM per year in upkeep.
Awesome views awesome place but there is 0% chance getting back to even. Whoever can afford this would be better off buying a $30MM+ co-op/apartment in NY, LA, London, etc. More bang for your buck, can find similarly spectacular views without purchasing a money pit.
If the property taxes are half what redfin is showing then it’s worth it IMO.
Serious question, what kind of money do you have to have set aside to get approved to purchase this? Would the CoOp board consider you too poor if you only had $50 million in the bank?
Here’s some more info on it.
https://www.mansionglobal.com/articles/a-penthouse-in-a-chicago-high-rise-designed-by-rosario-candela-asks-24-5-million-140852
Michael Wilkie is right.
He allowed for his name to be published in an article covering the sale of the property.
https://www.mansionglobal.com/articles/a-penthouse-in-a-chicago-high-rise-designed-by-rosario-candela-asks-24-5-million-140852
“How accurate is redfins property taxes? Assuming this goes for ~$15MM property taxes are $3.15MM per year or >20% of the sale price per annum?
Given the tenuous financial position Chicago will be in this decade come 2030 will property taxes represent 30% or 35% per annum of the sale price?”
If you’re Governor FatFuck, you just decomission a couple of bathrooms – Problem solved
Nice to see another VHNW individual flee the state.
Hecka of a job FatFuck
Oh my god. I would get rid of all the dead animals and animal parts and the weapons and that is about all the changes I would make (provided the kitchen was done to the same standard as the rest of the place!!!!
Imagine sleeping with windows open and not worrying about it . . . heck, I would camp out on my own lawn regularly. The air and water show parties he hosted must have been over the top amazing from here.
If I won the lottery this would be my next home. Holy freaking moly.
“How accurate is redfins property taxes? Assuming this goes for ~$15MM property taxes are $3.15MM per year or >20% of the sale price per annum?”
That’s likely the property tax bill for the whole building.
[…checking…]
yes, that’s the total bill for all of 1500. Total AMV of $159,746,380
“Nice to see another VHNW individual flee the state.”
He’s 79. And moving to Key Largo.
Which is what VHNW (note: he has a $15m house; I hope for his sake he’s UHNW) individuals from everywhere do when they’re 80.
“He’s 79. And moving to Key Largo.
Which is what VHNW (note: he has a $15m house; I hope for his sake he’s UHNW) individuals from everywhere do when they’re 80.”
UNW is correct
WRT Fla – Its a tax avoidance move. Gov Fatfuck didn’t need that money I guess
Assuming that the assessment includes taxes (which appears to be the case), the $8,207/month seems to be a huge bargain–both with regard to taxes and maintenance fees. A reasonable tax figure would be at least $100,000 a year (i.e., over $8K/month just for taxes); And assessments (excluding taxes) for a unit this sized, with doorman, 2 parking spaces, pre-war building, etc. would be a bargain at $8,000/month.
Glad to be discussing RE again and not trying to argue with COVIDIOTS!
I’d imagine a co-op board such as this would require at least 50% down and liquid reserves equivalent to the remaining balance but it’s anyone’s guess. Are any other units in this building even remotely close in value? It is one thing to have certain requirements to buy a $2 or $3 million co-op but this price point is an entirely different tier of buyer.
I can’t imagine co-op boards here are as nutso as they are in high end NYC buildings.
I really wanted to love this one but it just doesn’t work for me. It’ll take a special someone to buy this place. While the views are great from the terrace, it’s really just a grass. I was expecting so much more up there.
“Are any other units in this building even remotely close in value?”
Big one on a high floor, $5m in ’13:
https://www.redfin.com/IL/Chicago/1500-N-Lake-Shore-Dr-60610/unit-22A/home/25671456
That one said “cash only” in the listing.
So, at least “remotely” close.
You can’t buy it because I already did. Definitely worth the $8,200 a month HOA.
It said first time available in 50 years. Any idea what they bought it for back then? Probably would sound like a bargain now.
As for the person asking about other units in this building: It’s arguably the most exclusive co-op in the city. In the last 20 years or so I’ve never seen a place available here for less than $2 million. All the units are spectacular inside. It’s a real Chicago treasure.
And yes, cash only.
I know people might think I’m nuts, but at $17 million this place appears to be an amazing bargain. In NYC it would be $100 million, easily.
I now think that the HOA figure for the Penthouse unit must NOT include taxes. Unit 9A is also for sale, a 4400 square foot unit that obviously lacks the scale and outdoor space of the Penthouse unit but is priced at only $1,890,000. Unit 9A shows HOA of $4974/month and Taxes of $2,032. (Also says 50% financing approved by Board)
Tony Stark of Chicago is still…just…Tony Stark of Chicago.
Yes cow-town is a tier-1 global city megalopolis to the Sabrina’s & big10 sports fanatics of the world, but it’s actually no NY, London, Tokyo (nor even EssEff).
