Get a 2-Bedroom in The Palmolive for Under $900,000: 159 E. Walton in Streeterville
This 2-bedroom in The Palmolive at 159 E. Walton in Streeterville came on the market in June 2021.
I never know if this area is Streeterville or Gold Coast. I’ve called it Gold Coast in the past but “old” Streeterville seemed to extend further north.
The listing calls it the Near North Side but that’s no fun.
The Palmolive was built in 1929 and was, according to Wikipedia, originally the headquarters for Colgate-Palmolive. It was then the headquarters for Playboy.
The building was converted into condos in 2006-2007.
It has only 102 units and valet garage parking.
The building also has a 24-hour doorman and exercise room.
Some of you may remember that Vince Vaughn once owned the penthouse, which was split into several units after the housing bust.
This 2-bedroom has a split floor plan with both bedrooms on the corners.
It has 3 exposures: east, south and west.
The ceilings approach 10 feet. It also has 8 inch baseboards, a trellised detail on the ceilings and solid-core doors.
The kitchen has dark cabinets with stone and Subzero, Wolfe and Miele appliances.
There’s a gas fireplace with a marble surround.
Both bedrooms are en suite and the unit also has a powder room.
The primary bedroom has a marbled bathroom with double vanities.
It has the features that buyers look for including central air and washer/dryer in the unit. It doesn’t say if parking is included but it’s valet in the building.
At 1825 square feet, and listed at $895,000, is this a deal for one of Chicago’s popular luxury buildings?
Cadey O’Leary at Jameson Sotheby’s has the listing. See the pictures here.
Unit #5E: 2 bedrooms, 2.5 baths, 1825 square feet
- Sold in February 2007 for $818,500 (per Zillow)
- Currently listed at $895,000
- Assessments of $1854 a month (includes heat, a/c, doorman, cable, exercise room, exterior maintenance, scavenger, snow removal)
- Taxes of $22,897
- Central Air
- Washer/dryer in the unit
- Parking is valet (extra or included?)
- Gas fireplace
- Bedroom #1: 20×15
- Bedroom #2: 14×10
- Living/dining combo: 16×25
- Kitchen: 10×16
- Foyer: 7×17
Staging is horrible and a floor plan would be nice. It looks well set up for empty nesters or a P-a-T w/ 2 en-suites and a powder room
The current owners put some money into this place are a losing money. Especially as they didn’t buy at the peak of the market and the “Vince Vaughn once lived in this building” premium.
The craftsmanship and millwork at the Palmolive building is some of finest in Chicago, but everytime you take a walk around the block you have to witness the parade of characters waiting in line at Louis Vuitton to buy luxury goods, many of which, should be saving money for their babies future education or paying their rent rather than spending $1,000 on a coin purse.
This place might be nice for someone who is never home. It would bother me to have to look out of the windows and just see the bricks/windows of other buildings. There aren’t even trees or other greenery to make up for the ugly view. It doesn’t even look like you can see the sky from any of the windows in the unit.
“The current owners put some money into this place ”
Not sure they spent a lot of money in this place. The finishes were high end when it was first redeveloped. Finishes look similar to that of many units I’ve been into over the years.
The gracious room sizes and quality appear to be spectacular. Hard to get past the zero views and lack of privacy in every room, however. At 5 stories above street level, it probably gets loud too.
Crazy expensive, especially with a nearly $2K HOA. Maybe $599K max in my book, but I would never bite at that price personally.
Not sure they spent a lot of money in this place. The finishes were high end when it was first redeveloped. Finishes look similar to that of many units I’ve been into over the years.
Was thinking the kitchen looked newer than 07, tho tops look that vintage
Looks like they were willing to rent for $5500/month (Started at $7500) in September. Ouch
floorplan is in the 3d row from the bottom here:
https://www.dreamtown.com/buildings/palmolive-building
“The current owners put some money into this place”
What are you seeing?
“floorplan is in the 3d row from the bottom here:”
Assume the A Tier – Set up pretty nice for empty nesters
“What are you seeing?”
Was thinking the Kitchen was redone, but based on the Solid Surface tops & Backsplash if may be that it was just refinished the cabinets
Also about 20% of the units are for sale
7E sold for 900k in March 2020. Looks like the new owners tried to sell It during the year as well. Kitchen is virtually the same.
https://www.redfin.com/IL/Chicago/159-E-Walton-Pl-60611/unit-7E/home/12596535
“Assume the A Tier”
??
E tier, as its an E unit.
99% sure–window locations all match pix, as does relation of kitchen to LR and the entry hallway. Also matches 7E.
“E tier, as its an E unit.
99% sure–window locations all match pix, as does relation of kitchen to LR and the entry hallway. Also matches 7E.”
Thanks – When i clicked on the link it showed the 2BR A Tier, needed to scroll down
“7E sold for 900k in March 2020. Looks like the new owners tried to sell It during the year as well. Kitchen is virtually the same.”
