Chicago condo developer Nicholas Gouletas, passes away aged 82
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Prolific Chicago condominium developer, Nicholas Gouletas, passed away on January 8 at the age of 82.
Gouletas and his family business, American Invsco, rose to prominence in the 1970s as the nation’s largest condo converter. He led condo conversions at more than 140 properties.
His son Steven Gouletas told the
Sun-Times that “his father, who had been in assisted living, had congestive heart failure and sepsis,” adding that he “had tested positive for COVID-19 but recovered after having only mild symptoms and had received a vaccine.”
Gouletas migrated to the United States from Greece with his family when he was 8 years old.
But soaring interest rates of the early 1980s and the real estate crash of the late 1980s brought American Invsco back to earth. Gouletas, American Invsco’s chairman, remained a prominent figure in the condo business in the following decades but never regained the status he achieved in the 1970s.
Gouletas also struggled at the end of his career, filing for personal bankruptcy protection in 2016 after a series of setbacks. American Invsco no longer exists as a registered company, Illinois records show.
Gouletas died the morning of Jan. 8, according to an email sent to friends and family from his son, Steven Gouletas. Nicholas Gouletas had suffered from advanced congestive heart failure but also had sepsis, which was the likely cause of death, Steven Gouletas said in an email to Crain s. His father’s memory will be honored at a virtual wake.