The truth of the matter is people with this level of wealth that are forced to remain here physically or choose to is a very small population indeed.
If you have the cash to afford this place, or even the cash to afford half this place, you likely realize you only live once, the world is your oyster and you’re not constrained to the climate here. Hell there’s a half-dozen places around the world where you just buy a second passport for you & your family.
Don’t like paying Uncle Sam on your wealth? You can move to Switzerland and pay a flat fee of ~50k/year that covers all of your taxes (and after 10 years of renouncing your US citizenship are finally freed of that liability lol).
A good read that was written almost a quarter century ago was The Sovereign Individual which was pretty spot on in predicting the future so far. Big government tax & spend types are in for a real shock when they realize when people can work from home they can work from anywhere & what was forecast back then is now becoming a reality.
Why would a CEO buy this and live here when they can live in Florida in a mansion for far less with 4k feeds to all of their team members? Pray tell, Sabrina, what “cultural institutions” make it worthwhile for someone to live here with the means to live anywhere?
I thought this would be an estate sale seeing as the Dos Equis guy died a few years back.
“Don’t like paying Uncle Sam on your wealth? You can move to Switzerland and pay a flat fee of ~50k/year that covers all of your taxes (and after 10 years of renouncing your US citizenship are finally freed of that liability lol).”
what’s this?
OK
I’ve never dreamed of being an italian count…
but I could image it and then live here.
“Yes cow-town is a tier-1 global city megalopolis to the Sabrina’s & big10 sports fanatics of the world, but it’s actually no NY, London, Tokyo (nor even EssEff).”
Sure Bob. Chicago is a cow-town. Uh-huh.
Is that why we keep building 70 story condo towers? Because no one with money wants to live here?
Chicago has a lot of hidden fantastic companies that many don’t even know about that just keep generating tons of wealth like John Bean Technologies, to name one.
Not to mention all the CME millionaires from that IPO who no one talks about either.
Chicago doesn’t have to be London or NY to be a huge business center.
We are still the center of transportation in the most dynamic economy in the world. I’ll take it.
“Pray tell, Sabrina, what “cultural institutions” make it worthwhile for someone to live here with the means to live anywhere?”
Northwestern University. University of Chicago. Two of the best universities in the country. Universities matter. They want to go to lectures. They want to have dinner with professors who are experts in their field. It has always been thus.
Then tack on the art museums, the architecture foundation, the opera, the symphony, the Obama Presidential Center, the conservatories, two baseball teams and Michelin starred restaurants.
It seems Bob doesn’t live in the city of Chicago either or else he would truly get the energy, innovation and creativity in downtown Chicago and in neighborhoods like Fulton Market.
Florida has some great institutions as well. Miami, in particular, has been adding great museums and cultural institutions. And maybe it matches Chicago’s business energy now.
That’s why no city should rest on its laurels. St. Louis had several dozen Fortune 500 headquarters just 50 years ago. Now it has less than 10.
There will be no “shock” when everyone can work-from-home. The cities have survived for hundreds of years because of the innovation they bring. Artists and creatives need to be around other artists and creatives. It’s been shown that cities breed art. Heck, they have even done studies about how certain blocks within cities have bred it. They’re trying to figure out why.
If you don’t have ambition and don’t dream big, then the cities will never be a lure. But for those who do, they will explode with energy next year when we get the vaccines.
Also, there are plenty of $10 million+ properties on the market in Chicago right now.
The last property to sell over $10 million was last year. It was a condo. We’ll see what happens when the Vista closings start as many of those are over $10 million.
Yes, $10 million+ is the upper bracket in Chicago. We’re not SF, LA or NYC.
But there’s plenty of money here. Because it’s a great city.
“I now think that the HOA figure for the Penthouse unit must NOT include taxes.”
This may be JAH. 8,000 a month seemed low to me if it included the taxes. Lol.
“And yes, cash only.”
They might have changed this requirement Dan #2. None of the listings I saw said “cash only” and they usually list that if it does.
Also, as others have pointed out, at least one other unit on the market says that the Board will consider 50% financing.
But it’s a gorgeous building. Lots of beautiful units for sale right now.
“Imagine sleeping with windows open and not worrying about it . . . heck, I would camp out on my own lawn regularly.”
Right, the Cat???
Lol.
When I first looked at the pictures and saw those big wood doors opening directly from one of the bedrooms onto the lawn I thought, “well, that’s not very safe and secure” and then had to check myself that this is the penthouse and no one else can even get onto that lawn so, yes, it’s quite safe. You could sleep with those doors OPEN. Lol.
“Nice to see another VHNW individual flee the state.”
The Silent Generation is retiring (or dying). Baby Boomers are starting to do the same thing. It’s not surprising to see some of these long held properties come on the market. It’s the circle of life JohnnyU. Has nothing to do with the state, the governor or anything else. It was ALWAYS going to happen.
The pandemic is making it happen faster as people are realizing that life is short and why not spend the last days down at the beach or wherever really floats their boat?
