Nick Kokonas, co-owner of Chicago’s Alinea restaurant and founder of the Tock reservation platform, sold his distinctive Old Town property at a significantly discounted price of $4.65 million.
The restaurateur and his wife, Dagmara Kokonas, closed the deal for their home at 223 West Eugenie Street at nearly $2 million below the original asking price of $6.84 million set in October 2023, according to Crain’s Chicago Business. The property consists of two 19th-century houses joined by a modern glass bridge, along with two rear buildings, one dating back to the aftermath of the Great Chicago Fire of 1871.
Initially, Kokonas attempted to sell the home using his self-devised “inverted commission” model, which ties the buyer’s agent commission to the accepted offer price, with a higher percentage commission tied to a higher sale price. The property sat on the market for months with no asking price and no listing agent. He had successfully used this method in previous sales in Winnetka, Kenilworth and Northbrook.
However, after five months without a sale, Kokonas turned to Compass agent Jeff Lowe, who eventually reduced the listing price twice, bringing it down to just under $5.9 million by September 2024.
The final sale represents a roughly 32 percent discount from the original asking price.
Whether the Kokonases profited on the property is uncertain. They purchased it for $3.66 million in 2009 and invested heavily in renovations, including a restaurant-style kitchen and updates to the historic outbuildings. If renovation costs exceeded $1 million, the couple may have taken a loss.
Neither Kokonas nor Lowe commented on the sale, and the buyer remains unidentified in public records. From the street, the property appears as two modest wood frame houses typical of Old Town, but inside it blends historic architecture with modern design, including interiors inspired by Edgar Miller’s neighborhood work in the 1920s and 1930s.
The sale comes during Kokonas’ broader career transition. In September 2024, he sold his ownership stake in the Alinea Group, retaining only a passive minority interest in Alinea itself. His partnership with chef Grant Achatz had spanned 19 years, during which Alinea became Chicago’s sole three-Michelin-starred restaurant. Recently, Michelin downgraded Alinea to two stars.
The Alinea Group continues to operate seven other venues, including Next and the Aviary.
Beyond restaurants, Kokonas co-founded Tock in 2014 with Google engineer Brian Fitzpatrick. Initially focused on restaurant reservations, the platform expanded to wineries and hospitality bookings. Squarespace acquired Tock for $400 million in 2021, and Kokonas remained with the company until early 2023.
The Eugenie Street sale marks the 147th Chicago home sale above $4 million in 2025, surpassing the previous record of 136 set in 2022. The surge highlights the strength of the city’s luxury housing market, even as the broader market remains relatively flat.
– Joel Russell
Read more
Residential
Chicago
Alinea co-owner asks $6.8M for artsy Old Town home