Nicholas Steven Gouletas

Nicholas Steven Gouletas passed in Chicago at age 82 from heart failure on January 8, 2021. Recognized in the real estate industry as "Condo King" in the U.S. for more than 40 years, his firm, American Invsco, marketed and managed over 40,000 condominiums in 40 cities with property values in excess of $15 billion. Major conversions include Lake Point Tower, 111 Chestnut, the Yacht Club, and 2400 N. Lakeview, designed by Ludwig Mies van der Rohe. Featured in Forbes magazine when inducted to the Chicago Association of Realtors Hall of Fame, it was said of Gouletas, "His life's work has promoted home ownership, turning renters into owners."

Gouletas is the model of Horatio Alger. Born in Athens, he immigrated at age eight on a troop carrier with his family to Chicago in 1944. He often recalled that as a young child he saw executions of Greeks by Communists in the town square. His father escaped death twice by the Nazis in World War II. Gouletas and his family were often hungry in Greece during the war, and resorted to digging and eating plant roots.

As a youngster in Chicago, Gouletas sold ice cream from a push cart. He was encouraged in grammar school to pursue a trade certificate from the Horace Greeley Vocational Grammar School because he was diagnosed as severely dyslexic; however, his ability to commit complex contracts and financial data to memory would serve him well throughout his educational training and at Wright College. He also became a competitive school wrestler, a sport he shared with his sons and supported throughout his life. He is well remembered at Northwestern University for supporting the Wildcat Wrestling Club and its Graduate Scholarship Program. While studying architecture at Wright College, Gouletas answered an ad for a summer job at P.F. Collier & Son Company. For over 15 years, he perfected his marketing skills going door-to-door selling encyclopedias, and became Executive Vice President of U.S. and Canadian Operations.

In 1969, American Invsco was born in a storefront office. The Gouletas trio, with his brother, Victor, and his sister, Evangeline, was a force unparalleled in Chicago's real estate community. Unmatched in work ethic, savvy marketing, and knowledge of the trade, Nick led Invsco to become the largest condo developer in the United States.

Known for his exuberant personality and kindness, he demonstrated loyalty to family and friends. When a project manager in Atlanta warned of tenets moving from an Atlanta property if a Black man was allowed to purchase a condo in the project, Nick did not hesitate to acknowledge his friend from his encyclopedia sales days. Nick gave the order, "Then empty the building". His friend, Maynard Jackson, became the first Black mayor of Atlanta.

The condo market became challenging in 2008 with the debt market, and Invsco was unable to finance a nearly $1 billion portfolio. American Invsco claimed bankruptcy in 2016.

Among the Gouletas philanthropic associations, he was a member of Lambda Alpha International, an honorary organization of the Urban Land Institute which honored him for contributing to the advancement of science and land economics. He was a board member in Leadership 100 of the Greek Orthodox Archdiocese of North and South America. He was especially proud to establish the endowment for the Center for Excellence in Education where he was an active member of the Board of Trustees. His first wife, Eunice; and daughter, Deanna, preceded him in death. He is survived by his second wife, Natel; his brother, Victor; and sisters, Evangeline and Irene; and five of his six children, Rosalie, Steven, Desiree, Nicholas, and Victoria.

Funeral services were live-streamed for over 1,000 people from St. George Greek Orthodox Church. The Gouletas family requests that contributions in memory of Nick Gouletas be made to the Center for Excellence in Education at www.CEE.org/donate, a science and technology organization providing cost-free educational opportunities to high school and college students and rural and urban STEM teachers.

"When I look at Chicago's skyline, I see Mr. Gouletas' imprint across the city." - Annette Gray, President, Chicago Board of Realtors, 1996