CFAH


It’s a coveted three-bedroom St. Regis “E” plan (the Gores have one a little higher) that’s been completely remodeled and reconfigured (at a budget of over $1,500,000) to live as a two-bedroom with a rather spectacular master suite (and perhaps the nicest St. Regis master bath we’ve seen).
188 Minna #31E: Master Bath
Modern Art Deco vibe and details throughout inspired by the Pacific Telephone and Telegraph building in view across the way; impressive woodwork (Mozambique veneers, Wenge cabinetry, and unstained walnut floors) and finishes (custom nickel-plated pulls and silver leaf); and if nothing else, some top-notch property porn to peruse.
188 Minna #31E: Woodwork
Tax records indicate an original 2,522 square feet and it’s expected to move from pocket listing to the MLS this weekend with a list price of $5,800,000.
Full Disclosure: The listing agent for 188 Minna #31E advertises on SocketSite but provided no compensation for this post. He did, however, provide a tour and additional information upon our request.
∙ Listing: 188 Minna #31E (3/2.5) – $5,800,000 [StRegisModerne.com]
Conversion Of 140 New Montgomery Moves To Environmental Review [SocketSite]

Comments from Plugged-In Readers

  1. Posted by Foolio

    Looks like the Westin I stayed at last week.

  2. Posted by Home Girl

    Good point Foolio. It’s very swanky, but where’s the soul?

  3. Posted by gowiththeflow

    huh? is this priced too high, I see a round table but this has 6 chairs vs. 4 and no private dining room is that ok? I kid, I kid.

  4. Posted by flaneur

    Money and soul don’t always mix well, but all you need to provide the soul is good art work. This is the perfect background for it.

  5. Posted by flaneur

    PS: Or good books.

  6. Posted by notsexy

    I could stay in a suite at the St. Regis for 20+ years for the same asking price. With the added bonus of room service. Another prime example of being out of touch with reality. The executive compensation capped at $500k will result in downward pressures on properties above 2m. Great pictures though.

  7. Posted by sunnyvalesteve

    any idea what this place previously sold for? It’s beautiful but very “specific.” I’ve never really understood the logic of remodeling to one’s own narrow tastes and then immediately putting it on the market. You’re spending a lot and hoping to find a soulmate whom you’ll never see again after the transaction closes!

  8. Posted by huh?

    Not a fan of the white bathroom cabinets or the hallway table with the mirror on top, but everything else looks awesome.
    GWTF – Given that this has a table with six chairs (the more the merrier, within reason) I’m instantly a fan 🙂 You definitely want space to entertain if you can afford this pad. Not sure if its worth $5.8m though … I don’t know this uber market well at all as it’s considerably out of my league.

  9. Posted by Conifer

    This is nicer than most hotels, but it certainly not a home, not even a pied a terre. For that much money, you could buy a pretty good house in northern SF with a view.

  10. Posted by steak knife

    $5.8 M is laughable. It’s a nice unit, but it’s on the wrong side of the building. I believe Al Gore’s (or a unit directly above/below) had a view of the SF skyline from the living room. I doubt this one does — otherwise, they blew a chance to show it in the photos.
    Also, if you’re dropping that much on renovations and removing 1 BR, I think the money is much better spent increasing the size of the living room, not the master suite.

  11. Posted by Dude

    I usually hate places done up with a lot of wood, and I don’t hate this. It’s classy without looking like a log cabin. Very beautiful. Although the use of stone seems a little excessive…it’s a bathroom, not the Vatican. Out of my league as well, so I won’t comment on price.
    But I would be remiss if I didn’t take an obvious shot at the hypocrisy of a certain liberal figurehead mentioned above…one who’s likely out on the road (flying via private jet) genuflecting about global warming and not wasting resources. Meanwhile, his 2,500 square foot 3rd or 4th home in this building sits empty. Probably not as cozy as the 20-room Nashville mansion he’s used to.

  12. Posted by Ryan

    Something just doesn’t flow right with the floor plan. I agree that if you are taking a bedroom away it would be better to increase living space than the master suite as far as re-sale goes. The view is very mediocre for the St. Regis. I didn’t think the E stack was that highly desired?

  13. Posted by flaneur

    I agree with Steak Knife, but at least they kept a wall with doors between the master suite and its sitting area, which provides a degree of flexibility. You could easily turn the sitting area into a library. It could even be opened into the living room. Also, who really needs three bedrooms? If you have children, you probably want a house with a garden…

  14. Posted by anonn

    “Flow” is a feeling. You’re looking at a floorplan.

