October 13, 2010
Rincon Center Towers (88 Howard) Falls To Foreclosure
According to a plugged-in reader Rincon Center Residential Towers was foreclosed upon yesterday with no bidders at the opening bid of $72,150,000 but "a LOOOOOT of suits [showing] up to watch it go down."
Once again, the 320-unit building at 88 Howard was purchased for $143 million in 2007 by way of a $110 million note and with an additional $10 million invested since.
And as another plugged-in reader reported last month: "The ‘lender’ is a real estate investor who bought the loan at a discount...with the full intention of foreclosing and acquiring Rincon Center at whatever price they paid for the loan." Done.
First Published: October 13, 2010 4:30 AM
Comments from "Plugged In" Readers
$225.5 / door. Not too far off of a hotel. It's a nice location.
I wonder what the NOI and Cap is. 6.5%?
Posted by: Paul Hwang at October 13, 2010 9:21 AM
Now all you need Paul is to convince that investor to go condo and . . . cha-ching!
Posted by: GoodBuyBadTimes at October 13, 2010 6:40 PM
Hi Paul -- the problem with the math there is that the building is full of bmrs and most of the units still need extensive design renovations, lack washer and dryers, and lack deeded parking.
Posted by: SF Agent at October 13, 2010 8:11 PM
My husband used to rent here 6 years ago. Great location, tiny units... think 2 bedroom under 850 sq. ft. Also, as SF agent mentioned, no hook-ups for washer/dryer which was a problem a few years back when they were considering converting... nevertheless... great location, great views... so hopefully something comes together for the building.
Posted by: lovesf at October 14, 2010 12:59 PM
I lived here back in 1993-1995 and though I loved the location and view, I didn't like the paper thin walls. I often heard my upstairs neighbor playing golf on his hardwood floor and my divorced neighbor when his children came to visit once a month. I paid 800.00 a month back then. I am sure it's far higher now. I would never consider living there again.
Posted by: R. Anderson at February 8, 2011 12:27 AM