December 14, 2011

Buyer Emerges For The Most Expensive Bank-Owned Condo In The US

188 Minna Penthouse Living View

According to a plugged-in tipster over at the St. Regis, a buyer has emerged for the $35 million bank-owned two-floor penthouse atop the building at 188 Minna, the most expensive bank-owned residential property in the U.S.

We’re working on details, but "no comments" and apparent non-disclosure agreements keep getting in the way. That being said, according to our tipster, the buyer isn’t Mark Pincus unless he was wearing one hell of a disguise.

A sale within two million dollars of asking would make it the most expensive residential sale in San Francisco history, with 2840 Broadway relegated to runner up we do believe. Oh, and remember that uberexpensive staging job we first reported? It’s now on display, so grab some popcorn and take a peek inside while you can.

188 Minna Penthouse Theater

Full Disclosure: The co-listing agent for the penthouse atop the San Francisco St. Regis advertises on SocketSite but couldn't comment on the sale.

$70M St. Regis Penthouse Goes Back To The Bank And Drops To $35M [SocketSite]
The Confidential Sale Price For 2840 Broadway On Billionaire’s Row [SocketSite]
A Half-Million Reasons To Start A Staging Company [SocketSite]
∙ Listing: The Penthouse atop the St. Regis Hotel []

First Published: December 14, 2011 1:10 PM

Comments from "Plugged In" Readers

Obviously there is a direct and undisputed correlation to the release of the ULI Report and this place going into contract. My guess is some foreign investor looking to keep his fortune safe and secure in our hot market and also take advantage of this 24-hour gateways located along the global pathway we call San Francisco.

I'll add a :) in case anyone doesn't catch the obvious cynicism.

Posted by: eddy at December 14, 2011 2:09 PM

Don't rich people like to cuddle while watching a movie?

Posted by: BobN at December 14, 2011 2:20 PM

This is the nastiest staging job I've seen in some time. Also, this property begs to be photographed only at dusk or at night, not during the day. What were they thinking?

Posted by: Sean at December 14, 2011 2:55 PM

cuddling is only for the 99%

Posted by: castrogurl at December 14, 2011 3:16 PM

the 1% just let the hookers sit in their laps.

Posted by: James at December 14, 2011 3:28 PM

^^^ Seats are big enough for 2 skinny ones actually. Trickle-down economics at work.

Posted by: lol at December 14, 2011 3:31 PM

Posted by: eddy at December 14, 2011 3:37 PM

I wonder if ODADA ever got paid for their fabulous interior design..

Posted by: jose at December 14, 2011 3:56 PM

Eddy: I had to look at the NYC listing. Very Nice.
One question: Can anyone give a plain english version of the following sentence from the listing: "A Candela-designed building is to accede to architectural as well as social cynosure."

Posted by: Justlooking at December 14, 2011 4:04 PM

For that price I want my own elevator. I don't want Al Gore slowin me down!

Posted by: sf at December 14, 2011 4:14 PM

^justlooking I believe the only way that sentence makes sense is to precede it by "To possess..." But my god that sure is wince-worthy.

Posted by: curmudgeon at December 14, 2011 4:18 PM

I wonder how much EQ insurance will be on that place?

Posted by: Jeff at December 14, 2011 4:34 PM

That's a lot of f-you money.

Posted by: PPC at December 14, 2011 4:38 PM

@justlooking, I think the literal translation is:

"Look at my thesaurus and give me your disposable income."

Posted by: eddy at December 14, 2011 5:00 PM

@justlooking et al.
The broker lifted part of a sentence from the preface to a book about the NYC apartment houses designed by Rosario Candela and James ER Carpenter. The full sentence is: “Nowadays, to own a 10- to 20-room apartment in a Candela-designed building is to accede to architectural, as well as social cynosure.” She did neither the sentence nor herself any favors.

Posted by: schtee at December 14, 2011 5:34 PM

Wow, not seeing how the staging costs that much coin. Some nice furnishings and but nothing exceptional. Included are a couple of items I've purchased previously and left in place when I decided to rent my former residence furnished, like the Kartell Chair:
and mirrors from IKEA?
This kind of stuff is just not that expensive.
I see there was a bit of debate on a prior thread on the budget being $500k?!. And now we see that it almost had to have been staged for far less . . . .

Posted by: GoodBuyBadTimes at December 14, 2011 6:13 PM

I can see a New Yorker cartoon where one lemming says to another, "All the best people are acceding to social cynosure."

Posted by: James at December 14, 2011 7:27 PM

Way up there might be a tad windy, so the high glass balcony walls are a nice touch -- especially since they aren't high all the way around, so you don't feel too enclosed up there.

