Palmolive condo’s $6M listing sets up loss for Michael Ahearn
The 32nd floor unit in the historic landmark building is asking $5.9 million
An investor in solar power — and high-end Chicago real estate — appears braced for a cloudy day, if his 32nd-floor condo in the Palmolive building trades hands.
A listing of a unit owned by an LLC controlled by Michael Ahearn at the historic building at 159 East Walton Place along the Magnificent Mile asks $5.9 million, down 7.2 percent from its last sale of $6.3 million 12 years ago. Ahearn was the co-founder and chairman of First Solar, and is the founder and managing partner of investment firm True North Venture Partners, which has Chicago and Arizona offices.
It’s unclear why the property is listed for less than the previous sale price, which records show was to Michael and Gayle Ahearn. They transferred the property into control of the LLC, which shares an address with Ahearn’s business, about a year after the purchase. Carrie McCormick, a broker with @properties Christie’s International Real Estate, is representing the listing and did not respond to a request for comment.
The three-bedroom, four-bathroom condo is a full-floor, 5,300-square-foot residence. Building amenities include door staff, onsite manager, gym, steam room, and an on site valet parking garage.
The condo isn’t the only unit in the building with an owner exploring a sale. One floor below, a unit owned by Chicago-based money manager Harris Associates’ deputy chairman David Herro is poised to hit the market, after it had been listed for $10.9 million in 2020 before having its price cut down to $8.9 million and getting pulled off market without a sale. It’s likely to reenter the market at that price again, according to an agent’s private network listing.
And another full-floor Palmolive unit on the 23rd floor is seeking $7.25 million. It has been on and off the market since 2020 and last sold for $6.2 million in 2018.
The 37-story building is a national historic landmark that once served as 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 space and the rest of the building sold as condominiums.
The retail portion of the building, the address of which is 919 North Michigan Avenue, went through a shakeup last year when owner Nuveen Real Estate listing it for sale. The 51,800-square-foot space is 70 percent occupied and includes the Luis Vuitton store, Breitling and high-end jewelry store David Yurman. It’s unclear if the company still plans to sell the retail space, and Nuveen previously declined to comment.
Condos in the building have drawn high-profile buyers over the years, including comedian Vince Vaughn, who bought the property’s top three floors for $12 million in 2006 and owned them for three years, until selling the top two for $8 million and the 35th floor for $4.1 million.