Oversized everything is the name of the game for this lofty single-family home at 1140 West Monroe Street in the West Loop. And though the unassuming exterior resembles the many nondescript warehouses common to this former industrial ‘hood, there’s 15,800 square feet of luxury living inside.
That starts with the garage, which has space for 15 cars, and which Mohammed Cheaib claims is one of the most expensive garages in the world. Cheaib, founder and managing partner of Green Avenue Properties, is listing the entire home for $5.3 million. In addition to the garage, the first floor also features an entertaining space, which currently serves as a poker room, and a bedroom-and-bathroom suite.
The expansiveness is seen throughout the rest of the home, which sits on three combined city lots. The 7,000-square-foot second floor opens up to an oversized living space, a kitchen with two ranges, and an exposed, arched timber ceiling overhead. Just off the living area sits a 1,000-square-foot deck with a hot tub. The second floor also has three bedrooms and two bathrooms, complete with an infinity bathtub in the master.
This type of property is sure to attract a buyer with a dozen or so cars to show off, which turns out isn’t as rare as it seems. The property has already garnered a significant amount of interest and multiple offers, Cheaib says, adding that he works with Saudi and Qatari investors who he hints might be among the interested parties.
The home was last listed for $4.75 million in March 2014 and was taken off the market in July of that year. The seller, a hedge fund manager, listed it again on November 1 for $5.3 million, an 11.6 percent jump that matches up to the current market in the still-hot West Loop. The asking price of homes in the neighborhood has increased almost 20 percent since this time last year, according to data from RedFin.
The area has kept its steady buzz thanks to dining options on Restaurant Row, the addition of tech companies, and neighborhoody spots like Mary Bartelme Park, which became the new home for the West Loop farmers market earlier this fall. “The location, where it’s at, [is a perk],” Cheaib says. “There’s nothing like it.”
3 weeks ago