Posted by: around1905 at December 14, 2011 8:09 PM

Rarely do any apartments change hand from owner to owner at the 740 Park Avenue high-rise building [do they usually pass thru the doorman?]. Built in 1929, designed by Rosario Candela and constructed by James T. Lee- [poorly spaced dash] grandfather of Jacqueline Kennedy Onassis, [where is the closing dash?] this Pre-War Candela M[m]asterpiece is a sophisticated space with unparalleled scale and light that is [are] not offered at any other residence throughout New York City [it's big, but it's not big enough to exist throughout NYC]. A Candela-designed building is to accede to architectural as well as social cynosure [gosh, I hope this building is the one to accomplish that feat].

As for the ending word:

   [sahy-nuh-shoor, sin-uh-] Show IPA
1. something that strongly attracts attention by its brilliance, interest, etc.: the cynosure of all eyes.
2. something serving for guidance or direction.

There's too much wrong with the sentence to fix.

Posted by: BobN at December 14, 2011 10:54 PM

I love the line, "grandfather of Jacqueline Kennedy Onassis." How is that relevant, except for a status-craved sort of name-dropping? And if someone can afford the $60M price tag, do they really need anything more to impress people?

Posted by: jlasf at December 15, 2011 1:55 AM

As for the St. Regis, is it too much to expect a great view of either the Bay Bridge or the GG Bridge for that money? It has a so-so view of the Bay Bridge and I think buildings will block the view of the new section - which is going to look unbelievable. Lop off another $10M and I'll reconsider.

Posted by: jlasf at December 15, 2011 2:05 AM

It is sortafunny how they obscure the ionic breeze tower in one of the shots as if it is some sort of eye sore, which it is. Sort of like a big middle finger to the city.

Posted by: eddy at December 15, 2011 8:46 AM

purple glow bathes deck
moths accede to cynosure
zap zap .... zap zap zap

Posted by: The Milkshake of Despair at December 15, 2011 9:22 AM

That's the diff. between SF & NY:

In SF, you actually get spectacular spaces and views for your $35M.

In NY, you get over-rated Park Ave: a 6-lane thoroughfare with trains trundling audibly beneath. Boring hood. No river or Central Park views. And the apartment? a string of boxes with prosaic punched windows. Yawn.

RE agents are more brazen in their craft there....

Posted by: rubber_chicken at December 15, 2011 9:37 AM

Park Avenue has always been a better address, perhaps the best address in NYC, for some people. Reasons unclear even a half-century ago. Fifth Avenue has the park.
The description sounds like a translation by Google translate.

There is something ironic about the record for most expensive piece of SF residential real estate going south of Market. Who would have thought?

Posted by: conifer at December 15, 2011 12:44 PM

When is the open house? And does anyone know where they got those doorknobs?

Sure, it's in a suboptimal neighborhood. But mortgage rates recenly hit record lows again, and you can get an FHA loan with only 3.5% down. That's only $1.2 million here - chump change for all the 20-something techies moving to Soma these days to work for twitter and salesforce. Plus don't forget that the Soma rental market is en fuego! Can one of the savvy real estate investors out there tell us what this would rent for? Maybe $5K/month? More?

In any case, the way that Soma is gentrifying, this area could be prime SF before you know it! May make a good buy for a bold investor with some patience and elbow grease.

Posted by: Legacy Dude at December 15, 2011 1:15 PM

TV over the fireplace.

Posted by: joh at December 15, 2011 1:24 PM

I love the line, "grandfather of Jacqueline Kennedy Onassis." How is that relevant, except for a status-craved sort of name-dropping? And if someone can afford the $60M price tag, do they really need anything more to impress people?

There may be a certain demographic which would enjoy peeing nightly on the Kennedy legacy, however tenuous.

Posted by: BobN at December 15, 2011 1:30 PM

sfluxe is reporting that this was 'reported' to them from

However, I don't see it listed there. Odd.

Posted by: eddy at December 15, 2011 2:06 PM

Where is the MLS for this place? What are the HOA's on a 20,000sq foot unit there?! How many parking spaces does it include?

Posted by: A.E. at December 15, 2011 2:49 PM

This truly is an amazing property and befitting the title "trophy". The views are spectacular and the St Regis has incomporable amenaties and service. As a designer, Id say the staging looks luxe and stylish.... I see many custom peices and upholstery.... those things don't come cheap. And apparently it helped this thing sell in just what 60 days? (of course, the half price sale price may have helped)

Posted by: DZinerSF at December 15, 2011 3:40 PM

Wow that is something. I can't imagine what the tax bill would be like but it's a unbelievable property for someone with money coming out of their ears!

Posted by: Alex Aguilar at December 16, 2011 10:30 AM

Posted by: SocketSite at December 16, 2011 10:35 AM

@ goodbuybadtimes.... rethink that IKEA mirror link you were so quick to throw out there. Quality makes a difference when face to face with a product.

Posted by: dzinersf at December 16, 2011 2:10 PM

$3,080.00 for a Desiron O Mirror!?! I will stick to the Ikea...

Posted by: Oakland Chap at December 16, 2011 3:17 PM

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