Meanwhile, the largest generation in US history is coming into their own in their 30s and GenZ is even bigger and coming up fast. New blood will be buying in these buildings.
If you walk around the Gold Coast it becomes pretty clear that older generations will be leaving soon and it will be a different place when young buyers decide to move in.
The CEOs of the old businesses are being replaced with CEOs of the new businesses.
It’s been happening for 150 years in Chicago. Nothing new here.
“Would the CoOp board consider you too poor if you only had $50 million in the bank”
Most likely- yes.
You have to have some real firepower to be approved to buy this.
“Another example of someone fabulously well off that most of us have never heard of!”
There are plenty of these all over Chicago and the suburbs.
“Regardless, this is a high end building with in my opinion the best penthouse in the city. I would drop 17 M in a heartbeat if I had it…”
Me too!
“I can’t access the Crain’s article…does anyone actually live here?”
Yes.
And as for no kitchen pictures, that usually means that they realize whomever buys it will redo the kitchen anyway. No use in showing it.
“what’s this?”
Look into it–there are other advanced western countries where you can get a much better deal if you are ultra-HNW. Parts of Switzerland come to mind. The catch is, and it’s a big catch for Americans, is that you’d have to renounce your US citizenship and then wait 10 years. For non-American HNWIs this does not apply.
“It seems Bob doesn’t live in the city of Chicago either or else he would truly get the energy, innovation and creativity in downtown Chicago and in neighborhoods like Fulton Market..
Artists and creatives need to be around other artists and creatives. It’s been shown that cities breed art. Heck, they have even done studies about how certain blocks within cities have bred it.”
Yes those who don’t feel the need to chase artists around and jack up their rents obviously don’t live in Chicago because they’re not in the “hip” neighborhoods the automatons/von Neumann machines the Sabrina’s of the world choose to live in. Sorry Sabrina but transients such as yourself who chase the artists around aren’t community builders–you’re transients who flock to the burbs once you pop out a kid and they need to goto school and a yard. You aren’t special at all just because there are many that think just like you. What is the latest hip neighborhood these days is it still Logan Square or are there not enough artists there anymore and the new “in” neighborhood is Humboldt Park? Afterall we need proximity to poor artists and their “creativity” for our validation, right? Hah. The problem is there’s not enough of your clade to sustain lofty RE valuations.
“Not to mention all the CME millionaires from that IPO who no one talks about either.”
Recently worked at a place that owned several million dollars worth of CME shares. It was a company because, newsflash, to have traders on the CME you had to own a certain number of their shares. The vast majority of CME shares were likely held by institutions for this very reason, not individuals. Another newsflash: they can never sell unless CME adjusts the holding rules for seating traders. It does pay a steady dividend with a special one at the end of each year, which again, most of which wind up in the coffers of institutions that actually trade on the CME, and not individuals.
Who is the type of person to buy this?
I would assume someone who already lives in the Chicago area, perhaps even this building, and has always wanted the unit.
“ That’s why no city should rest on its laurels. St. Louis had several dozen Fortune 500 headquarters just 50 years ago. Now it has less than 10.”
What trend started about 50 years ago in STL?
“ The Silent Generation is retiring (or dying). Baby Boomers are starting to do the same thing. It’s not surprising to see some of these long held properties come on the market. It’s the circle of life JohnnyU. Has nothing to do with the state, the governor or anything else. It was ALWAYS going to happen.
The pandemic is making it happen faster as people are realizing that life is short and why not spend the last days down at the beach or wherever really floats their boat?
Meanwhile, the largest generation in US history is coming into their own in their 30s and GenZ is even bigger and coming up fast. New blood will be buying in these buildings.
If you walk around the Gold Coast it becomes pretty clear that older generations will be leaving soon and it will be a different place when young buyers decide to move in.
The CEOs of the old businesses are being replaced with CEOs of the new businesses.
It’s been happening for 150 years in Chicago. Nothing new here.“
Flat out Bullshit.
UHNW and VHNW folks are leaving the state due to the tax implications, Other than highlighting the mismanagement by state and city “leaders” Covid has zero to do with it.
You don’t think the owner of this couldn’t get himself a swanky pad in Keys (if he already doesn’t own property in Fl) without selling this place and maintaining his primary domicile in Illinois and he’s doing this at 79? Yeah he totally just figured out that moving to Florida was his life long dream? LOFL.
Just so you realize, this means reduced tax revenue for a state that is already Financially bent over a barrel.
The talk of GenZ & Millenials is more useless drivel not related to the subject at hand. It’s kinda your trademark.
“all the CME millionaires from that IPO”
That was *18* (**EIGHTEEN**) years ago, and they were all members of the exchange at the time. Average age of 40-something.
So they’re all nearing or past retirement age now AND they can run their trading desk (if they still want that headache/rush) from Scottsdale or Charleston or Palm Beach.
