oWN the only penthouse east of lake shore drive
5,200± SF with Unobstructed, 360° Skyline and Lake Views
505 N. Lake Shore Drive, Chicago, Illinois
QUALIFYING BID DEADLINE: AUGUST 1
Open House on Saturday, June 4 and Thursday, June 16 | Call to Schedule Times
Hilco Real Estate, LLC announces August 1, 2022 as the bid deadline for the court-ordered bankruptcy sale of the iconic Cité restaurant (space), known as “the crown jewel” of Lake Point Tower, the famed, architecturally-significant skyscraper that stands alone as the only high-rise building located east of Lake Shore Drive. Totaling 5,200 square feet, the 70th floor circular space sits atop the famous tower and offers 360-degree, unobstructed panoramas of the city skyline and Lake Michigan through floor-to-ceiling windows. The sale also includes four commercial spaces located on the building’s second floor that total approximately 2,400 square feet.
A private elevator whisks you upward into this 5,200± SF, full-floor penthouse at the coveted Lake Point Tower building in the heart of Streeterville. With floor-to-ceiling windows, this location provides breathtaking, 360-degree views of the lake, skyline and Navy Pier, as well as an unrivaled bird’s eye view of the Summer Fireworks Display and the Chicago Air and Water Show. This future home is perfect for both grand-scale entertaining and everyday living with panoramic views that allow for a variety of floor plan customizations. The stunning space provides ample room for features like an inhome gym, theater and/or offices. On-site amenities include an outdoor and indoor pool, indoor hot tubs, sun deck, Skyline Park, fitness center and studio, racket ball court, lounge, library, business center, community room and 24-hour doorman. Lake Point Tower is within walking distance to the best that Chicago offers, from Ohio Street beach to the exclusive shops on Michigan Avenue and the plethora of nearby restaurants and bars.
- 70th floor penthouse atop Lake Point Tower
- Unobstructed 360-degree views of downtown, Navy Pier and Lake Michigan
- The only exclusive penthouse unit east of Lake Shore Drive in the city
- 5,200± SF to create your dream home in the sky
- Floor to ceiling windows throughout the entire exterior of the unit
- Unparalled location on Lake Shore Drive in Streeterville by Magnificent Mile, Millennium Park, adjacent to Navy Pier and Ohio Street Beach
- Private elevator ushers you from floor 68 to 70
- 2,650± SF additional storage space available on 2nd floor
- Bar Counter Test 55% 55%
- Bar Counter Test Two 70% 70%
- Bar Counter Test Three 15% 15%
Streeterville is an iconic neighborhood in Chicago, Illinois, north of the Chicago River. It is bounded by the river on the south, the Magnificent Mile on Michigan Avenue to the west and Lake Michigan on the north and east. The famous Navy Pier extends out into the lake from southern Streeterville as well.
This affluent and vibrant neighborhood contains a combination of hotels, restaurants, professional office centers, residential high rises, universities, medical facilities and cultural venues. It is also the home of Northwestern University’s Feinberg School of Medicine, which is nearby to several closely affiliated hospitals including Northwestern Memorial, Lurie Children’s, Prentice Women’s, amongst others. Streeterville is known for its safe, comfortable, residential feel in the heart of the bustling Chicago metropolis.
TERMS OF SALE
All initial qualifying bids will be required to be submitted on the court-approved Purchase and Sale Agreement. This sale is being conducted subject to the court approved Terms of Sale, available for download from the Hilco Real Estate (HRE) website at www.HilcoRealEstate.com.
July 21, 2022
Your bid on the provided court-approved Purchase and Sale Agreement should be submitted in accordance with the Bid Procedures. For a bid to qualify, there are a number of additional items that need to be included with your bid. Please review the Bid Procedures and the Qualified Bid Checklist available for download in our Virtual Data Room.
OPEN HOUSE DATES
Open House on Saturday June 4 and Thursday June 16. Call to schedule an appointment.
A Virtual Data Room has been assembled and contains important due diligence documents on the property. To gain access to these documents, buyers will need to register at HRE’s website. Once registered for an account, buyers can log in to their account and access the “Documents” tab for further property and sale information
Contact us today for more details or to schedule a private tour
Hilco Real Estate
assists clients in monetizing their assets, selling more than 200 million square feet of retail, industrial and office properties. With over 35 years of combined experience working alongside both lenders and investors in the sale and acquisition of every type of asset, our advisory team is an industry leader. We maximize property values in tight timeframes via auctions, note/loan sales, brokerage or potential repurposing solutions.
Passive liquidation management can lead to missed opportunities for substantial recoveries, especially during rocky economic circumstances. Don’t allow real estate assets to become liabilities – we can expedite transactions offering stable footing in this environment and ensuring unparalleled recovery opportunities.