Mies with ease: 1,300 square feet for $165,000 at Promontory Apartments

Promontory Apartments, 5530-5532 S South Shore Dr, Chicago

Not every Mies-head can drop 900 large on a Michael Pado renovation at 860-880 Lake Shore. If you’re dead-set on buying into a Mies building, you can get 1,300 square feet of living space in the architect’s very first high-rise, the Promontory Apartments co-op in Hyde Park, for less than one-fifth of that cost.

Unit 16D at 5532 S South Shore Dr is a “well-maintained,” lake-facing three-bedroom / two-bath listed at $165,000. Unit 7D (part of the same tier, just located lower in the building) is priced at $159,000. Don’t expect to get in without a 20-percent down payment and board approval, though, and be ready to pay upwards of $900 a month on assessments. Make arrangements for parking, too, because there’s a waiting list on spaces at the building.

Also for sale are four two-bedroom units priced from $128,900 (1,200 square feet, west views, assessments of $892) to $139,900 (lake views, assessments of $867). Three- and four-bedroom units are listed as rentals from $1,000 to $1,600 a month.

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