Two things:
1.) In one of the articles posted, the owner claims he’s leaving Chicago to “avoid Midwestern winters.” Of course, it’s possible that he’s leaving for financial reasons as well, but just pointing it out as the rationale given in that article. (Obviously, one of that wealth could simply have two residences and avoid Midwestern winters too.)
2.) The kitchen was updated by the owner 5 years after he moved in….so, in 1980. So, yeah, the kitchen is 40 years old and will be re-done by whoever moves in.
I agree the older folks are selling these places, but I’m guessing that many Generation X and millennial types aren’t going to be able/willing to afford to live in luxurious older buildings on LSD.
For a more normal co-op, say, like unit 13A of 3500 N. LSD (link below),a 3-BR now on the market for $629,000, the problem seems clear.
The price is affordable for many upper middle class people, especially with today’s low mortgage rates. However, assessments are $2,700 a month and that’s before taxes. Cost of ownership is pegged at over $5,600 a month including taxes, mortgage, insurance, HOA, but not parking (there is none, so add another $200 a month for each car in a building nearby).
That means roughly $72,000 a year in housing costs. I suppose if you’re making $300,000 a year as a lawyer in a high-powered firm, you can afford, but do you really want to pay that $3,000 a month for parking and HOA when you could put more money into a bigger place with a yard (assuming you’re a young family)? And with better public schools (most likely).
These assessments won’t go down, either. Old buildings don’t get any younger, and they take a lot of care and upkeep. I’m worried about their future.
https://www.redfin.com/IL/Chicago/3500-N-Lake-Shore-Dr-60657/unit-13A/home/52202906
One correction to my last post: The 3500 LSD unit includes one year of garage parking. But after that you’d have to pay. And I assume it’s for just one car.
One more thought on 3500 N LSD, unit 13A:
https://www.redfin.com/IL/Chicago/3500-N-Lake-Shore-Dr-60657/unit-13A/home/52202906
It’s the kind of place my wife and I would consider moving to when we come back to the city after the kids are completely out of the house in a year or two. We could probably use cash from our home sale to buy the unit with no mortgage. But we’d still face about $4,000 a month in HOA, parking, taxes vs. if we stay in our paid-off home now we just have about 1/3 of those expenses (even including stuff like lawn care that we now pay for but wouldn’t in a co-op).
So I can’t imagine ever buying this place, and we’re pretty well off compared with most people. Too bad. I think the prices will have to drop quite a bit for many buildings on LSD.
“Old buildings don’t get any younger, and they take a lot of care and upkeep. I’m worried about their future.”
It’s unfortunate. The only way out of a 3,000 per month assessment and plummeting home values in these buildings is for the owners to collectively choose to sell the entire complex to a developer.
If Chicago wants to maintain its charm tied to the history of some of these historic midrises, or the huge number of historic homes being torn down for McMansions, they need to start giving out tax incentives to offset some of the costs of maintaining such old properties.
Tax incentives would be nice, KK. It would be a great idea if the city and state were better off financially. We have that lovely wall of old high rises stretching from Streeterville north to Irving Park Road. I’m concerned what happens to them, now that many are 100 years old or almost 100.
Funny thing is, if you go to a place like Prague or Madrid (I’ve been to both in recent years), buildings there are far older, and yet maintenance costs don’t seem to be a major problem. People are accustomed to living in 400-year old buildings. Here, a building is “pre-war” (80 years old or so), and it’s thought of as ancient and a money trap.
“even including stuff like lawn care that we now pay for”
Get off your fat ass. Can’t even cut your own grass?? So you hire the illegal underpaid Mexicans you barely acknowledge as human, who can’t afford to live in your self-segregating racist Highland Park neighborhood. Then move to the epicenter of lakefront liberalism at 3500 N LSD. About as kosher as it gets, lol.
Did you ever think about getting out into the real world for a change? for a day? See how other people live and think? Enjoy some diversity and vibrancy and expand your mind? Or just live out your entire life and remaining years in another groupthink segregated liberal enclave? I feel sorry for you. Such narrowness in your life, you really only have one last chance to prove that your better than being a self-segregating hypocrite. 😉
wow. Helmet-head is at it again with another anti-semitic diatribe (Highland Park isn’t any more self-segregating than 2/3 of the neighborhoods/suburbs in Chicago). Helmut: please tell us about the diversity in your life, where it is you actually live, what your background/expertise is to judge others, etc. I’m guessing you’re an aging, single (closeted gay), self-hating white dude from an eastern European background (German wannabe)–am I close??
“Get off your fat ass. Can’t even cut your own grass??”
I mean, if one derives pleasure from it, I suppose. I rake my leaves every fall (20 Home Depot paper bags or so – to the curb today!) and shovel snow, but I have no interest in buying a lawn mower, having one take up space, taking care of it, and using it once a week for nearly four months. I paid a service $40 to do it for a few years, but this past summer, paid a neighborhood kid $20 and he did it just as well. On my days off, I like to run for a couple of hours, maybe bike or hike for a couple hours with the kids; in winter I shoot for 30-40 days on the mountain. Doing those sorts of things with my fat ass seems a better use of time and $20-40.
