The 25th-floor Streeterville home of Kay Alden, who last month collected her fifth daytime Emmy award—this time as co-head of the writing team on The Bold and The Beautiful—goes up for auction on July 27th.
“At an auction, somebody gets to tell us what all this space is worth,” Alden told me recently, sitting in the living room of the 4,700-square-foot home that she and her husband, Vern Nelson, assembled from four smaller condos over the course of 20 years. She bought the first of the quartet in the mid-1970s, when she moved to Chicago to work on the then-new The Young and the Restless under William J. Bell, the creator of Another World, The Young and the Restless, and The Bold and the Beautiful. Alden eventually became head writer of Y&R, but she left that show in 2006. She joined B&B in 2008. The condo has also served as her office during that time.
Now occupying the entire floor, Alden’s home (as the accompanying photos demonstrate) has stunning views in four directions. The best of them are north, over the East Lake Shore Drive co-ops to Oak Street Beach and beyond, and east, past the Mies van der Rohe buildings to Lake Michigan.
“This is an amount of space you’re not going to find in a lot of the buildings in the neighborhood,” says Michael Fine, the head of the auction company Fine & Co. The immediate surroundings include mostly older buildings with smaller floor plates. When on the conventional market—for about a year—Alden’s condo had been listed at $1.95 million; at the auction, the suggested opening bid is $600,000.
If it goes at that price, the buyer will be paying about $127 per square foot, compared to the going rate of from $248 to $311 in some neighboring buildings. A buyer will most likely want to renovate; except in the recently renovated kitchen, most of the finishes are dated. With renovation costs still at about $200 per square foot, the cost to revamp the home may run to about $940,000 on top of the purchase price.
As it’s configured now, the home has an enormous main room—about 78 feet by 18 feet, with views north, west, and south—that is laid out with living, music, and media sections. A dining room is adjacent, with north views; the kitchen has no windows. On the east side are four bedrooms, each with its own bath; the southernmost is the master, with spacious closets and, in an el that mirrors the dining room, a very large master bath with a platform spa-tub.
Smaller condos in the building that are on the market include a three-bedroom 1,600-square-foot unit with an asking price of $399,800, and another three-bedroom unit (square footage not given) going for $399,000.
Having raised their children in the condo (and written, edited, or consulted on literally thousands of scripts there), Alden and her husband are now looking to downsize, she told me. Alden did not say the combined total they had paid for the four condos, and public records of the purchases are not clear. Interested buyers will be able to tour the condo on Sunday, July 18th, or Saturday, July 24th. Contact Fine & Co. for details.