Michigan Avenue - Niche Media - Michigan Avenue magazine is a luxury lifestyle magazine centered around Chicago’s finest people, events, fashion, health & beauty, fine dining & more!
Issue link: http://digital.greengale.com/i/67043
real estate news success stories SUMMER DAYS BREATHE LIFE INTO THE REAL ESTATE MARKET. by lisa skolnik A remarkable new rental property, deals and downright steals, plus a little flower power sweeten the summer real estate market. CorreCtive MediCine F or the luxury renter who's sick of the same old, same old, here's the cure: Randolph Tower City Apartments at 188 W. Randolph (randolphtower cityapartments.com), the first multifamily rental building to deliver new units in 2012. "There are more than 40 different floor plans so no two apart- ments are alike on any given floor," explains Ken Barnes, the project's developer. condo-quality studios Most units have high ceilings, and all have finishes and ($1,500–$1,650) spa bathrooms. Floor plans range from chic apartments the stars—four about to two-bedroom penthouses ($3,500– $6,500), but floor full- 1,400 square feet each on the upper floors, with 360-degree views—won't be ready for occupancy until August and September. The 45-story office tower, built in 1929 and dubbed the Steuben Club Building after the posh private club that anchored it, was home to a vibrant night scene until the 1950s. But it fell from grace in the 21 cen- tury, literally, "when chunks of the façade fell on the L tracks, and occu- pancy st was abysmal," and explains Barnes. His development team res- cued the Chicago landmark from foreclosure meticulously restored its exterior and interiors, giving it every amenity in the book from a ritzy pool, fitness center, and ballroom event space to a grand, hotel-style lobby complete with high- wattage panels furniture, high-tech that broadcast flat round the clock, and a 24/7 concierge. But the unit to snag is on the 38th floor, where a five-foot deep balcony entirely cir- cles the full-floor apartment. 142 michiganavemag.com A rental unit at Randolph Tower City Apartments Flower Power W ith everything in high bloom, it's prime time to show or see those subur- ban spreads with stunning grounds. continued on page 144 bathrooms, and two parking spaces for $766,250; and a 3,800-square- foot River North penthouse (200 W. Grand, Unit 2204) with a 14-by-72- foot terrace for $1.398 million. Pro golfer Jeff Sluman's 16-room mansion in Hinsdale is for sale for $4.9 million. Silver liningS C hicago's residential market recently hit an 11-year low according to Standard & Poor's Case-Shiller index, the respected home price indicator. But some are finding unexpected opportunity in the midst of the doom and gloom—namely the chance to live in a previously unaffordable zip code. A $1.4-million condo at Water Tower Place is on the market. To find the right deal, "think creatively and align yourself with a savvy broker who really knows the market, has great visual instincts, and thinks abstractly," says Michael Rosenblum (312-893-8162), a broker with Koenig & Strey. Rosenblum just sold a 5,500- square-foot, three-bedroom, three- and-a-half-bath River North condo with six outdoor spaces at 600 N. Kingsbury that didn't move at original price of just under $3 mil- lion because of its lofted, set-back bedrooms. "I showed my client what he could do with them, and he got it for $1.35 million," Rosenblum says. His current its short list of stars include a 3,150-square-foot, three- bedroom, A three-bedroom condo is available at 1418 North Lake Shore Drive. for $1.049 million; three-and-a-half-bath- room, full-floor Gold Coast condo (1418 N. Lake Shore Dr., Third Floor) a 2,754-square-foot, 5306) for three-bedroom, four-and-a-half-bathroom condo at Water Tower Place (180 N. Pearson, Unit $1.4 million; a 2,200-square-foot West Loop condo at the Alexandria (125 S. Jefferson, Unit 3008) with two large outdoor terraces, three bedrooms, three photography by chris trotman/getty images (sluman)