Streeterville Apartment Building Expected To Sell For $35M

1220 North State Parkway and Lee Kiser of The Kiser Group (Google Maps, LinkedIn, iStock)

1220 North Point out Parkway and Lee Kiser of The Kiser Group (Google Maps, LinkedIn, iStock)

A higher-increase condominium constructing in Streeterville that houses just one of Chicago’s oldest taverns has hit the industry – without an inquiring price tag.

Positioned in the Chicago neighborhood with the maximum median house earnings, the 172-unit Canterbury Courtroom Residences at 1220 North State Parkway is anticipated to sell for up to $35 million, the Chicago Business enterprise Journal described.

“The market will build the pricing by way of their provides,” reported Lee Kiser, whose Kiser Team is symbolizing the owner. “We expect the asset will trade among $32 and $35 million.”

The seller has owned the 16-story developing, which is 96 % occupied, for the very last 48 years and is offering to retire.

Designed in 1928, the developing was initially a hotel. It consists of 143 studios, 26 one particular-bedrooms and 3 two-bedrooms. Its ground flooring residences the Zebra Lounge piano bar, which opened in 1929 and is Chicago’s fourth-oldest bar.

“The consumer has an possibility to make investments in a piece of Chicago heritage,” stated Kiser’s Andy Friedman. “Many of the first attributes from 1928 have been cautiously preserved and maintained, giving the choice to keep on recent functions or renovate and reposition the asset.”

According to the most recent census, the median family revenue for Streeterville is $125,000, in comparison with a median $62,000 for the metropolis of Chicago.

[CBJ] — Victoria Pruitt