Being the real estate nerd I am. Is it possible to find out who the other two owners of the property were? I love to trace the history of interesting properties, i.e. price, owners, etc. Also, wondering what was paid back in 1975 as well. It seems very difficult to track down histories on co-op properties. Any help or insight is appreciated.
Hey HH,
My “fat ass,” huh? Want to do a weigh-in? I’m 49 and I’ve finished two of the last three Chicago marathons (2017 and 2019), both in well under 4 hours.
I also ran my most recent 5K (3.1 mile) race in 19 minutes and 16 seconds, finishing third.
My BMI is 21.
I’d like to hear your marathon times. I bet you can’t even run a mile without collapsing. And like the others, I’d love to hear about the wonderfully diverse environment you live in.
I’m not going to say Highland Park is diverse, because it isn’t. However, the high school here is attended by kids from Highland Park and Highwood (which is heavily Hispanic). I’d guess about 20% of the kids who graduated with my older son two years ago had Hispanic last names. This isn’t Kenilworth.
@Dan, typically the property taxes are included in the HOA/Maintenance charge with a co-op.
I do agree though that high HOA dues in older buildings make them harder to sell and reduce the value of the units. At some point, people scoff at paying so much for little in return.
It isn’t just condo fees, but property taxes too. Plenty of people looking for greener pastures to get away from the exorbitant taxes. Property taxes on a $500k place in most suburbs are the equilvalent of taxes on like $1-$1.5 million place in many other cities.
“Is it possible to find out who the other two owners of the property were?”
There’s a great book resource all Chicago real estate lovers should have called “Chicago Apartments: A Century of Lakefront Living.”
I forgot to consult it for this post. And lo and behold, there’s an old picture of the 1500 N LSD penthouse from 1930 at the top of the chapter. It looks the same! Although the big trees are missing from the terrace. That little fountain is still there. It’s original to the penthouse.
The Chicago Tribune looked down on the building because it was done by a New York architect. Lol.
All 57 apartments were sold before the building had been completed and this allowed the units to be individually designed. According to the book, a series of architects created the interior designs which is why each unit is unique.
It was built between 1927 and 1929.
The original owner of the penthouse was George Woodruff.
Despite opening during the Great Depression, it has always been a co-op. That’s impressive because many of the co-ops collapsed during this time. Many of the buildings became apartment buildings.
The two bathrooms shown in the pictures in the MLS listing are His and Hers and are ORIGINAL.
The one with the greenish tile and the marble sitting table was Mrs. Woodruff’s bathroom in the Italian Renaissance style.
The black tile bathroom was Mr. Woodruff’s in the Pompeian style.
There are pictures of both in the book. As well as the fresco grand hall, the dining room and the concrete staircase.
The book also has two pictures of the William Wrigley residence, which was a duplex.
The penthouse pictures in the book are courtesy of both the Chicago Historical Society, the Ryerson and Burnham Libraries and the Art Institute of Chicago.
So, JW, if you want to look up information about the property, you can check those sources. For looking up what was paid, you’d have to consult the Cook County Recorder of Deeds. Online info usually only goes back to about 1980. Not sure what you’d get if you went to the office or how much it would cost for them to do a search for you.
And, you can also do an archive search of the Chicago Tribune which can be done online. Sounds like they talked about the building a lot in 1927. I’m sure they also gossiped about how much Mr. Woodruff paid for that penthouse.
This brings up the question: would you dare to renovate those original 90 year bathrooms?
How many of the original features do you leave if you buy this?
“I’m guessing you’re an aging, single”
He’s in his 70s JAH.
“Here, a building is “pre-war” (80 years old or so), and it’s thought of as ancient and a money trap.”
True, Dan #2.
But the Europeans look at real estate differently, it seems to me. They mostly aren’t obsessed with it like Americans. Are they buying it to flip in 3 years? Doesn’t seem like it to me.
“So I can’t imagine ever buying this place, and we’re pretty well off compared with most people. Too bad. I think the prices will have to drop quite a bit for many buildings on LSD.”
Then you’re really NOT rich enough to afford a building like this and the Board wouldn’t approve you. Just being blunt Dan #2.
It takes more than just buying it in cash. You have to easily be able to afford those assessments. And that’s why the building is still filled with Pritzkers, Wrigleys etc.
They want to see net assets of $10 million and above.
Now, the question for a building like this is, how many GenZers and Millennials will want to live here? Older generation did, but that was before all the new luxury buildings were built. Lifestyles have changed. Other locations are hotter.
Even a building like the Palmolive, which was at the top of the luxury list for the last 10 years, is fading in popularity now.
I would not touch those bathrooms! They are gorgeous not to mention I bet that tile is set in concrete. You would need a jackhammer . . . . well a sledgehammer at the least. I am sure the Co-Op would RIGHTFULLY not approve.
