Want to live in Trump Tower? How does $35,000 a month sound?
How much would you pay to live in Trump Tower, the high-end condo project in Chicago’s River North neighborhood?
How about $35,000 a month?
Chicago Magazine recently reported on one suburban investor who plans to charge just that to renters who want to live in the Chicago tower.
And, yes, that does come out to $420,000 a year.
According to the Chicago Magazine story, the investor earlier this month purchased a pair of condos on the 80th floor of the building. The investor plans to combine the units into one residence and then rent that living space out for $35,000 a month.
The combined unit will feature a stunning view of the city’s skyline. And the investor did pay handsomely for the two units, spending $3.2 million on one and $1.4 million on the other. With the two units combined, the new residence will total about 5,000 square feet.
This means that the investor will be charging $6 to $7 a square foot per month to rent the unit.
What would you get for $35,000 a month? In addition to the 5,000 square feet of living space and magnificent views, the combined unit will come with five bedrooms and will take up an entire half-floor in the Trump Tower. The unit will come with extra space that, as the Chicago Magazine story says, can be used for a fitness room, wine cellar or other amenity.
This isn’t the investor’s first deal in Trump Tower. According to the story, he’s owned three other units in the building and is holding onto a third unit as a rental.
If you want to buy or rent in the Trump Tower, you don’t necessarily have to pay $35,000 a month, though you will have to pay a lot. The Chicago Magazine story said that of Trump’s 486 units, 22 are now for sale. That percentage of units for sale isn’t too different from the mix in other luxury condos in downtown Chicago today, according to the story.