October 30, 2006
New Developments: The Montgomery (74 New Montgomery)
Work continues on the conversion of 74 New Montgomery (a “historic high-rise office building” built in 1914 and listed on San Francisco’s historical register) into 107 condominium residences ("The Montgomery"). The development is being led by New Urban Properties with architectural design by Huntsman Architectural Group. Sales and occupancy are expected to commence in early 2007.
And while we haven't heard anything with regard to pricing, our one point of reference is a reported $80M budget for the conversion (i.e., they're not going to be cheap).
First Published: October 30, 2006 12:00 AM
Comments from "Plugged In" Readers
Right next to Chipotle! Does it get any better?
Posted by: Anonymous at October 30, 2006 7:59 AM
Not sure whether or not you're being sarcastic, but to answer your question, no it doesn't!
Posted by: Anonymous at October 30, 2006 8:26 AM
I must agree. It's one thing to be a 5 minute walk from the downtown area. It's quite another to be bragging about living in the ghost town that becomes the downtown area after 7:00 on weekdays and during the weekend.
Even Rincon Hill's transformation won't reach that far.
Posted by: Anonymous at October 30, 2006 9:22 AM
Actually, there is a lot going on in this neighborhood only a block from Yerba Buena. Very mixed use, with other residential on 2nd, New Montgomery, and of course around the park (St. Regis, 4 Seasons, that apartment tower at 3rd and Mission and the stuff at 3rd and Howard. I think it would be a great place to live. A little quiet on weekends, yes, but certainly not dead. And livelier all the time.
Posted by: curmudgeon at October 30, 2006 10:34 AM
80M for the conversion divided by 107 units = ~$748,000/unit just for the conversion.
And I presume that doesn't include the purchase price of the building and other related cost (permits, marketing, etc...).
Would it be safe to say these units will be well over $1000/Sqft?
Posted by: Anonymous at October 30, 2006 12:13 PM
"Would it be safe to say these units will be well over $1000/Sqft?"
Probably, and in my opinion, given what's out there now and what will be out there in the next 18-24 months, a person would have to be insane to pay that much for a conversion located on New Montgomery between Mission and Howard.
Posted by: Anonymous at October 30, 2006 2:25 PM
That's New Montgomery between Mission and Market for the record...though I doubt that that changes your opinion.
Posted by: curmudgeon at October 30, 2006 3:19 PM
Well, it is a little bit better because it's close to the Palace Hotel, but I still stand by my original conclusion.
Posted by: Anonymous at October 30, 2006 3:32 PM
I bet you can buy a 3000 sq ft house within a block of Chipotle for 200k somewhere in Texas! :^)
Posted by: SaveYourMoney at October 31, 2006 6:48 AM
Looks like another downtown building without air conditioning. You'd think developers would learn (as buyers now have) that you need AC in these very active neighborhoods to mitigate all of the noise (traffic, emergency services, trash and deliveries). Nearly impossible to live there at night with an open window...just ask those that got out of 199 New Montgomery because of noise.
Posted by: Tom Catt at June 21, 2007 6:29 PM