Sales update: Metropolitan Tower slashes prices by 17 to 34 percent for closeout

Metropolitan Tower, 310 S Michigan Ave, ChicagoSabrina at CribChatter noted this morning that prices are falling at Metropolitan Tower, the converted Straus Building at 310 S Michigan Ave in the South Loop. A new splash page on the development’s Web site announces new “final closeout pricing” scheme for 11 finished units that will go into effect this Saturday. Additionally, two units listed by the tower’s Equity Marketing sales team were reduced in price yesterday.

Eight east-facing two- and three-bedroom homes are for sale through the developer at prices ranging from the $590s to the $640s, down from the $780s to $950s. They are:

  • Unit 1201: A 1,270 square-foot two-bedroom / two-bath listed in the $590s, or $472 a square foot, down 24 percent from the $780s, or $622 a square foot.
  • Unit 1501: A 1,270 square-foot two-bedroom / two-bath listed in the $590s, or $472 a square foot, down 27 percent from the $810s, or $646 a square foot.
  • Unit 1204: A 1,252 square-foot two-bedroom / two-bath listed in the $590s, or $479 a square foot, down 27 percent from the $810s, or $655 a square foot.
  • Unit 1604: A 1,252 square-foot two-bedroom / two-bath listed in the $590s, or $479 a square foot, down 34 percent from the $900s, or $723 a square foot.
  • Unit 1105: A 1,401 square-foot two-bedroom / two-bath listed in the $640s, or $464 a square foot, down 29 percent from the $910s, or $657 a square foot.
  • Unit 1205: A 1,401 square-foot two-bedroom / two-bath listed in the $640s, or $464 a square foot, down 32 percent from the $950s, or $681 a square foot.
  • Unit 902: A 1,585 square-foot three-bedroom / 2.5-bath listed in the $640s, or $410 a square foot, down 29 percent from the $910s, or $580 a square foot.
  • Unit 1003: A 1,593 square-foot three-bedroom / 2.5-bath listed in the $640s, or $408 a square foot, down 32 percent from the $950s, or $603 a square foot.

Another five condos with northern, southern, or western exposures have also received reductions of 17 to 32 percent. Those units are:

  • Unit 712: A 762 square-foot one-bedroom / one-bath listed in the $240s, or $328 a square foot, down 17 percent from the $290s, or $394 a square foot.
  • Unit 1612: A 762 square-foot one-bedroom / one-bath listed in the $240s, or $328 a square foot, down 29 percent from the $340s, or $459 a square foot.
  • Unit 2110: A 751 square-foot one-bedroom / one-bath listed in the $260s, or $359 a square foot, down 32 percent from the $390s, or $528 a square foot.
  • Unit 807: A 1,330 square-foot two-bedroom / two-bath listed in the $390s, or $301 a square foot, down 25 percent from the $530s, or $402 a square foot.
  • Unit 1013: A 1,202 square-foot two-bedroom / two-bath listed in the $390s, or $333 a square foot, down 25 percent from the $530s, or $445 a square foot.

Equity is also marketing 7,632 square feet of raw space at the top of the tower for $5.92 million.

The 85-year-old tower, designed by Graham, Anderson, Probst & White, was the first high-rise in the city with more than 30 floors. For the rehab, developer Metropolitan Properties of Chicago added a sun deck, event room and fitness center to the building. On-site services include a 24-hour door staff, dry cleaning valet service, on-site management, and around-the-clock building maintenance.

Related posts:
Michigan Avenue Matchup: Metropolitan Tower and Six North Michigan (April 10)
Michigan Avenue Matchup: Comparing $390,000 one-bedrooms at Metropolitan Tower and Six North Michigan (April 11)
Michigan Avenue Matchup: Amenities at Metropolitan Tower and Six North Michigan (April 13)

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