Chicago Gold Coast Penthouse Sells After Price Chop

William Farley and his wife, Shelley, sold their sprawling Gold Coast penthouse Wednesday for $7.5 million after two years on the market and major price cuts.

The 12,000 square-foot, 14th-floor condo sold for $625 per square foot. It’s a combination of two units in the co-op at 209 East Lakeshore Drive. Farley bought one 6,000-square-foot unit in 1986 and combined it with another 6,000-square-foot unit six years later.

Farley, a longtime Chicago financier and businessman, was CEO of Fruit of the Loom until 1999 and a onetime co-owner of the Chicago White Sox. He now runs private equity firm Liam Ventures.

Compass agent Jeff Lowe represented the seller, and Katherine Malkin, also of Compass, represented the buyer. Lowe and Malkin declined to share details about the buyer, and public records that could identify the buyer are not yet available.

The home was listed in August 2023 asking nearly $16 million. It went through several price cuts over the next two years, settling at $7.9 for its final asking price. Condos downtown have struggled to sell at the prices they were trading for a few years ago, as buyer interest has shifted to the North Side neighborhoods and the suburbs.

“As soon as we got to our last asking price, we went under contract pretty quickly,” Lowe said. “So I think it’s just a matter of getting to that right price.”

Lowe said he’s seen bigger deals in the downtown market recently that show buyer interest is starting to pick up again. But units need to be priced to match the market in order to move.

“I think that we’ve probably found the bottom in the downtown market,” he said. “Inventory levels across the board are generally starting to decrease a little bit.  And realistic sellers are finding buyers, but you just have to be a realistic seller.”

The apartment has seven bedrooms and nine bathrooms, as well as a home gym, an office, a media room and a library.

Overlooking Lake Michigan, the 1925 building is potentially “the most iconic co-op building in the city,” Lowe said. Farley’s residence was one of two in the building that had combined multiple units.

Farley and his wife, Shelley, are maintaining a residence in Chicago, Lowe said.

Other big deals downtown this year have included several sales at 9 West Walton, a penthouse at 4 Elm Street that sold for $10.1 million, and sales at One Chicago at 14 West Superior Street and the St. Regis tower at 363 East Wacker Drive.