Affordable prices draw buyers to Pearson on the Park

Affordable pricing plus a choice location steps from Michigan Avenue's Magnificent Mile in the hot North Streeterville neighborhood are sparking strong sales at the 27-story Pearson on the Park, a 219-unit luxury condominium conversion at 222 E. Pearson St.

"We've already sold 15 of the 34 remaining residences in just over two months," according to Jody Williams, vice president of marketing for Jameson Realty Group, the exclusive sales and marketing agent for the developer, Hawthorne Development Corp.

Despite a slow down in the real estate market, sales have now surpassed the 90 percent mark at Pearson on the Park.

"One of the best things about this development is the affordable prices," Williams said. Base prices for a two-bedroom, one-bath or three-bedroom, two-bath condominium are $360,900 to $533,900. Plus, for a limited time, garage parking is included in the price - a $39,000 value.

In reviewing current data from the Midwest Real Estate Data multiple listing service, the recent average sales price for a two-bedroom, two-bath condominium in North Streeterville is just more than $800,000.

It's also about location at 222 E. Pearson, according to Arjun Rangarajan, development manager for Hawthorne Development.

"Buyers are attracted to this elegant high-rise because of its fantastic location just steps from Michigan Avenue and a short walk to Lake Michigan," he said.

"The North Streeterville location, one block east of Water Tower Place, across the street from tennis courts, the Museum of Contemporary Art and Lake Shore Park, is one of the best in the city," Rangarajan said.

The development features some of the greatest attractions Chicago has to offer right outside your door, Williams added. In addition to Michigan Avenue shopping and the nearby park, residents at Pearson on the Park can walk to Oak Street Beach and the lakefront.

The contemporary-style building was originally designed by the architectural firm Solomon Cordwell Buenz & Associates and built in 1964.

"The original developers and architects of 222 E. Pearson had the vision to build the handsome high-rise to condominium specifications," Williams said. "The floor plans feature well-planned space with ample square footage, abundant closets and great views."

A massive renovation was conducted at Pearson on the Park by Hawthorne Development, Rangarajan said. Work includes new windows, renovated elevators, plus new kitchens and baths. Hallways have been repainted, and the lobby has been upgraded.

A rooftop deck, exercise room, 24-hour doorman and dry cleaners are added amenities in the building. Pearson on the Park also has 145 valet garage parking spaces.

Each floor at Pearson has only nine residences with four different floor plans from which to choose. A professionally furnished and decorated model is available for viewing.

"Although sales have been extremely strong, we still have a great selection of two-bedroom and three-bedroom residences at Pearson on the Park," Williams said. Remaining two-bedroom, one-bath units are priced from $360,900 and three-bedroom, two-bath units are priced from $498,900.

Preserving and converting some of Chicago's vintage rental buildings to luxury condominiums is the legacy of the Hawthorne Development team.

Pearson on the Park's sales center is on site at 222 E. Pearson. Models are open from noon to 3 p.m. Tuesday, Wednesday and Thursday and from 1 to 4 p.m. Saturday and Sunday. For more information, call Jameson Realty Group (312) 751-0300 or visit www.pearsononthepark.com. Hawthorne Development Corp.