@Dan #2, HH has no idea how impressive those times are for someone your age.
“The price is affordable for many upper middle class people, especially with today’s low mortgage rates. However, assessments are $2,700 a month and that’s before taxes. Cost of ownership is pegged at over $5,600 a month including taxes, mortgage, insurance, HOA, but not parking (there is none, so add another $200 a month for each car in a building nearby).”
Plenty of Millennials and GenXers are paying $5,000 to $7,000 a month for an apartment downtown. Why not pay it for a mortgage?
You’re also assuming that everyone has a car. And actually has 2 cars. Many younger people have NO car.
Living in a vintage condo or co-op building isn’t the lifestyle for everyone. Many of the buildings have disadvantages (no parking, no central air, no washer/dryer in the unit) and high costs. But some just love them. Where else do you get concrete walls between units so you don’t hear any noise? Where else do you get the crown molding, the arched doorways, the wood burning fireplaces? Where else do you get a real dining room and a closed off kitchen?
But, again, you might not get a primary suite or a large walk-in-closet.
Different things for different folks.
People don’t buy places like this because they worry about the assessment and what it will be worth in five years. LOL. Some of these comments.
“That was *18* (**EIGHTEEN**) years ago, and they were all members of the exchange at the time. Average age of 40-something.”
They still all owned property here anon(tfo). It literally created dozens of multi-millionaires.
Who knew?
No one ever talks about it.
Same with CBOE. Same with Grubhub. No one talks about them. I could go on and on about all the publicly traded companies located here that have created millionaires. Dozens and dozens of wealthy people.
Insiders who came after the IPOs also get shares. And the shares of these companies keep going up. More millionaires created.
You all are seriously clueless about the wealth, jobs, businesses in Chicago/Illinois.
Who’s that guy who bought the Trump penthouse for like $17 million? No one had ever heard of him. Head of some company in the suburbs that has done quite well, apparently.
Who’s the buyer trying to get out of his contract in the Vista for over $10 million?
Exactly.
“Just so you realize, this means reduced tax revenue for a state that is already Financially bent over a barrel.”
What are you ranting about? Someone is going to BUY his penthouse. That person will also be rich. The state will be fine.
Again, it’s the circle of life. Same as has been happening for forever. What happened to George Woodruff, the first owner of the penthouse? Was the state doomed when he moved/died?
Exactly.
GenZ and Millennials are the largest generations in history. And they all want to live in cities.
So sorry you live in some crazy suburb somewhere and don’t understand how the city actually works JohnnyU. I’m glad you’re here on this site so we can all educate you however.
“You don’t think the owner of this couldn’t get himself a swanky pad in Keys (if he already doesn’t own property in Fl) without selling this place and maintaining his primary domicile in Illinois and he’s doing this at 79? Yeah he totally just figured out that moving to Florida was his life long dream? LOFL.”
I don’t know this seller but I do know plenty of 79 year olds.
And yeah- they just get sick of living in the same place where they’ve lived for 50 years. Their friends have moved or have died. They’re tired of the winters.
Maybe he already has a place in Florida and goes there every winter. That would be true of about 50% of the Gold Coast, by the way.
But you reach a point where you don’t want to fly back and forth anymore. The Chicago place is old and too big. And then you’re asking, why am I paying all this maintenance on a place I’m only in a few months out of the year anyway? Everyone else lives year round in Florida, I will too.
So you decide to list it.
No different than Sugar Rutherford and other older Chicago wealthy elites who also just listed her downtown condo to move to Florida.
Could she have owned both? I don’t know. I don’t know her situation. But many people don’t want to when they reach a certain age.
It’s run it’s course. The stock market is surging as is upper bracket real estate. Why not list it and just move on? The pandemic has forced people to make decisions that they were putting off.
Time is of the essence for many now.
Makes sense to me.
Also, JohnnyU, even rich people retire.
Chicago, LA, NYC are geared toward the young and ambitious. Many don’t feel the need to be around the big cities when they retire.
“Sorry Sabrina but transients such as yourself who chase the artists around aren’t community builders–you’re transients who flock to the burbs once you pop out a kid and they need to goto school and a yard.”
That’s the thing, Bob. I raised my kids in the city as did most of my friends. That’s what’s all changed. All you old-timers don’t get it. No one has fled the city for the suburbs in a decade. This is why Logan Square single family homes are selling like hotcakes. Same with Portage Park, Jefferson Park and Galewood. No one is afraid of staying in the city anymore Bob.
Get with the times, man. Dang.
“The vast majority of CME shares were likely held by institutions for this very reason, not individuals.”
Wrong.
Every single employee in upper management at CME owns shares. They get shares as awards and gifts.
Current CEO has shares worth $14.7 million at current price. He sold shares worth $7.95 million in December 2019.
He also sold $7 million worth in August 2019.
In Nov 2018, he sold $1.8 million.
