Palmolive Art Deco Masterpiece Back to 2013 Price at $6.75 Million: 159 E. Walton Place in
This 3-bedroom full floor unit in the Palmolive Building at 159 E. Walton Place in Streeterville (Gold Coast?) came on the market in September 2025.
Built in 1929, the Palmolive was originally the headquarters of Hugh Hefner’s Playboy empire. It was converted into 99 luxury condos in 2006.
It has attached valet garage parking and 24/7 door staff, an on-site manager, an exercise room, party room and bike room. There’s no pool.
The listing calls this an “art deco masterpiece” with “no details overlooked.”
The unit has had a full-floor renovation by Liederbach & Graham Architects, designed by Steven Gambrel.
The primary walk-in-closet has been featured in Architectural Digest.
It has a private elevator foyer which leads into the unit.
It has French Oak Parquet de Versailles floors throughout the main living areas.
The unit has 3 fireplaces and one includes an opal glass fireplace mantel.
The listing says it has “stunning millwork” and built-in bookcases.
In its 5500 square feet, it has 3 bedrooms, a sitting room plus library with adjacent office, a family room, and separate dining room.
The kitchen has white and salmon (?) custom cabinets and showcases an Officine Gullo Range complimented by Subzero and Miele appliances with an expansive eat-in dining table and bench overlooking Lake Michigan and Oak Street Beach as well as a kitchen island.
The primary bathroom has Calacatta and Belgium black marble.
The unit has the features buyers look for including central air, washer/dryer in the unit, and there are FOUR parking space included with the option to buy two more.
The Palmolive is near Michigan Avenue, Oak Street Beach, the shops and restaurants on Oak Street and in Streeterville and the Gold Coast. Multiple bus lines are steps away.
The unit was first listed in July 2020 for $10.9 million and has been on, and off, the market since.
It has now come back on in September 2025 reduced to $6.75 million, which is the same price it last sold for in 2013.
Is this a deal?
Ken Jungwirth at @properties Christie’s has the listing. See the pictures here. (sorry, no floor plan)
Unit #31A: 3 bedrooms, 3.5 baths, 5500 square feet
- Sold in October 2006 for $5.84 million
- Sold in December 2013 for $6.75 million
- Originally listed in July 2020 for $10.9 million
- Reduced and on and off the market
- Listed in September 2023 for $7.5 million
- Withdrawn in July 2024
- Currently listed in September 2025 for $6.75 million
- Assessments of $8,865 a month (includes doorman, exercise room, exterior maintenance, lawn care, scavenger, snow removal, onsite manager, party room, bike room)
- Taxes of $70,985
- Central Air
- Washer/dryer in the unit
- 4 garage spots included (2 more available for extra)
- 3 fireplaces
- Full floor unit
- Bedroom #1: 20×16
- Bedroom #2: 14×13
- Bedroom #3: 15×12
- Kitchen: 20×18
- Foyer: 12×8
- Den: 18×14
- Sitting room: 14×13
- Family room: 19×15
- Dining room: 19×15
- Living room: 32×15
- Walk-in-closet: 17×14
- Laundry: 9×8
Bet they’d include (most of) the furnishings if you asked nicely.
December 2013 for $6.75 million + CPI = $9.35m
AND almost certainly over $1m spent on the reno.
This constitutes a “deal”, assuming you would keep it basically as-is.
The Palmolive price declines are real. Few are making any money in the building even with a renovation. There are just too many luxury units, most of which are newer.
I also think this building is hurt by not having many amenities.
It’s lovely to have a real, full floor unit. Those are somewhat rare in a high rise.
I purchased in the Palmolive when it was under development – it is a beautiful place to live with excellent service from the doorman who would time me on my runs to the valet parkers who had all the neighbor gossip. This is not a building for full time residents. When I lived there only 20% of us used it as our primary residences. The lack of amenities was a conscience decision when it was built as the residents wouldn’t use them. The beautiful gym and amazing locker room and spa were always empty. The Palmolive is getting hit hard as fewer wealthy families want a second home in the city and the assessments are high for those of us who are not rich.
“The Palmolive is getting hit hard as fewer wealthy families want a second home in the city and the assessments are high for those of us who are not rich.”
This year, there are a record number of homes over $4 million selling in the city and suburbs. I don’t think it’s that fewer wealthy families want a second home.
I think it’s that there are plenty of those who want a primary home and the Palmolive was not renovated with that in mind (apparently.) If you have the choice to have a building WITH amenities and one without, and you have kids and/or are going to live there full time, which would you choose?
Also, there aren’t many parks near this building which was always a drag. Sure, you can go to the park along DuSable Lake Shore Drive there, but you are hanging out near a highway so it’s not very pleasant.
There are just a lot of other buildings you could choose now.
Additionally, the Palmolive isn’t a “view” building although this unit DOES have some views.
“I don’t think it’s that fewer wealthy families want a second home.”
and
“If you have the choice to have a building WITH amenities and one without, and you have kids and/or are going to live there full time, which would you choose?”
Seems contradictory? No?
Took a while but just closed for 5.5mil Cash
That is low enough to be a deal even if you are redecorating a bit.
Not a deal if Buyer is tearing it all up.
“Not a deal if Buyer is tearing it all up.”
the finishes are definitely taste specific but I can’t imaging tearing it all out.