The conversion of the Book Concern Building (83 McAllister at 7th Street) from offices to “new efficiency lofts” should be completed by the end of September 2006. The 60 new units (6 below market rate) will range from studios to two bedrooms with lofts, and are currently listed starting at $260,000.
While the price point may be low, keep in mind that the price per square foot is not. As best we can tell, studio units average around 270 square feet, while two bedrooms average around 425 square feet. Definitely “efficiency” living.
And since we have yet to tour the Book Concern Building ourselves (so many sales offices, so little time…), we’re opening it up to our readers to answer a question from one of their own: “What’s the deal with [the Book Concern Building] besides the questionable location?” We’ll get things started with a bit of trivia: The Church of Scientology once called the building home.
So basically you are paying the same $1,000 per sq. foot that you would pay at some of the best luxury addresses for 275 sq. feet in the heart of the Tenderloin with no parking.
The new Federal Building nearby should clean up the neighborhood somewhat, hopefully sparking new businesses to open up. I am very interested to see how they manage to put 2 bedrooms in less than 500 square feet!
Everyone complains about the cost of living in SF. Here’s your answer. Small units for a nominal amount of money, regardless of the high sales price per sf. I’m sure that retrofit nor the land was cheap, and the profit not that significant considering the risk. They look like clever and interesting spaces for a reasonable price. I look forward to touring the building and applaud workforce housing effort. It’s as good as it gets in SF.
I agree that it’s a great product and we should see more efforts like it to create very small unit market rate projects. However, I think it would work better as rental housing, particularly given that Hastings is nearby and that’s a near perfect market.
I also applaud the groups involved with this development. This building is keeping architectural history with it as well as being retrofitted. The design with the glass-enclosed open space not only brings in light, it prevents the “dark hallway” and motel/hotel living effect. San Francisco needs more opportunities to own like this. Everyone wants a home to call their own — yet, not everyone has the finances to buy starting at half-a-million dollar condominiums.
Forget about comparing price pr sq ft. This is San Francisco. This is a beautiful, international city. It’s vibrant and forward-looking plus maintains its history. Do you really think people will quit paying premium prices to live here?
This area is a developing area — the new Federal Building surely will start the change. There will probably be a few new coffee shops and restaurants there before the Fed Bldg is completed!
I love watching San Francisco grow and develop in a positive way!
Lee Denton
Realtor
Prudential California Realty
(415) 272-2316
I think this is a great investment for your dollar. You can’t beat the price for owning a peice of downtown San Francisco
Andrew Altez
REALTOR/ Mortgage Consultant
LLI Real Estate, Inc
(510) 750-4840
I have taken a look at the studios and one bedrooms! There is no doubt that the Book Concern building is a great space architecturally. The location is convenient for anyone that works in the Financial District or thereabouts.
Details:
– Facing the street really opens up the small footprint of those units.
– Closets? None in the studios I looked at.
– The kitchen area is a wall that includes a microwave, a mini-fridge and two burners plus some cabinet and storage space.
– The lofts are intended as storage, but you could make it a sleeping or other living space (not sure about the legalities of that).
– Space heater, no a/c.
– Laundry room in basement.
– No parking. Some lots nearby.
– Gym, lounge and rooftop patio to come.
Overall, this is an unusual opportunity for modern SF living in a brand new development and an ideal opportunity for the right type of buyer. I’m not too sure about the regular studios, but the studios with lofts have charm. I have heard that some units in the building have been bought by people who just want a place to stay when they are enjoying the city nightlife.
I just rented a studio loft unit. Pretty excited about it. Yes, it’s small and parking is an issue. The rooftop view is awesome. Hopefully, the location turns out to be a pro rather than a con, since it’s close to my office, a few nightclubs and is right on the bart/muni.
Does anyone know how many units are left in the bookconcern Building (83 McCallister),how many reservations there are and how many have actually closed as of 10-09-07?
Mia – I know there are two for sale by the developer on the 5th floor, one facing McAllister and one facing the back of 10 UN Plaza. They are both very nice. The phone number for sales office is on http://www.bookconcern.com
I know Alain Pinel is also selling one on the second floor for $334K. 415-923-9700
What sort of rent are folks paying here? Seems like a great location for students at the Law School across the street.
I’m getting out! They tried to convince me to live in 270 sq feet just so I could own it; but
to pay $1000+ a square foot is absurd to live in a prison cell in the Tenderloin. For my price point it makes more sense to live in Oakland and triple the space for same price until I can afford a one bedroom in the City.