ML - Michigan Avenue

2012 - Issue 6 - October

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!

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HAUTE PROPERTY Greenery abounds on the rooftop of 65 East Goethe Street. The penthouse at 159 East Walton is on the market for $16.75 million with luxury amenities included. penthouse atop 65 East Goethe Street, also unfinished, is reduced from $6 million to $3.5 million, making it $1,098.21 per square foot, while Jordan's 8,000-square-foot triplex at 1100 North Lake Shore Drive is $5 million—a mere $625 per square foot. continued from page 119 the sticking point for two of these four celebrity pads could be their prices, each well above the $6 million mark. The Donald is asking $32 million for 14,260-square-foot unfinished spread on the 89th floor of Trump Tower that he was said to be sav- ing for himself, making it the highest-priced " Penthouses are a pretty hot commodity here."—MILLIE ROSENBLOOM property to ever go on the market in Chicago. Still, it's not outrageous when you do the math. The place works out to $2,244 per square foot, which is signifi- cantly less $10,000 that than the super- luxury properties pull in Trump's hometown of New York City. A Hollywood heart- throb's 12,000-square-foot triplex in the Palmolive Building, 159 East Walton Street, is on the market for $16.75 million, which comes to $1,395 per square foot. Bonus: It's done to the hilt, although luxury buyers are notorious for wanting things their way, which makes an unfinished unit prefer- able in many cases. But bottom line, these prices make the other two relative steals. Wrigley's 3,187-square-foot 120 MICHIGANAVEMAG.COM the Yet these units are exceptional for another common denominator they share: All are true penthouses, making them even more of a unique commodity at a time when the term is often loosely applied. "Not all penthouses are on the top floor, or even have outside space," explains Jim Kinney, Baird & Warner's vice president of luxury home sales. "Today, the term is used to denote something special about higher units that differentiates them from those in the rest of the building." With this strategy, the top three to five units of many buildings are called penthouses. They may have higher ceilings, fewer units per floor, better fixtures and finishes, and lavish out- side space—or not, explains Kinney. At press time, he said, "there are 33 self-described pent- houses on the market, and their luxury features really vary." Trump's lacks a terrace but makes up for it in size, drama, and stature. "It's currently the highest residential pent- house in the Western Hemisphere," says core. "When people see this place, they literally say 'Hold me,' or 'Get me a chair,'" he crows. And a terrace would be lethal at this height. "You're about 1,200 feet high here, and the winds are way too rough," Rafaeli adds. ing for work, While Trump's penthouse is a white box wait- the actor's triplex is already dressed to the nines with sumptuous finishes and amenities like a screening room and a game room, plus 700 square feet of outdoor space. The Jordan penthouse is a triplex with a desig- nated smoking room and a rooftop deck and solarium with a glass floor for a floating-on-air experience, and Wrigley's has 1,500-square-foot rooftop terrace. Of course, whoever eventually buys any of these star penthouses will be on top of the world, literally and figuratively. But it doesn't take multi- ple millions to buy into the penthouse club. After all, says Kinney, "There are 14 penthouses on the market in the $1–$2 million range right now, and some of them are really quite spectacular." MA A residential unit in the Trump Tower, where a penthouse is primed and ready for customization. listing broker Chezi Rafaeli of Coldwell Banker. "We did our home- work on Emporis [a global building database at emporis.com] to figure it out." Other merits include 16-foot floor- to-ceiling windows that ring its entire perimeter with unencumbered views since the mechanicals are in a central a stunning

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