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A Gilded Gold Coast Co-op Sells at a Big Markdown

A high initial asking price and in-building competition likely factored in the $1.6 million reduction.

The extravagant living room   Photo: Courtesy @properties

List Price $4.5 million

SALE Price $2.9 million

One of the showiest spaces at 1260 North Astor Street, a vintage art deco tower designed by architect Philip Maher, sold this week for $2.9 million. The 4,000-square-foot, three-bedroom co-op takes the full 12th floor and offers uncluttered city and lake views in the heart of the Gold Coast.

It’s hard to say if the buyer scored a “deal” or not. There are a few good reasons the property failed at asking prices of $4.5 million in March and $4 million in July.

The chief culprit is an identically sized fourth-floor unit that was listed in August for only $3.5 million. Though it lacks the pair of sizable balconies, the fourth-floor unit boasts a fresh renovation and a neutral palette, much more appealing to buyers than the decadent décor on the higher floor.

The seller of the 12th floor unit, Theodora “Teddy” Foufas, was unavailable for comment. According to Crain’s she has owned in building since 1986. The former interior designer appears to have spared no expense in casting rooms in Gilded Age glamour, aided by original details like the foyer’s hand-painted wallpaper.

If ornate wood paneling, murals, mirror walls, and marble floors and bathrooms aren’t to the buyer’s liking, an onerous revamp awaits. Vintage buildings like this one can be virtual fortresses, so the new owner can count on close encounters with brick and concrete if installing new floors, moving walls, or reworking plumbing and electrical hook-ups.  To the seller’s credit, the chef’s kitchen is brimming with modern appliances.

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