Rent vs own on Astor Street – $20K a month or $5.4M?

A full-floor 6,000 square foot home just became available at 1555 North Astor St in the Gold Coast. It’s offered for sale at $5,400,000 and for rent at $20,000 a month.

The 41st floor home has a sleek modern look, 4 bedrooms, 4 full and 2 half baths, 360-degree views of Lincoln Park, Lake Michigan and downtown Chicago, and a rare feature in a high-rise – a separate, generously-sized family room.

1555 North Astor is a full-amenity building with door staff, an indoor pool, a tennis court and exercise facilities. And, of course, Lincoln Park is directly across the street.

Even without taking real estate taxes and assessments into account, you would need to negotiate a steep discount from the asking price to make the economics favor ownership.

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