A 5,000-square-foot penthouse on San Francisco’s infamous Leaning Tower is now listed for sale for $14 million in cash.
Penthouse crowns 58-story Millennium Tower $100 million effort The slope to stop it has entered the market at 301 Mission Street south of the market, San Francisco Chronicle reports. Its views span the Golden Gate and Bay Bridges.
The seller is tech mogul Craig Ramsey, co-founder of cloud computing company Veeva Systems and software company Vlocity. According to the Wall Street Journal. In 2016, Ramsay acquired furnished apartment Acquired from the estate of the late venture capitalist Tom Perkins for $13 million.
The two-bedroom, three-bathroom penthouse has a 3,500-square-foot “great room” with an “orchestral ceiling” designed to spread music sounds evenly throughout, according to the listing. It also has a large terrace and a 6,000-pound sculpture made from thin shards of glass.
Gregg Lynn, Sotheby’s International Realty Hold listing.
Millennium Tower Homeowners Association spokesman Doug Elmets told Chronicle that the building’s owners will be watching the sale closely.
“The penthouse speaks volumes about the quality of the construction and represents a solid price for a beautiful condo,” Elmets said. “The HOA is very focused on units that have the potential to sell.”
Millennium Tower, a high-rise residential building built in 2009, began to sink under its own weight and tipped two feet westward. So far, engineers have installed 18 piles to support the building’s foundations. Ronald Hamburger, project engineer at Simpson Gumpertz & Heger, said the sinking had stopped and the building had begun to be righted.
“The substantive work of ensuring that the building remains stable without moving or tilting should be completed by the end of June,” Hamburg told the Chronicle.
Banks have still not extended loans to the building’s 419 apartments, meaning buyers will either need to pay cash or take out private high-interest loans.then the city’s city center — a third of office buildings are vacant, and Board up shops and restaurants The homeless encampment is below.
When the Millennium Tower tipped in 2016, the area boomed.once soaring city center The apartment market has since collapsed.
Since January, sales of condos above $2 million in San Francisco are down 64% from a year earlier, according to Patrick Carlisle, head of research at Compass in Northern California.
Howard Dickstein, president of Millennium Tower’s HOA, said the penthouse is an exception because it’s so expensive and has only two bedrooms.
Other units on the market may be sold once the building’s structural issues are resolved, he said. In addition to the penthouse, Millennium has listed two other apartments for sale, one for $7.25 million and one for less than $6 million.
“I think once that’s over, the building’s reputation will get back to where it should be pretty quickly,” Dickstein said. “This is the pinnacle of luxury. It has beautiful views. The service is outstanding.”
— Dana Bartholomew
