You Won't Believe the Fire Sale Price
on This San Francisco High Rise
PJ Media,
by
Stephen Green
Original Article
Posted By: Hazymac,
4/27/2023 3:22:59 PM
Arguably the most beautiful big city in America looks more and more like a ghost town as San Francisco learns yet another painful real estate lesson.
The Wall Street Journal reported Thursday that a “fire sale” on the 22-story 350 California office tower could see the $300 million building sell for as little as $60 million.
The potential 80% off is because the building is 75% vacant and, according to one estimate, will require $50 million in renovations and improvements to attract new tenants.
Assuming there will be any tenants to attract.
“We’re all really on the edge of our seats to see the first office trade in San Francisco,”
Reply 1 - Posted by:
Hazymac 4/27/2023 3:31:52 PM (No. 1457797)
Although it's not mentioned in this article, the foundation of a San Francisco ritzy condominium high rise where Joe Montana lives was not sunk deeply enough into the bedrock, and the building is leaning. How does a mechanical engineer fix that? Will it topple in an earthquake? In 2021 a poorly constructed 12-story condominium in Miami collapsed, instantly crushing ninety-nine people. In my home county a beachfront condo needed over $100,000 of repairs per unit; consequently, a realtor friend told me to forget that one.
9 people like this.
Reply 2 - Posted by:
Citoyen 4/27/2023 3:36:31 PM (No. 1457799)
The photo in the article is not 350 California St. It is the old Pacific Telephone headquarters, a truly beautiful example of Art Deco architecture. 350 California is a humdrum example of late 20th century brutalist architecture. Implode it and no one would miss it.
9 people like this.
Reply 3 - Posted by:
MrDeplorable 4/27/2023 3:51:20 PM (No. 1457808)
If San Francisco thought what the 1906 earthquake did was bad, wait until the full effect of the 2020 moneyquake is felt. The only consolation is that SF leads the nation in diversity and, of course, volume of public feces and syringes.
12 people like this.
Reply 4 - Posted by:
Birddog 4/27/2023 3:57:55 PM (No. 1457810)
Now imagine if you will...What it would cost to tear it down. The actual destruction would cost much less than the "Environmental" impact study fees and fines, perhaps it will end up like Detroits emblematic and arguably most famous building, The High Rise Train Station, abandoned in 1988, left vacant, no windows, graffiti covered, the regular repository of dead bodies.
(currently finally being rehabbed, by Ford, with no obvious means for it to EVER be profitable...while their car sales/profits numbers are tanking, they are closing plants and firing workers))
6 people like this.
Reply 5 - Posted by:
DougTN 4/27/2023 4:01:04 PM (No. 1457812)
An example of what happens when a city goes for rewarding the unproductive and punishing the productive. Soon there will be little left in that once beautiful place. It would be nice if the political idiots would actually learn from their mistakes once in awhile.
10 people like this.
Reply 6 - Posted by:
formerNYer 4/27/2023 4:38:09 PM (No. 1457841)
I guess the radical left-wing agenda of the politicians in SF is working just as planned.
10 people like this.
Reply 7 - Posted by:
danu 4/27/2023 5:27:57 PM (No. 1457865)
here's how to get the $: go after peloser, nuisance, and the rest of the vindictive lawless monstrosities ...
for the stolen money and red state mansions, the billion$ in destruction of america's cities in 2020, the con'td harm to J6 man and their families
the money from their vineyards which were allowed to operate as ppl lost their livelihoods.
then lock. them. up. with hella-reeee and the rest of clown world.
5 people like this.
Reply 8 - Posted by:
Zeek Wolfe 4/27/2023 5:35:12 PM (No. 1457870)
San Francisco has turned into a smelly pig sty courtesy of the Democrat party. San Francisco voters approve! Seems crazy...but there it is.
9 people like this.
Reply 9 - Posted by:
smokincol 4/27/2023 5:56:33 PM (No. 1457883)
I wish I were a gazillionaire, I'd
1.) buy that bldg,
2.) tear it down,
3.) build a 15 foot wall around it,
4.) leave it empty and see what kind of vegetation grows in the space and then
5.) write off the purchase and "improvements" as "Capital Appreciation" and
6.) write that off on my federal and state taxes
but I'm not a gazillionaire so I can just forget that pipedream
5 people like this.
Reply 10 - Posted by:
Noj15 4/27/2023 6:25:29 PM (No. 1457899)
Good catch, #1. The sinking Millennial Tower is 345 California Street, across the street. No one in their right mind would buy this expensive commercial building, knowing that you have the shadow of a leaning building close by.
7 people like this.
Reply 11 - Posted by:
scottj 4/27/2023 8:21:03 PM (No. 1457938)
Since the owners of that building desperately want to get rid of it, why would anyone want to buy it? San Francisco is becoming a ghost city. Everyone is leaving.
5 people like this.
Reply 12 - Posted by:
Omen55 4/27/2023 8:29:49 PM (No. 1457944)
The #1 rule of real estate.
Location.
Location.
Location.
5 people like this.
Reply 13 - Posted by:
5 handicap 4/28/2023 6:36:19 AM (No. 1458197)
San Franciscans have what they so richly reserve! Let em die!
0 people like this.
Reply 14 - Posted by:
mifla 4/28/2023 7:03:25 AM (No. 1458216)
Low demand + Expensive Regulations = Low price.
Market forces can be such a female dog.
Look forward to the day when the number of CA electoral votes is in single digits.
1 person likes this.
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Comments:
The 22-story "350 California" office building is going to need $50 million on renovations and rehabilitation. To afford an assessment of that size a resident would have to be Sam Bankman-Fried before the cops showed up at his Bahamian digs.