October 29, 2010

1372 Union: Eight Years Later Its Penthouse Finally Pops Up

1372 Union Dining

The plans to add a third story and terrace at 1372 union were first approved in 2002, renewed in 2007 (along with plans to excavate for a garage), and finished up this year.

Atop the building now sits a 3,200 (plus) square foot penthouse with framed bridge views and 800 square feet of outdoor space. Asking $3,295,000 as a TIC.

∙ Listing: 1372 Union Street (4/3.5) 3,200 sqft - $3,295,000 (TIC) [1372union.com] [MLS]

First Published: October 29, 2010 12:00 PM

Comments from "Plugged In" Readers

My cursory scan of Redfin indicates that this is by far the most expensive TIC in the city. Is it the most expensive ever?

Posted by: EH at October 29, 2010 12:58 PM

Check your facts before posting please. 2615 - 2623 Pacific unit #2623 is a TIC listed at $3,498,000. It's in a 5 unit building so condo conversion is an unlikely scenario there. 1372 Union is the top level of 2-unit that can be converted into a condominium in about a year after closing. And yes, I am a realtor.

Posted by: jahoda at October 29, 2010 1:12 PM

lol@check your facts. Cursory scans are clearly unacceptable to cranky realtors.

Posted by: lolcat_94123 at October 29, 2010 1:15 PM

jahoda: The word "cursory" is an adult word that means, among other things, "subject to weakness." Hope this helps.

Posted by: EH at October 29, 2010 1:25 PM

I don't really see what the big deal is. That just means 2623 Pacific and 1372 Union are the two most expensive TICs in the city by far.

Btw, 1372 Union is a member of Facebook on an open-to-the-public no-login-required page:

http://www.facebook.com/pages/1372-Union-Street/155336611155944

There are some construction details and photos. Apparently the owners are living in the lower unit (1374) and selling off the top unit. I'm sort of confused about the ownership history here, however. The property appears to have been foreclosed on in 1999 or so and that appears to be the last sale history, but I see a different name on the records in 2004 (one of whom owns 2691 Sacramento). Here is the quote from the horse's mouth:

Friends, yes, after umpteen years this project is just about ready to hit the market. The plan is to sell the upper view unit, 1372 Union Street, and that Michelle and I will live in the lower unit, 1374 Union Street. This is your opportunity to purchase direct from the developer, yep, that is me, and save some money...

Posted by: sfrenegade at October 29, 2010 1:43 PM

looks like they're onto you sfrenegade - appears to be no 1372 Union on facebook anymore.

as for this being a TIC, it is a 2-unit building so this will sell at or near a condo price. maybe not at over $1,000 per SqFt, but don't under estimate the luxury view market, especially in Russian Hill or Cow Hollow and especially brand new. And this without the obnoxiously high HOA's of so many others in the area. lastly it's a top floor of a 2-unit building.... the preference of just about every condo buyer i've ever had. i'll be curious to see how well 4 beds and 3.5 baths fits into 3200 sqft, and how good the decks are, but if done well they may not be far off in price. of course it wouldn't be the first place that doesn't measure up in person.

Posted by: hangemhi at October 29, 2010 3:38 PM

Posted by: sfrenegade at October 29, 2010 3:49 PM

Any idea what the cost to build this might have been?

Posted by: Mike at October 29, 2010 5:24 PM

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