Park Tower Penthouse Cuts $3M From List Price

A Park Tower condominium owned by the former chair of the Art Institute of Chicago is slashing its price by $3 million in hopes of striking a deal in the new year.

Bob Levy, who is also the retired chairman of investment firm Harris Associates, is now asking $10.6 million for his and his wife Diane’s Park Tower penthouse. The unit was initially listed at $13.5 million when it came on the open market in July.

This is the home’s second price cut, as it had previously been listed at $15 million when it was first shopped on an agents-only network in March as the building’s first penthouse to the hit the market since 2006.

“I have a seller who is responsive to the market,” said Katherine Malkin, the Compass agent representing the sellers.

Even after the 21 percent price chop, the listing is still near the top of the market, with only five other condos gunning for higher prices.

The unit is a full-floor condo on the 63rd floor of the 70-story building at 800 North Michigan Avenue. The condo includes views in every direction, a private elevator entrance and 12-foot ceilings.

Of the five other pricier condos on the market, two are also at Park Tower. After billionaire hedge funder Ken Griffin announced that he was relocating his company, Citadel, to Miami, he listed his two holdings there for $15.8 million and $13.3 million. The less pricey of the two is currently under contract.

Levy and his wife paid $3.9 million for the 8,400-square-foot unit after the building was completed in 2000 and hired interior architect Marvin Herman to finish it. They also have a home in Winnetka that they bought in 1991.

The condo has five bedrooms, including the primary suite, which is also outfitted with a private study, two bathrooms and three walk-in closets. There is also a library, card room, a family room and a bonus room that could be storage space.

Three downtown condos sold for more than $15 million in 2022. The penthouse at the Trump International Hotel & Tower fetched $20 million and a condo at No. 9 Walton went for $17.4 million. The largest sale of the year in Chicago was a condo at the St. Regis that sold for $20.6 million.