What could be more punk than a San Francisco architectural auction that was once the center of the West Coast punk scene, but the listing says nothing about its history?
Bidding will open on June 6 for the 12,000-square-foot building at 435 Broadway, home to Mabuhay Gardens, San Francisco Chronicle reportsThe outlet said the opening price was $2.15 million, with Sotheby’s International Auctions overseeing the sale.
For a decade or so starting in the mid-1970s, the venue played host to a number of up-and-coming bands who went on to stardom, including Dead Kennedys, The Police and Blondie. Comedians such as Robin Williams and Whoopie Goldberg have also performed there.
The building is also home to Broadway theaters.
The listing doesn’t mention the building’s history, but it did attract the attention of at least one person who performed at San Francisco’s answer to New York’s CBGB.
“Rich people pay attention!” Jello Biafra, the former Dead Kennedy frontman, tweeted, according to The Chronicle. “This building for sale is the former home of Mabuhay Gardens downstairs and On Broadway upstairs! In other words, MAXIMUM PUNK HISTORY and more!!”
After Mabuhay closed in 1987, the building was home to many clubs and lounges.
The building isn’t the only one for sale in San Francisco.
Last month, MUFG listed for sale a 22-story office tower at 350 California Street that was once worth $300 million, but now expects to offer about 80% less.
The building was valued at $300 million in 2019. Bidding is expected to reach $60 million, commercial realtors said.
Before the pandemic, California Street was home to some of the most valuable commercial real estate in the world. Now, in the age of remote work, the city’s office vacancy rate has jumped to a record 32.7%, more than seven times the pre-pandemic rate.
Some of the city’s most prominent corporate tenants, from Salesforce to Meta Platforms, have sublet offices, flooding the market with square footage.
— Ted Glazer
