HILCO REAL ESTATE ANNOUNCES THE BANKRUPTCY SALE OF PENTHOUSE UNIT OF CHICAGO'S FAMOUS LAKE POINT TOWER
NORTHBROOK, Ill., May 31, 2022 /PRNewswire/ -- Hilco Real Estate, LLC announces August 1, 2022 as the deadline for persons interested in acquiring the 5,200± square foot penthouse unit at the top of Lake Point Tower, to submit a bid in the bankruptcy court- approved sale for the property. Lake Point Tower is a famed, architecturally-significant skyscraper that stands alone as the only high-rise building located east of Lake Shore Drive. The 70th floor circular space sits atop the famous tower and offers 360-degree, unobstructed panoramas of the city skyline and Lake Michigan through its floor-to-ceiling windows. The sale also includes four commercial spaces located on the building's second floor, totaling approximately 2,650 square feet.
Once the tallest apartment building in the world, the asymmetrical "Y"-shaped building is well known for its elegant curves and silky glass appearance. Completed in 1968, the building's undulating design, absence of corners, together with bronze-tinted windows framed by gold-anodized aluminum, creates a stunning image as it reflects the sunlight off Lake Michigan and appears golden. The building, designed by architects John Heinrich and George Schipporeit (students of the famed architect Mies van der Rohe), has been praised as "a singular achievement," and served as the inspiration for the Burj Khalifa tower in Dubai, United Arab Emirates, currently the tallest structure in the world.
Hilco also expects meaningful interest in converting the 70th floor space into a residential unit, with the lower-level suites likely to be utilized for personal storage. Adding to the allure of this spectacular residential penthouse, possible options exist to utilize existing risers/roof areas to create the ultimate outdoor living space/personal sky deck.
The 70th floor space currently operates as Cité, a 142-seat world-class restaurant, voted one of The World's Best 17 Restaurants & Bars with Amazing Views by Delish Digital Magazine. It also received the OpenTable Diners Choice Award for Best Scenic View, Romantic, & Best Ambiance. Exclusive access to the space is provided by a private elevator from the 68th floor. The restaurant, which features a full commercial-grade kitchen, is supported by four suites located on the building's second floor (207, 209, 209-A & 224). The spaces include private offices, kitchen prep areas, a laundry room, walk-in freezers and coolers and various storage areas.
At the base of the tower, in perfect juxtaposition under the shadow of the modern obelisk, sits an unassuming Alfred Caldwell-designed, 2.5-acre private park. A spring-fed lagoon hewn of layered Wisconsin limestone offers visitors a welcomed reprieve from the surrounding urbanization of the city. Babbling waterfalls are underscored by a collection of native trees and natural prairie vegetation. This oasis rests atop the building's parking structure three stores above street level. Subject to HOA approval, the building also provides the new owner with access to a playground, outdoor pool, a completely updated health club including an indoor pool, racquetball/handball court, a resident lounge/business center, and a host of other features.
Just beyond Lake Point Tower's grounds sits historic Navy Pier, Chicago's premier tourist attraction, drawing nearly nine million visitors annually. Spanning 3,300 linear feet and encompassing over 50 acres, Navy Pier keeps an impressive calendar of events, offering a host of free public programs, attractions, live music, theater and dance performances, a world-class children's museum, art exhibits, diverse cultural celebrations, lake cruises, an array of dining and shopping options, and free firework displays throughout the summer.
The property's surrounding Streeterville neighborhood is located along beautiful Lake Michigan and just north of the Chicago River. This historic neighborhood has a homey, residential feel as it sits east of the popular Magnificent Mile on Michigan Avenue. With views of the legendary Centennial Ferris Wheel, the structure's Streeterville area contains a combination of hotels, restaurants, residential high rises, Northwestern University's Feinberg School of Medicine, Lurie Children's Hospital of Chicago, Prentice Women's Hospital at Northwestern Medicine, and cultural venues making it one of the most exciting Chicago neighborhoods around town.
Steve Madura, senior vice president at Hilco Real Estate, stated, "I can, without exaggeration, say there is truly no other space in the entire City of Chicago that compares to the 70th floor of Lake Point Tower. From the penthouse, it feels like the building is in the center of Lake Michigan. While it may continue operating as a restaurant offering guests a spectacular dining experience, I believe there will be significant interest in converting the space into a one-of-a-kind personal residence…a veritable castle in the sky."
Madura continued, "Due to the high-profile nature and desirability of the space, we expect interest from buyers both nationally and internationally."
Robert Handler, bankruptcy trustee for Cité, said, "The bankruptcy process clears the way for the property to free itself from some of its past financial problems and ensures a direct path to new ownership."
The bankruptcy court in Chicago has approved procedures for interested persons to view the space and submit a bid to acquire the property on or before the August 1, 2022 bid deadline. Additional information on this once-in-a-lifetime opportunity, including open house times and dates, due diligence information, and bid procedures can be obtained mailto:by contacting Chet Evans at (847) 418-2702 or [email protected] or Steve Madura at (847) 504-2478 or [email protected].
For further information on the property, an explanation of the bid process or to obtain access to property due diligence documents, please visit HilcoRealEstate.com or call (855) 755-2300.
About Hilco Real Estate
Hilco Real Estate ("HRE"), a Hilco Global company (HilcoGlobal.com), is headquartered in Northbrook, Illinois (USA). HRE is a national provider of strategic real estate disposition services. Acting as an agent or principal, HRE uses its experience to advise and execute strategies to assist clients in deriving the maximum value from their real estate assets. By leveraging multi-faceted sales strategies & techniques, aggressive repositioning and restructuring experience, a vast and motivated network of buyers and sellers, and substantial access to capital, HRE exceeds expectations even in the most complex transactions.
SOURCE Hilco Real Estate
Share this article