CHICAGO - Affordable pricing plus a choice location just 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 East Pearson Street.     

“We’ve already sold 15 of the 34 remaining residences in just over two months,” according to Charles Huzenis, principal of  Jameson Real Estate, LLC, 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,” said Huzenis. Base prices for a 2-bedroom, 1-bath or 3-bedroom, 2-bath condominium are $364,900 to $533,900. Plus, for a limited time, garage parking is included in the price—a $39,000 value.

In reviewing current data from MRED (Midwest Real Estate Data multiple listing service), the recent average sales price for a 2-bedroom, 2-bath condominium in the north Streeterville area is just over $800,000.

It’s also about location at 222 East 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,” said Rangarajan.

The development features all of the greatest attractions Chicago has to offer right outside your door, Huzenis said. 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 at 222 East Pearson was originally designed by the architectural firm Solomon Cordwell Buenz & Associates and built in 1964.

“The original developers and architects of 222 East Pearson had the vision to build the handsome high-rise to condominium specifications,” Huzenis 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, said Rangarajan. 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 On The Park 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 2-bedroom and 3-bedroom residences at Pearson On The Park,” Huzenis said. Remaining 2--bedroom, 1-bath units are priced from $364,900 and 3 bedrooms, 2 bath units are priced from $498,900.

Preservation of some of Chicago’s vintage rental buildings and converting the properties to luxury condominiums is the legacy of the Hawthorne Development team.

Since the early 1980s, the development team has successfully renovated and developed hundreds of residential units in the Chicago area. Today, Hawthorne Development has become one of the city’s largest condominium converters, now specializing in creating luxurious high-rise residences in choice neighborhoods.

The development team has completed several highly successful condominium conversions in Chicago, including the award-winning Michigan Avenue Lofts, at 910 S. Michigan Ave. in the South Loop’s Michigan Avenue Historic District.

Other developments include the 30-story 525 W. Hawthorne Place in the Belmont Harbor neighborhood and The Greenbriar and The Commodore in the heart of the Lake View Historic District.

Pearson On The Park’s sales center is located on site at 222 East Pearson. Models are open from noon to 3 p.m. on Tuesday, Wednesday and Thursday and from 1 p.m. to 4 p.m. Saturday and Sunday. For more information, please call Jameson Real Estate at 312-751-0300, or visit http://pearsononthepark.com/.