Save Astor Tower: A Call to Action

Astor Tower faces a critical need for preservation. Over the past few decades, Astor Tower has suffered from poor board management, low reserves and sub-par maintenance, resulting in a recent multi-million dollar special assessment, for many residents, increasing what were already amongst the most expensive assessments in the neighborhood. Additionally, aging-out (60 year old) major infrastructure items like water riser plumbing, frequently out of service elevators, failing doors, ongoing basement water seepage, and future repairs could result in another upcoming multi-million dollar assessments being levied against residents. Unfortunately, these accumulating circumstances have come to the surface in the form of relatively low recent sales values, Unit 26A, and Unit 28B, and past designation of the building by some lenders as "non-warrantable", which has hindered traditional mortgage financing for some purchases.

In 2024, ATLLC formed a fact-finding committee to assess the feasibility of a bulk-sale, also referred to as a section 15 deconversion. This committee determined that Astor Tower is prime candidate for deconversion. Therefore, ATLLC has commenced the process of raising capital to fund the bulk-sale and ATLLC aims to complete the bulk-sale process in 2025. Then, in 2026 (or immediately after 2025 closing), ATLLC will begin the process to restore the building to its original intended use, revitalize the building, and enhance its historic charm. Planned upgrades include external restoration, internal renovations, a rooftop deck and lounge, room-service, "Astor Club" members club access, state-of-the-art fitness center with sauna, upgraded showroom quality garage with EV charging stations, co-working space, and more. Current staff can retain their positions, and residents can choose to stay in their homes. Plus more benefits and upgrades to be announced. The building will also be presented to the City of Chicago and state and national agencies for consideration as a landmark property.

READ ABOUT THE PROS AND CONS OF A BULK-SALE DECONVERSION

It will be our goal to re-establish Astor Tower as the unique shining mid-century historic gem that it was originally intended to be and deserves to be. We must act now to preserve the building and give it the attention it deserves before its too late.

TIMELINE:
January 2024: Bulk-sale fact-finding begins
January 1st 2025: Fundraising for bulk-sale starts
March 31st 2025: Fundraising for bulk-sale complete
April 2025: Letter of Intent for bulk-sale to be presented to Astor Tower Association
May through June 2025: Information and one-on-one meetings for owners
July 2025: Bulk-sale completion and subsequent deconversion

Act now to preserve Astor Tower before it’s too late.

FOR MORE INFORMATION, OR TO PARTICIPATE IN THE BULK-SALE, EMAIL INFO@ASTORTOWER.COM.


*DISCLAIMER* This site is operated by Astor Tower LLC and its owners/managers/affiliates/agents (ATLLC). As of January 2024, the Astor Tower building at 1300 N Astor St, Chicago, is not currently being deconverted by ATLLC. The building at 1300 N Astor St is currently owned by the association of its individual deeded condomimum unit owners of record, of which ATLLC (or its manager/agent/affiliate) is one. The information provided here is informational only and are the opinions and views of ATLCC only and are not representative of the Astor Tower Condominimum Association, its board, or other individual owners.