Yo was hanging out by River City, admiring architect Bertrand Goldberg‘s work and trying to catch a glimpse of that triplex penthouse with the gigantic terrace, when it occurred to us just how much a stunning piece of architecture can be spoiled by a giant banner proclaiming “Condos for sale!” Hopefully developer American Invsco can unload the last 17 units and let the 448-unit sci-fi structure be at peace. See another picture (sans banner) after the jump.
It seems that American Invesco has a knack for buying buildings for conversion, only to spend very little on the building itself, yet expect to get a lot of money for the units.
It doesn’t help that they spend thousands of dollars per unit on advertising alone (can you say Park Place on Irving Park Rd?). And it takes years to sell the overpriced units, when they could have started out with lower price point, spent more money on the units themselves, and saved the buyer from having to pay for all that advertising.
It only takes a few minutes of looking online to see the dozens of units on the market at River City to know that it is probably not a good investment.