Can this Gold Coast penthouse sell for $8M?

A Gold Coast penthouse is seeking to add $1 million to its sale price since the last time the property changed hands.

One of the two penthouse units in the Ambassador West building at 1300 North State Parkway, was listed this week for just under $8 million. The 6,800-square-foot condo on the 12th floor last sold in 2015 for $6.9 million.

The five-bedroom, six-bathroom property has had an extensive renovation and is on two floors, according to its listing. In addition to high-end finishes within the penthouse, the property also includes a 1,400-square-foot private rooftop terrace with gardens, an outdoor entertaining space and northern, eastern and southern facing skyline and lake views.

The renovation was completed by Burns+Beyer Architects and interiors were by Studio Guild.

Rachel Krueger with Jameson Sotheby’s Intl Realty is representing the listing, and did not respond to a request for comment. The owners of the property aren’t clear from public records.

In 2019, the other property on the 12th floor was listed for a similar price — $7.85 million. Britt and Kerim Taner bought the unit as raw space when the historic former hotel building was converted to condos in the 2000s and embarked on a two-and-a-half-year buildout resulting in an ultra-sleek, modernist interior, said listing agent Mark Icuss of Compass.

The unit would eventually sell for significantly less two years later when it closed for $4.9 million.

While Chicago’s pace of luxury home trades has been rapid this year, sellers have frequently had to cut their initial asking prices to make deals.

Should the property sell for its asking price, it would join only eleven other properties in Chicago that have sold for $8 million or more in 2022.

The condominium building also has a sister property next door, the almost century-old Ambassador Chicago hotel on the Gold Coast.

In October, a venture of Hong Kong-based Gaw Capital Partners listed the 285-room inn, located at 1301 North State Parkway, for sale without an asking price. Brokerage RobertDouglas was hired to market the property.

Gaw is set to take a loss on the 17-story property it bought for $61.5 million in July 2016. People familiar with the offering say it likely won’t fetch bids higher than the $38.5 million loan Gaw borrowed against it in 2019, the outlet reported. Listing information suggests Gaw invested about $11 million into renovations of the property.

The historic hotel was rebranded as the Ambassador Chicago as a nod to its history as the former Ambassador East hotel, which opened in 1926. In its heyday the property attracted celebrities to its Pump Room restaurant and had the likes of Frank Sinatra and Marilyn Monroe staying in its suites.