Herro looks set to relist Palmolive Building condo with $2M trim

A condo in a famous Magnificent Mile building looks set to return to the market soon with a $2 million price cut.

The condo belongs to David Herro, the deputy chairman at Chicago-based money manager Harris Associates, who paid $6.7 million for the condo in 2014. The 5,500-square-foot condo on the 31st floor has three bedrooms. Herro originally listed the condo in 2020 for $10.9 million. That price likely factored in the renovations to the condo, which appeared in a 2017 issue of Elle Decor, according to the Chicago Tribune.

Herro has cut the property’s price twice since listing, first to $9.9 million in November of 2022. The property was cut to $8.9 million in June of this year before being removed from the market in September. It appears poised to reenter the market shortly at that price, according to an off-market listing on @properties website.

The condo is not an outlier in terms of its lengthy time on market. Many challenges in the city’s condo market pre-date even the pandemic as well as the more recent market slowdown due to climbing interest rates. The owner of a 9,300-square-foot home at 1421 North Astor is seeking $4 million after $1 million was slashed from its listing price this week — taking it down to less than half of its original asking price of nearly $9 million when it hit the market in 2018.

The 37-story building where Herro is expected to take another shot at a sale is a national historic landmark that once served at the home of the Playboy offices. Built in 1929, it was originally home to the Colgate-Palmolive-Peet corporation.

The building was redeveloped in 2002, with the first four floors reserved for high-end office and retail and the rest of the building sold as condominiums, with a residential address of 159 East Walton Place.

The retail portion of the building had a shake up this year, with owner Nuveen Real Estate listing it for sale. The 51,800-square-foot space is 70 percent occupied and includes the Vuitton store, Breitling and high-end jewelry store David Yurman.

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