What’s a Reduction? Chaplin’s Penthouse in The Brewster
Two weeks ago I chattered about Charlie Chaplin’s penthouse unit at the historic Brewster, at 2800 N. Pine Grove in Lakeview and its fantastic outdoor terrace.
This week, there is an ad on Craiglist touting a price reduction:
Unit #PHA: 3 bedrooms, 2 baths, 2200 square feet
- Was listed for $597,000
- Now listed for $585,000
In this type of market, what kind of reduction actually works to move a property?
The unit last sold in June 2005 for $545,000.
Has anyone seen this unit? Is it me…or does that terrace need a railing?
Can’t do it. It’s a national register building, so you can’t make exterior changes. Or, in this case, changes to the interior hallways.
Not true. Being listed on the National Register of Historic Places does not provide any protection for a building. Interior, exterior, it doesn’t matter… You can do whatever you want to it. The only regulation the National Register offers is some extra scrutiny (Section 106) if federal dollars are being used to fund the project.
However, if this building is protected by a state or local law, then there may be some prohibitions on what can be changed.
It’s a listed Chicago Landmark. Modifications cannot be made to the areas designated significant by the Commission without the Commission’s approval.
http://www.cityofchicago.org/Landmarks/B/Brewster.html