Back in 2006, Yo wrote about the last two units available at The Metropolis, a high-rise rehab that offered residences at 8 W Monroe St in the Loop.
The two available units totaled 1,890 square feet and 2,171 square feet, respectively, and the total price for the two bumped $2.5 million. That was 18 months ago.
Then May brought the news that developer Frankel & Giles had combined the two top-floor homes into a single 4,061-square-foot uber-penthouse – that came packaged with three free parking spaces. According to a representative from Frankel & Giles, all the other units have either closed or are under contract.
Apparently that wasn’t enough for a sellout; Yo learned yesterday that the last penthouse in The Metropolis just saw a hefty price drop, from $2.2 million to $1.99 million. That’s a 9 percent reduction, if my math is correct, and it puts the price-per-square foot at about $490 – for a home in the Loop. The unit is drywalled but lacks finishes.
Will this move by the developer finally push The Metropolis into sellout territory?
I think they may have a challenge selling that final unit. It is a lot of space, but getting to the space from the street isn’t all that… The entrance and lobby are such a disapointment. Not very inviting at all. (Even the low-rent 20 N State condos a block and a half north has a nicer lobby.)
Not to mention that amount of money can get you a very nice place in a number of other more glamorous buildings.