Slow-to-sell condo in the Palmolive Building dips to $6.5M

The downtown home’s asking price has tumbled $2.4 million since early 2015

By Jay Koziarz Jan 4, 2018, 2:53pm CST

After 32 months on the market, a spacious combined unit on the 17th floor of Chicago’s iconic Art Deco Palmolive Building has returned after another price reduction. The spacious 6,300-square-foot residence sports four bedrooms, four-and-a-half bathrooms, a wood-lined library, upgraded kitchen, high ceilings, and views overlooking Lake Michigan and the Drake Hotel’s famous rooftop sign.

According to an earlier report by Crain’s, the Mag Mile home belonged to Peter Willmott, former chairman and CEO of Zenith Electronics. It had listed in early 2015 seeking $8.9 million before taking a series of price cuts. It’s latest reduction—number seven, to be exact—brings its current ask to a new low of $6.5 million. Assessment fees run an additional $5,593 per month.