December 28, 2009
From Bulk(y) To Lien For Citadine At 1299 Bush
As we reported four weeks ago, the developers of The Citadine (1299 Bush) are seeking as bulk sale of the entire building. As we add today, at least five mechanics liens totaling over $2.5 million have been filed against the development over the past month.
∙ The Citadine (1299 Bush) Scoop: Seeking A Bulk Sale Of The Building [SocketSite]
∙ Citadine (1299 Bush): Current Pricing And A Peek Inside [SocketSite]
∙ Citadine Cuts Between Four And Ten Percent For Listed Condos [SocketSite]
First Published: December 28, 2009 5:30 AM
Comments from "Plugged In" Readers
Make like a bird and sell these cheap cheap already. It has FHA approved loans -- lower the prices and you could have some real affordable housing in SF (despite what the board of supes tries to sell you)
Posted by: scurvy at December 28, 2009 6:37 AM
As my friend Jim the Realtor constantly reminds us, "there's nothing price won't fix."
Posted by: scurvy at December 28, 2009 7:35 AM
for a hypothetical buyer of one of these units - not the whole building - what would be the implications of these liens?
Posted by: condoshopper at December 28, 2009 8:05 AM
"for a hypothetical buyer of one of these units - not the whole building - what would be the implications of these liens?"
I would suspect you will have trouble getting a loan as the title is "clouded".
Posted by: Ryan at December 28, 2009 9:05 AM
I wonder how this further clouds other condo developments in SF that were set to start construction in 2010?
Is there a list of these projects? Are there indications the developers will hold off construction a while?
The price projections for SF condo units made when these projects were approved is "bad data" now with the ongoing downward slide on asking prices. The Citidine just adds to that.
There is a project on upper Market that looks stalled, ground broken but its been that way a while. Anyone know what is going up with this?
Guess the question for New Year prognosticators is how many "significant" multi-unit projects will actually break ground in the city in 2010?
Posted by: Gil at December 28, 2009 9:26 AM
who is the developer on this project? and who is the lender?
Posted by: aj at December 28, 2009 12:19 PM
Any idea on whatever happened to these?
Posted by: Howie at April 6, 2010 5:15 PM
There were three more liens recorded in the new year and a NOD was filed on March 4. It appears that United Commercial Bank is the lender. Edward Dubrovsky originally bought the property and it was transferred to his 1299 Bush, LLC. An agreement between SELJUK INVESTMENTS LLC and 1299 Bush, LLC was recorded in Feb. 2007. Then the property was transferred to Bush and Larkin Development, LLC when the construction financing happened in Sept. 2007.
Posted by: EBGuy at April 6, 2010 5:59 PM