From the press release when the Festival Retail Fund acquired the four-story building at 228-240 Post between Grant and Stockton for $70 million in July 2007:
“A combination of strong sales, a vibrant tourism market and high hotel occupancies have created very strong interest in the Union Square Retail District, which records overall gross sales second only to Manhattan,” said Rosalind J. Schurgin, Fund Principal and Festival Companies Executive Vice President “This purchase places us prominently on…one of the most prestigious street within the Union Square Retail District, affluent retail corridors in the nation exemplifying the Fund’s objective of identifying opportunities that present tremendous value in street front retail.”
In default for the past four months on a $59,850,000 note, 228-240 Post is scheduled to be auctioned on the steps of San Francisco’s courthouse Wednesday afternoon.
What is most interesting about this quote:
“have created very strong interest in the Union Square Retail District, which records overall gross sales second only to Manhattan”
Is that one little district in SF has rents as high as an area that is 100 blocks long — an area that is 29 square miles in size. Shows how truly immense NY is.
Granted that’s a prime retail location but I do not understand how this could have been valued at $70M a few years ago. Or $60M for that matter. It will be interesting to hear the auction results.
Mark, they’re not really talking about all of Manhattan.
There are studies that come out each year showing the highest per-sq ft sales for different shopping areas around the country. There are usually 2-3 areas from Manhattan, along with Union Square in SF, Rodeo Drive in Beverly Hills, a couple Vegas malls, etc. They’re all measures of fairly small areas.
Anyone know when/where the auction will take place? Would like to see this unfold live.
[Editor’s Note: As noted above, the auction is currently scheduled for Wednesday on the courthouse steps (Van Ness side). The auction action starts at 2.]
Sale postponed to June 7.
Sale Date/Time: 5/11/2011 02:00 PM
Status: Postponed to 06/07/2011 @ 02:00 PM – Court Order
Estimated Debt: $57,465,550.62
Bid Amount: N/A
Sale Amount: N/A
TS Number: 469410
APN: See Exhibit “A”
Priority #: 823018
Property County: San Francisco
Property Address: 228-240 Post Street, San Francisco, CA
Google Map
Sale Location: At the Van Ness Avenue entrance to the City Hall, 400 Van Ness Ave, San Francisco, CA
inclinejj and formerly%whatever, where do you guys get the above information on postponed sales?
So, if this building is 33,125SF, the loan per square foot is $1,734.
Safe to say it reverts to the (poor) lender at their credit bid.
Tipser email me and I will tell you:
jjadco@aol.com
Sale Date/Time: 6/15/2011 02:00 PM
Status: Postponed to 07/15/2011 @ 02:00 PM – Bankruptcy
Estimated Debt: $57,465,550.62
Bid Amount: N/A
Sale Amount: N/A
TS Number: 469410
APN: See Exhibit “A”
Priority #: 823018
Property County: San Francisco
Property Address: 228-240 Post Street, San Francisco, CA
Google Map
Sale Location: At the Van Ness Avenue entrance to the City Hall, 400 Van Ness Ave, San Francisco, CA
The foreclosure sale of 228-240 Post Street was officially cancelled yesterday.