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For a discerning buyer seeking a legacy property, a historic $17 million penthouse in Chicago represents a unique opportunity to own a piece of architectural history. Perched atop a Rosario Candela-designed building on North Lake Shore Drive, this 8,000-square-foot residence is notable for its original 1930s details and a massive 5,000-square-foot private terrace. The central consideration for any potential buyer will be balancing the preservation of its historic integrity with the desire for modern living comforts, a challenge that defines the value proposition of such a trophy property.
What defines the architectural significance of this penthouse?
This penthouse is distinguished by its design by the renowned architect Rosario Candela, a name synonymous with prewar luxury buildings in New York. A Candela-designed building is characterized by superior craftsmanship, elegant proportions, and timeless details. This residence is particularly unique as, based on the listing agent's assessment, it is the only Candela-designed residence located outside of New York City. Its significance is further amplified by its history, having been owned by only three families since its completion in 1930. Key original features that remain intact include hand-carved doors, bronze hardware, stone carvings, vaulted ceilings with frescos, and a walnut-paneled gallery hall, representing a level of craftsmanship rarely found on the market today.
What are the key features and layout of the property?
Spanning the entire top floor of a 23-story building, the penthouse offers approximately 8,000 square feet of interior space configured with six bedrooms and 6.5 bathrooms. The unit is accessed by a private elevator that opens into a grand formal entry. The living room is a highlight, featuring 20-foot coffered ceilings that create a sense of immense scale and grandeur. However, the most exceptional feature is the outdoor space: a 5,000-square-foot east-facing private terrace. This expansive area includes a manicured lawn, a water fountain, and mature trees, offering unobstructed views of Lake Michigan. Unlike typical penthouse balconies, this terrace functions as a private park in the sky, a rare amenity that necessitates a dedicated maintenance budget for gardening.
Who is the ideal buyer for a property of this caliber?
The listing profile suggests the buyer will likely be a successful individual or family seeking unparalleled space, privacy, and a long-term home. This is not a property for a short-term investment or a pied-à-terre. The ideal owner is someone who appreciates architectural history and is prepared to act as a steward for its preservation. The agent's assessment indicates that a buyer "will probably own it for 20 to 30 years," continuing the tradition of long-term ownership established by previous families. This buyer pays for uniqueness and rarity, not just square footage.
What updates might a new owner consider?
While the penthouse is not in a state of disrepair, its kitchen and family room areas may require modernization to meet contemporary expectations for functionality. Any updates would need to be undertaken with sensitivity to the home's historic character. A new owner might personalize the space around the margins, but major alterations to the principal rooms with their original details would likely diminish the property's core value. The investment would be in carefully integrating modern amenities while preserving the Old World opulence that defines the residence.
The decision to purchase a historic luxury property like this Candela penthouse involves a commitment to preservation. While modernizing certain areas is a predictable step, the property's immense value lies in its authentic, preserved features. A buyer must be prepared for a long-term holding period and recognize that the true return is ownership of a unique piece of Chicago's architectural legacy, complete with an outdoor space unmatched in the city.
