Own or rent at Metropolitan Tower

Metropolitan TowerFor more than a year we’ve been reporting that Metropolitan Tower, Metropolitan Properties’ conversion of the former Encyclopedia Britannica office building at 310 S Michigan Ave, has been nearing closeout.

The development is exclusively marketed by Equity Marketing, which lists just seven Metropolitan Tower units on the MLS. Another 14 condos are being sold through a variety of different brokerages, at least several of which are resales.

The homes marketed by Equity include one-, two- and three-bedroom condos with one to three baths that range in size from 752 to 1,585 square feet, and they are priced from the $390s to $1.04 million. The homes that are being sold by other brokerages include one- to four-bedrooms with between one and four baths. The smallest of those homes is a 751 square-foot one-bedroom priced in the $280s, while the four bedroom penthouse has 2,600 square feet of living space and a price tag of $1.88 million.

According to my calculations, the average price of the Equity’s homes is $598 per square foot, while the average for the units sold through other brokerages is $607 per square foot. I’m comparing different units that are located in different parts of the building, so it’s difficult to infer too much from that, except that the units that are being sold by the developer and those that aren’t appear to be comparably priced.

An equally wide range of rental units are currently listed as well. A 750 square-foot one-bedroom is renting for $1,600 a month, while a 1,960 square-foot foot home with three bedrooms and three baths is offered for $4,950 per month.

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