A long-vacant basement restaurant owned by the City at 1300 N. Astor St. will be sold for its appraised value of $680,000 through a land deal approved by City Council today.

Located in the lower level of the Bertrand Goldberg-designed Astor Tower in the Gold Coast neighborhood, the 8,120-square-foot space is planned to be restored as a private club by the buyer, 24 E. Goethe LLC.

The space was known as Maxim’s restaurant from 1963 to 1982, when it was operated by Goldberg’s wife, Nancy. Featuring a dramatic entry staircase, plush décor and a working kitchen, the Goldberg family gifted the space to the City in 2000. It was subsequently utilized for special events by the Chicago Department of Cultural Affairs for more than a decade before closing due to lack of use. Previous efforts by the City to sell the property were unsuccessful.

As a condominium unit, the space, along with one indoor parking spot, will be sold “as is.”

The proposed private club by developer and restaurateur Adam Bilter would primarily cater to neighborhood residents. Operating hours and guest amenities are yet to be determined.