Yes – Looks like they didnt update
$7K monthly nut for under 2k feet and can’t even see the sky from any window in the unit? HELL NO
No views, no vintage details, high taxes, likely expensive parking (it’s $375 where I am across the street) all mean this is one I’d skip.
I’d never buy a unit in this or any nearby building without a lake view. Why else live there? If money were no object, 33A looks like the unit I’d take.
As for the unit under discussion, I feel sorry for the people trying to sell it. As others said, imagine paying $7,000 a month and not even being able to glimpse the sky out of a window.
Where does The Palmolive fit in terms of prestige for the luxury buildings now?
There’s no doubt that when it was converted 15 years ago, it ranked at #1 or #2 in the city. But there’s been several new buildings since then that have seemingly taken the crown.
And now there’s another new “view” building in the St Regis plus the Chicago Tribune conversion, being done by the same firm that did the Palmolive, which will be in the running as well.
“Chicago Tribune conversion, being done by the same firm that did the Palmolive”
if I’m not mistaken, the Palmolive building was developed by Draper and Kramer with Booth Hansen as the architects. I don’t think either of these firms are involved in the Tribune redevelopment.
The one thing that set the Palmolive apart from others was they offered and extreme amount of customization at time of construction. Unheard of at the time and even today. Most customization is typically done after closing.
I have a hard time imaging the St Regis will be on par with the Tribune. Yes, it will be high end but lets not forget that Magellan is the developer. Just take a look at the condo units in Aqua.
Tribune is CIM/Golub, with Solomon Cordwell Buenz as architect of record, The Gettys Group, interiors, and Olin for landscape.
Palmolive was, indeed, D&K, with Booth Hansen.
So, no, no overlap at all, unless we’re talking about an individual who left Booth Hansen for Gettys.
[st regis]
Listing with actual photos of the unit (2/2, 2000sf) here:
https://www.redfin.com/IL/Chicago/363-E-Wacker-Dr-60601/unit-2001/home/104314426
“Listing with actual photos of the unit”
already trying to flip. interesting
As to Aqua v St Regis:
Loewenberg was architect of record for Aqua, and I cannot find an identified interior architect (other than the 8 THS, which were done by Studio Gang), so think it was probably Loewenberg, too.
St Regis, the arch of record was bKl (yes, related, but not actually Loewenberg), with Gensler (hotel) and HBA on interiors.
Obv, with the same folks holding the checkbook, there’s like to be similar value engineering going on, but using actual unaffiliated teams does indicate some change in intent.
St. Regis resales are very underwhelming for the price. Bagholder building for sure. They have potential with a high end decorator as long as you’re committed to a big financial loss.
This place is probably a deal for a larger 2br in a truly A class building, for under $1m, but certainly not ideal with the lower floor and some dated finishes.
There’s a lot you get with this unit in terms of high-class building vibes that you can’t get anywhere else for the same money. If you stay at the Penninsula you get an amazing experience even if you stay in the shittiest room.
“St. Regis resales are very underwhelming for the price.”
Of course. As I’ve said many, many times, there are too many luxury units on the market in Chicago. There are 393 units in the St Regis alone.
They have done a good job of selling them. They’ve sold more than I would have thought by the time of completion. It takes a long time to sell out a luxury building of this size.
The St Regis will also soon have competition from the Tribune Tower. That has less units, at just 162, but they are all going after the same buyers.
How many do they think there are at this price point?
“already trying to flip. interesting”
The St Regis was marketed globally as an investing opportunity, marco. No one should be surprised that some are coming back on the market or are being rented.
Hard to do when there are still another 200 the developer has to sell though. And also at a time when downtown has a luxury glut AND prices have fallen on existing condos due to the pandemic.
“if I’m not mistaken, the Palmolive building was developed by Draper and Kramer with Booth Hansen as the architects. I don’t think either of these firms are involved in the Tribune redevelopment.”
I thought I read recently that the interiors at the Tribune Tower were being done by the same firm that did the Palmolive interiors because they had a history of converting an office building into a residence.
If you’ve been in the Palmolive before, you know that they did a really great job with that conversion. You don’t feel like you’re in former offices at all. The crown molding and other finishes were just beautiful and have held up well over the last 15 years.
The hallways and lobby were also top notch and exude luxury.
But maybe I misread that and it’s not true.
If you walk by the Tribune Tower right now, you can see the chandeliers on in the lower level units. I’ll be interested to see what they look like. They are moving quickly on that building.
Will we get closings later this year?
“No one should be surprised that some are coming back on the market or are being rented.”
I know that during the building boom during the early/mid 2000’s, developers would have clauses in their purchase contracts that a buyer couldn’t resell their unit until X amount of days after closing or building completion. Or they used to stipulate a buyer couldn’t resell a unit until X amount of units are sold thru the developer. It’s somewhat interesting that Magellan would allow resales with so many developer units still available.