Streeterville smackdown: 474 North Lake Shore Drive vs. Pearson on the Park

474 North Lake Shore Drive, Streeterville, Chicago Pearson on the Park, 222 E Pearson St, Streeterville, Chicago

When I think of Streeterville, it’s usually the glassy new towers like ParkView, 550 St Clair or the Fairbanks at Cityfront Plaza that come to mind, but those aren’t the only high-rise that have new condos for sale. There are also two conversion towers in Streeterville: Pearson on the Park (at left) and 474 North Lake Shore Drive (at right), and although both buildings have been on the market for several years, there are still plenty of floor plans available in each building.

At 474 there are currently 35 condos for sale, ranging from 642 square-foot studios and convertibles to two- and three-bedrooms with as much as 2,005 square feet of floor space. Options are a bit more limited at Pearson on the Park, where at last check there were 19 two- and three-bedrooms condos for sale.

I can’t do a direct price per square foot comparison between the two conversions, because the price sheet I have from Pearson on the Park doesn’t include square footage, but here’s a breakdown of the current pricing at each building:

Pearson on the Park:

  • Two-bedrooms priced from the $360s to the $490s
  • Three-bedrooms priced from the $490s to the $530s

474 North Lake Shore Drive:

  • Studios priced from the $290s to the $350s
  • Convertibles priced from the $290s to the $320s
  • One-bedrooms priced from the $340s to the $400s
  • Two-bedrooms priced from the $570s to the $690s
  • Three-bedrooms priced from the $790s to the $870s
  • Two- and three-bedroom penthouses priced from the $890s to $1.15 million

Location is probably the best selling point for 474, because, at 474 N Lake Shore Drive, it’s nestled between Lake Shore Drive and Ogden Slip, an most homes have clear views of the lake and Navy Pier. At 222 E Pearson St, Pearson on the Park is a bit further inland, but it’s still just a quick stroll to the lake, and it’s across the street from the Museum of Contemporary Art and Lake Shore Park.

The other major difference between the two buildings is that 474 North Lake Shore Drive is a full-amenity building with 24-hour door staff, a fitness room, indoor pool, steam room, sauna, party room, sun deck. Pearson on the Park is a little more spare in its amenities package, offering a party room, fitness center and roof deck.

That difference is of course felt in the monthly assessments charged at each high-rise. At 474, monthly assessments for studios and convertibles start at $325, one-bedrooms cost about $390, two-bedrooms are $680, and the penthouses can be as much as $1,200 per month. Assessments for the two- and three-bedrooms at Pearson on the Park range from the $390s to the $810s.

NewHomeNotebook:
Rate and review Pearson on the Park
Rate and review 474 North Lake Shore Drive
Veiw our list of Streeterville high-rises
Veiw our list of Downtown conversions

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