And that’s just the CEO.
The head lawyer has shares worth $8 million at current prices. She last sold shares for $688,000 in December 2019.
And you can just keep going down the line. Even the directors have shares that are worth, at current prices, over $1 million each.
Everyone in upper management is a millionaire at CME based on their shares and current share price.
And that’s just the CME. Dozens of other public companies headquartered in Chicago.
You all really don’t understand the wealth in Chicago. Yeah, we’re not NYC, LA or San Francisco. But we’re not Tampa either.
“I would not touch those bathrooms! They are gorgeous not to mention I bet that tile is set in concrete. You would need a jackhammer . . . . well a sledgehammer at the least. I am sure the Co-Op would RIGHTFULLY not approve.”
It’s 90 years old. How well has it held up? How’s the lighting? A 90-year old bath or shower?
Anyone buying this unit will have to take a jack hammer to a lot of things, right? I don’t think that will deter anyone.
Also, I’m not sure the co-op board in a building where each unit was individually designed is going to object to changes to a nearly century old bathroom. Looking at the other units on the market in the building, most of those have been updated.
“ What are you ranting about? Someone is going to BUY his penthouse. That person will also be rich. The state will be fine.
Again, it’s the circle of life. Same as has been happening for forever. What happened to George Woodruff, the first owner of the penthouse? Was the state doomed when he moved/died?
Exactly.
GenZ and Millennials are the largest generations in history. And they all want to live in cities.
So sorry you live in some crazy suburb somewhere and don’t understand how the city actually works JohnnyU. I’m glad you’re here on this site so we can all educate you however.”
Blah, blah, blah. I’m not going to respond to what you said, rather I’m going to makeup a point and then respond to my own point
Moron
“ I don’t know this seller but I do know plenty of 79 year olds.
And yeah- they just get sick of living in the same place where they’ve lived for 50 years. Their friends have moved or have died. They’re tired of the winters.
Maybe he already has a place in Florida and goes there every winter. That would be true of about 50% of the Gold Coast, by the way.
But you reach a point where you don’t want to fly back and forth anymore. The Chicago place is old and too big. And then you’re asking, why am I paying all this maintenance on a place I’m only in a few months out of the year anyway? Everyone else lives year round in Florida, I will too.
So you decide to list it.
No different than Sugar Rutherford and other older Chicago wealthy elites who also just listed her downtown condo to move to Florida.
Could she have owned both? I don’t know. I don’t know her situation. But many people don’t want to when they reach a certain age.
It’s run it’s course. The stock market is surging as is upper bracket real estate. Why not list it and just move on? The pandemic has forced people to make decisions that they were putting off.”
Wall of meaningless words
“Time is of the essence for many now.”
It’s called estate planning. Most well off 79 YO make moves to minimize the tax implications
“Makes sense to me.”
When you makeup whole scenarios out of thin air, of course it does
Thanks Sabrina!! Ironically, I actually bought the book you are referring to a year or so ago because of my interest in 999 N Lake Shore Dr. unfortunately it’s been sitting in my desk in my office since. No time!! Im going to dig into that soon. I never have luck with the recorder of deeds site when it comes to co-ops. I’m not the best at deciphering some of it but your leads are greatly appreciated!
“[CME ipo] literally created dozens of multi-millionaires.”
It merely allowed multi-millionaires to convert an illiquid asset into a liquid asset.
Saying it “created” millionaires is like saying the GS IPO “created” millionaires out of the GS partnership–both of them–as private entities–were annuities for the members, but hard to value and harder (or, in the case of GS, impossible) to sell.
And the reason no one talks about it is that it HAPPENED A GENERATION AGO!!!
“The vast majority of CME shares were likely held by institutions for this very reason, not individuals.”
Bob, bro, seriously?? You think that the pre-IPO CME was institutionally owned? GTFOOH!
It was (basically) a partnership, and the ‘shareholders’ were those who owned a seat–ie the right to trade on the floor.
Did some institutions own seats? Certainly. Did they get shares bc of that? Of course. But the trading world was a lot different in the last century.
999 N Lake Shore Dr, a building I have actually been in. The top floor contained former maids’ rooms that were now used as storage. The one I saw had been converted into wine storage. Does 1500 LSD have anything like that?
My first home was the same age as this place – – assuming construction types were pretty standard for the day. . . That tile is set in concrete and provided no settling of the structure generally, it is likely in good shape. If there has been movement, sure there are probably cracks here and there. Maybe that is why they didn’t show photos of all the rooms. Would be interesting to tour the unit. If he hasn’t sold it by next October it would be a cool addition to the Open House Chicago!!!
I refereced the wrong book. BTW Sabrina, I just ordered the book you mentioned. The one I was talking about is “999: A History of Chicago in Ten Stories”. Haven’t gotten around to it but I did just dust it off from my desk drawer.
What a spectacular apartment, in a building that has a number of fabulous units. I have read a few articles on this building, illustrated with old photos taken at the time of its completion in the 1920s, which show that many of the units were extensively customized at the outset.
