1555 Wabash at a stand-still

1555 S Wabash Ave, Chicago

With the possible exception of Lexington Park Condominiums, is there a new-construction condo building in the South Loop with a more mysterious present and uncertain future than 1555 Wabash?

Based on the best information available online — current listings, Redfin‘s records of past and pending sales, and the Tribune’s database of Cook County sales records, all of which have their limitations — there have been no closings at the 14-story, 176-unit building at 1555 S Wabash Ave since October 2009, and only five homes have gone under contract between July 2008 and last week.

Some observations from the data at hand:

  • New West Realty, 1555 Wabash’s developer and exclusive broker, has 16 condos listed for sale — five one-bedroom / one-baths priced from the $220s to $310s, and 11 two-bedroom / two-baths listed from the $290s to $320s.
  • Two contract holders are attempting to flip their one-bedroom / one-baths prior to closing, one for $225,900 and the other for $236,000 (with parking included).
  • Most of New West’s listings say that parking spaces are $15,000 apiece (but negotiable), and that units are ready for immediate occupancy.
  • Records from Redfin and the Tribune show 20 closings, all between July 3 and October 28, 2009. Ten one-bedroom / one-baths sold from the $190s to $320s, and 10 two-bedroom / two-baths sold from the $330s to $370s. Closings have occurred all the way up the 12th floor.
  • Redfin lists 40 condos as “under contract,” “contingent,” or “pending.” Ten of those units went off the market in December 2007, 25 between May and June 2008, one in February 2009, and four in 2010, including one that went under contract last Thursday.
  • The 40 homes under contract include eight one-bedroom / one-baths priced from the $190s to $350s, three two-bedroom / 1.5-baths priced from the $320s to $350s, and 29 two-bedroom / two-baths priced from the $290s to $530s.
  • No units are listed for rent through the MLS or on Craigslist.
  • New West has listed 10,125 square feet of retail space for $3.84 million.

When we see situations like this, we start searching the Cook County Circuit Court dockets for the names of developers and development LLCs. There is an ongoing suit in the Chancery Division naming New West and 1555 South Wabash LLC as plaintiffs and Amtrust Bank, several construction companies, and a variety of pension, welfare, and vacation funds as defendants, but without going downtown and pulling the file, I couldn’t tell you what the case involves.

Any Yo readers holding contracts at 1555 Wabash? What are you hearing on your end?
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