Many buildings claim “boutique” status, but the label is hard to argue at Jameson Development’s 50 East Chestnut, where each of the 34 residential condos is a full floor.

Empty nesters

At 3,550 to 3,905 square feet, these condos are larger than many single-family homes. Prices for the luxury condos started around $2.3 million in July 2005, and around $2.8 million in October 2007. Empty nesters trading in large single-family homes are not surprisingly the top buyers at the development, which offers high-rise views and amenities but with more space and privacy than most condos.

“We’ve seen quite a few empty-nesters in their 50s who have raised their families on the North Shore or in the western suburbs, and are ready to move into a luxury maintenance-free home with upscale amenities and a great address,” said Jody C. Williams, vice president of marketing for Jameson Realty Group, the exclusive sales and marketing agent for the project. “It’s like having a single-family home in the sky.”

A niche market

The residential floors will sit above a parking garage. Charles Huzenis, of Jameson Development, said the design and small number of units made the project unusual in a crowded market.

“We think there’s one buyer for each of them; there’s some depth at this price for the right product,” Huzenis said when the development broke ground in 2005. “There aren’t 300 of these, so buyers won’t face a lot of competition at resale. What we’ve seen happen at other high-end buildings is so many people are buying units on (speculation) then having to rent them, so 40 percent of the building is tenants. This is very much a live-in building, and it was based on the perfect location. It’s the type of product many people who live in other buildings around there would like to have, but they have to spend years trying to buy out their neighbors to create this sort of space.”

Architecture

The building was designed by Solomon Cordwell Buenz in a style that Huzenis says is “not contemporary and not classical, kind of a new breed.” The building was nearing completion in October 2007.

Finishes / features

The homes have ceiling heights of 9.5 feet, two private outdoor terraces, a large laundry area, a library, a family / media room, a living room, a dining room and a kitchen – all with floor-to-ceiling windows with 270-degree views.

Finishes include marble and granite in kitchens, hardwood flooringin living areas and carpeting in bedrooms, crown moldings and gas fireplaces with marble hearths. Units have Brookhaven cabinetry, porcelain flooring, stainless steel appliances, and wet bars and islands in kitchen.

Heated stone flooring, Kohler steeping tubs and separate shower with stone-tiled bench in master baths are standard.

Amenities

The building has three high-speed elevators, 24-hour door staff, a concierge, storage lockers, a 39th-floor exercise room, retail on the first floor and a common terrace with a dog run.