The first place Joe Zekas and Francesca Rose profiled on their walk down Lake Shore Drive was the Drake Tower, one of the most sought-after buildings along East Lake Shore Drive’s “Co-op Row.” The tower, located at 179 E Lake Shore Dr, has full access to the services of the adjacent Drake Hotel. It’s instantly recognizable from a distance due to its crowning pyramid.
At the time of their visit, two units were for sale: a full-floor penthouse at $7.5 million, and a 1,200 square-foot unit priced in the $590s, an unusually low price for the building.
Here, Joe and Francesca discuss the tower’s design and the underlying purposes of co-ops in Chicago and elsewhere.
I like the building. If I had the cash or, at least, a 50% down payment, I’d find it very appealing. You can access The Drake directly from the tower, which is pretty sweet if you want to grab a drink, meal or house a mistress at the hotel. Another plus, monthly parking is very reasonably priced.
Is it still 100% cash only? I’m glad I bought in a co-op, I must say (not this posh by any means).
Sheridan B:
In the following segment, posted yesterday, Francesca mentions that a lot of buildings now require 50 percent. Not sure about the Drake specifically, though.
Drake is at 50% and, if memory serves, there’s a net worth requirement.
I had a friend who lived there in the 70s or early 80s and it was all cash at that time. The turntable was a big source of fun for them.