Monthly ArchiveMarch 2011
March 31, 2011 - There could be a new rental option available soon in the Gold Coast, at least temporarily. Walton on the Park, the 31story, 189 unit high-rise located on 2 West Delaware Street, has been sold and the empty condos may be leased. According to a recent Crain’s article, Ron Shipka of Enterprise Cos. and Richard Stein of Mesirow Financial had started the paperwork for a deed-in-lieu of foreclosure to lender ST Residential but were spared that fate by the Dart Container Corp. family paying off the $82 million still owed on the Chicago real estate development.
The article states that Mr. Shipka and Mr. Stein took out a $130 million construciton loan from the failed Corus Bank in 2008 and ST Residential took over the loan balance in 2009. The due date was this March, but could have been extended to September of 2012. But with just 33 closings in the 189 unit tower, paying back the loan on time wasn’t looking promising.
A Dart family spokesperson was quoted in the article as saying of the purchase that, “It looked like a good investment and the time is right, so we decided to move forward.”
The Darts are considering leasing the unsold Chicago condos at Walton on the Park, which is what many investors are doing until the market recovers and prices improve. Monthly rental rates may be a bit higher though, because as the article points out, the average size of a condo at Walton on the Park is 1,464 square feet and that is larger than many Downtown Chicago condos for rent.
March 30, 2011 - Yesterday we gave a run down of some of the studios and one bedroom apartments currently listed for rent at Astoria Tower. As we said, there are some additions and subtractions from the list that Crescent Heights was advertising a few weeks ago, but the rates are pretty much the same. Today we will show the rest of the one bedroom condos and the two bedroom units that are available for lease at this Chicago real estate development.
Again as a reminder, the promotion of a month of free rent for signing a 14 month lease on a one bedroom plus den or two bedroom apartment is still in effect.
Building amenities at Astoria Tower include a fitness center, indoor swimming pool, whirlpool, sauna and rooftop sun deck plus concierge service. Pets are also welcome in the tower.
The apartments feature floor-to-ceiling windows, hardwood floors, stainless steel appliances, granite counter tops, an in-unit washer and dryer, plenty of closet space and marble baths with oversized soaker tubs.
Here are some of the one and two bedroom apartments available for lease now at Astoria Tower.
1 Bedroom, 2 Baths
Unit #1907 / Available Now / $1,648.00
Unit #2207 / Available Now / $1,699.00
Unit #2307 / Available Now / $1,874.00
Unit #2609 / Available Now / $2,069.00
2 Bedrooms, 2 Baths
Unit #1101 / Available Now / $2,284.00
Unit #1103 / Available Now / $2,206.00
Unit #1106 / Available Now / $2,554.00
Unit #1201 / Available Now / $2,403.00
Unit #3003 / Available Now / $3,608.00
Unit #3004 / Available Now / $3,784.00
2 Bedrooms, 2.5 Baths
Unit #3001 / Available Now / $3,554.00
Unit #3002 / Available Now / $4,633.00
Check back with us daily for updates about free rent and other concessions at Chicago apartments.
March 29, 2011 - It has been over a month since we’ve taken a look at the leasing rates are for Chicago apartments at Astoria Tower. Crescent Heights still isn’t putting the square foot information on listed units for some reason, but other than that it looks as though the rates are still about the same. Some of the units that has been listed a few weeks ago are no longer being advertised on the site. That could just be due to switching up the mix or they could have been rented already.
They are also still running the promotion of one month’s free rent for signing a 14 month lease on one bedroom plus den and two bedroom apartments.
In any case, here are the studios and some of the one bedroom apartments listed for rent right now at Astoria Tower. We will list the rest of the one bedrooms and the two bedroom units at this Chicago real estate development tomorrow.
Unit #1508 / Available Now / $1,401.00
Unit #1808 / Available Now / $1,295.00
Unit #1908 / Available Now / $1,288.00
Unit #2008 / Available Now / $1,356.00
1 Bedroom, 1 Bath
Unit #0203 / Available Now / $1,390.00
Unit #0404 / Available Now / $1,488.00
Unit #0504 / Available Now / $1,466.00
Unit #0802 / Available Now / $1,413.00
There are also still plenty of condos in Chicago for rent, so keep those in mind as well.