What’s a private Bucktown roof deck worth?

by Joe Zekas on 3/13/13

Eighteen new condominiums are planned for 1611 N Hermitage in Bucktown, according to recent listings.

The 3-bedroom, 2-bath units will be above commercial space along North Avenue at the current site of the Citgo pictured above. The units will feature “exceptional refined finishes,” private elevators, “lavish master suites” and heated garage space. Pre-construction prices range from $650,000 to $900,000, and delivery is slated for “winter 2013.”

Unit 302, a 1,900 square foot third-floor unit is priced at $650,000. Unit 401, a 4th floor “penthouse” with the same square footage, is listed at $760,000. Unit 401 is an end unit with additional windows and a private 1,000 square foot roof deck. Unit 302 has a second balcony off the master bedroom.

Adjust for the floor differential, the windows and the balcony – and what value should be assigned to the roof deck?

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{ 9 comments… read them below or add one }

RobW March 16, 2013 at 11:22 AM

In my opinion, both of these units are dramatically overpriced The penthouse unit is listed for $400 a square foot. The average in Wicker Park Bucktown is closer to $270 and even the best condos with top of the line finishes are going for $300 sq. ft.

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John June 21, 2013 at 3:04 PM

Buyers BEWARE!!!! The developer of this project, Marty Paris, has a “sterling” record for screwing his buyers, contractors, partners and lenders – basically everybody. He also has a “gift” in having his projects foreclosed! He last built the “ghost” project Terrazio (closed on 9 of 180 units) in the south loop. Before that a project in Berwyn where he “successfully” closed on 3 of 53 units. Don’t walk…RUN AWAY from this inevitable disaster. Marty is master of the shell game.

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Joe Zekas June 21, 2013 at 3:53 PM

John,

I also caution readers to beware of anonymous commenters with phony email addresses – and that market conditions are different than they were several years ago.

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John June 21, 2013 at 5:51 PM

Caution all you want Joe Zekas, but Marty Paris (Sedgwick Properties) is an unscrupulous developer.

Sedgwick Properties’ track record of screwing people, contractors and banks, isn’t a personal opinion, it’s a fact and matter of record. Look them up in Crains. Marty is the poster child for every negative stereotype that paints developers to be greedy, unethical pigs. He should be shunned.

If you want to buy a quality product from a reputable developer, try someone like Belgravia who has a very long history of successful projects.

I have no dog in this race (nor any affiliation to Belgravia) other than not wanting others to get screwed over by someone who has adopted the persona of a hardened swindler as his modus operendi.

If you are unfortunate enough to ever have to deal with this vermin, then remember reading this warning and then remind yourself you need stop hitting your head against the wall. Too late by then, I guess.

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Joe Zekas June 21, 2013 at 6:05 PM

John,

My definition of “vermin” includes people who attack businesses without having the decency to disclose who they are or what their bias is.

Please make a note of the phony email addresses you’re using so that I don’t need to see each new comment in the moderation queue. If you can’t do that, you have nothing more to say here.

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John June 21, 2013 at 6:44 PM

Not sure of your motivation or bias either Joe Zekas – aren’t reporters supposed to be objective?

If so, why not report the fact on how every (without a single exception) one of Sedgwick’s projects have resulted in multiple lawsuits, liens and disputes. This is not the norm with reputable developers. Feel free to check.

If you knew someone to be a swindler, would you not try to protect others from being his victims? I would. I’m not so sure about you Joe Zekas. Why shield a scumbag like Paris? Personal stake? Financial? I’m just appraising others to be wary, seek the facts for themselves and come to their own conclusion. Buyer beware – that’s all. You can run all the interference you want but it doesn’t change the fact that Marty Paris is a dishonest and untrustworthy bad guy.

Tell you what, I throw down the gauntlet of challenge – how about your do an investigative report on the business practices of Sedgwick? If anything I have said about them is untrue or even distorted, I’ll happily buy you dinner.

However, when you find it out and prove it to be true, dinner is on you. And I’m hungry.

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Joe Zekas June 21, 2013 at 7:15 PM

John,

I’ve made one exception to my earlier statement that you’re cut off if you continue to manufacture a new phony email address with each comment. I won’t make another.

I’ve made an exception so that readers can see you for what you are.

Anyone can go to the Cook County Clerk’s electronic docket, the Cook County Recorder’s Office, and the projects listed at Sedgwick’s website and verify that you’re either lying or ignorant about the number of lawsuits and liens on Sedgwick’s developments. Given how easy it is to disprove your statement by a few minutes’ checking, I’m forced to conclude that you’re a liar.

I don’t know Martin Paris and my company and I have no dealings with him or Sedgwick Properties. Koenig & Strey, which is the sales agent for the Hermitage & North Avenue development, is a long-standing client.

You’re as delusional as you are dishonest if you think I’d accept a dinner from you.

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John June 21, 2013 at 8:48 PM

My email is real and so are my assertions. Feel free to email me.
Nothing like trying to dress down someone who actually read something your wrote. My beef wasn’t with you, but apparently you decided to take this opportunity to challenge someone about a topic of which your clearly have no knowledge.

Your inability to navigate the internet in order to procure facts regarding Marty Paris’ and Sedgwick’s activities only further demonstrates your naivete in understanding how the world can work. Sometimes the facts are not just one click away. Nice try Sherlock, might have to make some calls and do some due diligence. Not that easy to find out ugly truths people don’t want you to know.

I’ll make it easy for you though – have you ever read Crains Business? There’s a simple starting point. You can read about some of the foreclosures there.

You can contact their lender Amalgated, out of New York, who foreclosed on Terrazio and their Berwyn failure (Century Station) and quantify the character of one Mr. Paris.

You can find out some of the subcontractors they used on projects to find how much money the got screwed out of as the result of Mr. Paris’ management style.

Joe, you are so clearly out of your league in this matter that you best dignify yourself to refrain from future comments regarding reader response.

Or you can just hit a couple of keys on your keyboard and say “nope, can’t find it, the guy’s a liar”.

Your bio identifies an extensive list of past occupations of which I must assume you achieved successful failure in each, leading to your current vocation.

Pack a bag Joe, ’cause it looks like its time for you to move on again.

Oh, obviously fact checker shouldn’t be your next port of call because you have already proven to be a clear failure at that already.

However, I still think you owe me a dinner.

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Joe Zekas June 21, 2013 at 9:27 PM

Insults aren’t facts, John.

I can do everything you say and it isn’t going to back up what you claimed in an earlier comment: “every (without a single exception) one of Sedgwick’s projects have resulted in multiple lawsuits, liens and disputes.” That’s a lie, and no amount of insults can change that.

P.S. All three of the email addresses you used are phony, and you know it. If you continue to comment, your comments will be deleted.

ADDED: As promised, John, I’ve deleted your latest comment and will continue to delete future ones – including the one you posted using my name as your screen name.

I’m defending common decency and accuracy, not holding any brief for Martin Paris or Sedgwick Properties. Like every other responsible website YoChicago doesn’t allow anonymice to defame named individuals and businesses.

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