I love the rooms shown and find it easy to imagine how much better they’ll look without the current owner’s furnishings. The gallery is wonderful, as are most of the rooms shown, and the outdoor space totally makes the place. The two baths shown are spectacular and I wouldn’t change anything in them. A beautiful antique bath in good condition is worth keeping. The
The HOA is very reasonable even if it does not include the property taxes, a little detail that I’m sure a prospective buyer will ascertain before springing for it, not that people this rich are troubled by a tax bill of $150,000 a year or more. The listed HOA is less than a dollar a square foot, which is very reasonable for an old, high-end high rise with a very high level of service. Most older high rises without much service have HOAs of about $0.75 a square foot, and many older high end buildings have HOA fees of nearly $2.00 a square foot. The HOA here is much more reasonable for what you get than it is at 2430 N Lakeview, where two units with HOA costs of $10,000 a month plus, for about 6,700 sq ft, go unsold after being on the market for nearly a decade.
I’m sure the Board wants to see a very high net worth with a good credit record to boot- not all multimillionaires are good at meeting their obligations, as we’ve seen with certain prominent public figures who shall remain unnamed here. The HOA is low enough, really, that the building might not maintain such a huge reserve as all that, because a co-op board, unlike a condo board, can levy a massive special assessment with no prior approval by the rest of the ownership, and they will only approve people for purchase who they know are good for the money.
Sabrina, you can change the plumbing in those baths without damaging the beautiful antique tile, as long as they aren’t back-to-back with each other. Just go into the wall of the room that backs onto the bath, where you can easily repair the plaster.
If need be, high-quality replacement fittings and fixtures that mimic the original ones are available, and function as modern ones should. I’d do anything to avoid ripping out those beautiful baths. .
Thanks Cat, for your nice comment on my marathon times.
My best was just under 3:42 in the 2019 race when I was 48. I was hoping to better that this year, but COVID-19.
Now I will plan to run next year’s, assuming it takes place, at age 50. It would seem difficult to believe I can improve on these times as the years pass, but I can try.
I’m not particularly fast for my age, btw, at least among those who run marathons. I got beaten by many people older than me. But I’m glad my times sound good to others. I finished in the top-11,000 in 2019 (out of about 43,000 finishers).
I hope the 2021 race isn’t run on such a cold day. It was freezing in 2019 waiting to start the race (not a problem once you’re running, obviously).
PSA that there is a gorgeous new edition of the Chicago Apartments book, published in July and updated to include properties like Vista Tower, Nema, and Aqua (featured on the cover). It would be a lovely holiday gift.
https://press.uchicago.edu/ucp/books/book/chicago/C/bo40967580.html
” I’d do anything to avoid ripping out those beautiful baths. .”
my gut tells me a new buyer will make A LOT of changes to this place.
Paint everything white, add a waterfall island and make it an open concept?
“BTW Sabrina, I just ordered the book you mentioned.”
You’ll love it.
“It’s called estate planning. Most well off 79 YO make moves to minimize the tax implications”
No- it’s called, “my best friend who is 78 just died of COVID. I still have things to do. I want to do them now.”
Different decisions are being made all over the place, by ALL age ranges. Which is why downtown apartment occupancy is at 30 year lows.
So sorry you live such a boring life that you can’t imagine making major changes when there are events that shake your core, JohnnyU. How sad.
No- it’s called, “my best friend who is 78 just died of COVID. I still have things to do. I want to do them now.”
Different decisions are being made all over the place, by ALL age ranges. Which is why downtown apartment occupancy is at 30 year lows.
So sorry you live such a boring life that you can’t imagine making major changes when there are events that shake your core, JohnnyU. How sad.“
It’s wonderful how you project you BS.
I thought everyone wanted to live downtown? It’s HAWT ™ there!
Maybe you should get out of your cat piss smelling garden studio apartment and check out the world vice making up scenarios in your head and then assuming they are fact.
I’m sorry that not being able to go out and eat is shaking you to your core. Seems like a really shallow and pathetic existence you’re dealing with
See making up bullshit is fun…
“I thought everyone wanted to live downtown? It’s HAWT ™ there!”
Sigh. He already lived downtown JohnnyU. For 50 years.
At least you’re admitting that your FOS.
Thats progress
Price was just reduced by $5M (about 30%)!
“Price was just reduced by $5M (about 30%)!”
Thanks for the update KK. Will be interesting to see what happens.
The luxury market is red hot. Now is the time to sell.
Back listed again 9.75
and also an estate sale now.
How sad. Didn’t the owner decide to move to Palm Beach during the pandemic? Or am I thinking of a different penthouse?
This is what I mean about the Silent Generation and the Baby Boomers. They are making different decisions now due to the pandemic. Life is short. Why spend it living somewhere you don’t want to be? Why deal with snow, gloom and cold if you don’t like those things and have the money not to?