Sunday, November 15, 2020

14 unit luxury building coming to Lincoln Avenue, Lincoln Square


4918 North Lincoln Avenue, Chicago IL 60625 and two adjacent one story commercial properties were torn down this weekend. The sellers cashed out for $1,360,000.

A luxury homebuilder in Lincoln Square is taking their game to condos. Owners of the former Korean BBQ building at 4918 N Lincoln Avenue cashed out selling to Landrosh Development for $1,360,000.  The sellers bought the exisiting property in the year 2000 for $480,000. The three lot property received a zoning change to build a five story 14 unit residential condo building with live work space, commercial retail and 14 on-site parking spaces. I expect a high finish level from a builder who regualry gets top dollar prices for their speculation single family homes.  

An eight unit newer construction building typical to this strip of Lincoln Square sits adjacent to the south. I expect a little more flare for the new 14 unit building.

The Cardinal liquor store and bar (PATIO OPEN!) is conveniently located across the street. We here at The Chicago Real Estate Local love The Cardinal... seriously. 
A look northwest of the new construction project. You can see many six and eight unit newer construction buildings along North Lincoln Avenue from Lawrence to Foster.  Due to the pandemic some businesses in the ground floor retail have closed while many diverse essential retail spots hang on.

New retail housing a Kiddie Academy and Tropical Smoothie Cafe was recently built just a half block south.

4900-5200 North Lincoln Avenue Condo Sales 

The medain price of a closed condo from 4900 North Lincoln Avenue to 5200 North Lincoln Avenue over the past 24 months is about $535,000. Many of the newly built units are three bedrooms and two baths.  I have a feeling the highest priced unit in the new 14 unit building will push $1,000,000. 

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