  15. Posted by flaneur

    “Flow” is how you go from one room to another. You can tell it from a floorplan.

  16. Posted by Ryan

    Maybe “Flow” was the wrong word. It lookes very closed off from the floor plan. The original floor plan was much better IMO before the remod. Granted the materials used look top notch!

  17. Posted by Mole Man

    “Flow” is what $5+ million dollar listings don’t readily do in this market. Any agent that can move this property now will have earned their fee.

  18. Posted by Dude

    I said I wasn’t going to comment on price, but I lied.
    This thing is priced 50% above the next highest publicly disclosed sale in the building. 23E went for $3,855,000 in June of 2008, or roughly $1,500 per square foot. It’s a little bigger than this place, but that was the high water mark.
    37B sold in July for $2.5MM, also $1,500 psf, but it was smaller and on a higher floor.
    Both of those sales occurred before the market melted down in September. So what comps can one cite to justify $2,300 psf here?

  19. Posted by annon

    Flow” is how you go from one room to another. You can tell it from a floorplan.
    No, movement is how you go from one room to another.
    Too many people on here dissect without actual tangible experiences. It’s tiresome.

  20. Posted by notsexy

    $2.9m down @6% = $17.5k/m + 2k/m HOA + 5k/mo Prop Tax
    Grand Total $24.5k month payment for 30 years.
    Who in their right mind would put down $2.9m in cash in today’s economic times for a $25k/month payment???

  21. Posted by tipster

    Striking.
    If the hotels were busy, someone would grab it as a corporate apartment to be shared by executives, but the high end hotels have plenty of availability, so it’s too hard to justify that price in this economy. And a private party could remodel better placed units for way less. But maybe someone will want it who doesn’t want to wait to remodel.
    What a first class remodeling job! Not cheap. Great P_rn.

  22. Posted by Ryan

    I guess it’s like designers and appraisers say, you don’t want to have the most over-the-top house on the block because it will always be hard to sell. You never want to put in more money than you’ll be able to get back on a remod, I guess in this case the owners went a little over the top on the remodel and now might pay the price in the end. It may have cost 1.5MM to do all that, but it’s now priced way over all the comps in the building.

  23. Posted by SocketSite

    This isn’t intended as justification for the asking price but rather simply additional background. As far as we know the 31st is the first floor of the St. Regis to offer views that clear the top of the W hotel. And whether or not it’s worth it, we’ve been told that the sales office originally valued said view premium at around a million dollars for the E stack. No, we’re not kidding and please feel free to set us straight if we’re wrong.

  24. Posted by flaneur

    Having remodeled my previous house (which was my first house and a fixer-upper), when I bought my current place, I paid a premium and got a place previously owned by an interior designer. I am surprised more people aren’t willing to pay extra to avoid the hassle of remodeling.

  25. Posted by eddy

    Nice remodel. This is crazy even by Manhattan standards. Best of luck.

  26. Posted by whorfin

    hey notsexy…a suite at the hotel is about 1/3 the size of this unit…and you can get room service in the condos, too.

    Not that this means that $5.8m is a bargain, mind you, but still.

  27. Posted by Juju

    It really depends on the person. Some people have a very specific taste so they don’t like to buy already remodeled place. But some people are just happy someone else do the job and he/she just want a turn key place with minimum fuss. But of course he/she will have to pay a premium for it. If money is no object, I would much rather do my own place since I’m very particular. However, if I’m just sick and tire of remodeling, then there are few names I would buy from. Jeff Lewis comes to mind. An original Jean_Michael Frank apartment would be great too.

  28. Posted by Adam

    I think they will get their price. I have been in units at the St. Regis and can promise you that these photos do not do the feel of the units justice. You are instantly in awe when you walk into one of these units.
    On another note, I doubt there will be much financing involved in this sale.

  29. Posted by seehsee

    It’s nice to see a place with some personality , as opposed to completely neutral, and with such attention to detail. I don’t think anything in this place is so specific that it wouldn’t provide a nice background for a variety of decorating styles–although certainly not minimalist. This is a luxury apartment in a luxury building–and it’s stunning.

  30. Posted by viewlover

    My favorite part is the wall-paper on what appears to be a guest bath.

  31. Posted by BobN

    “not even a pied a terre”
    Someone must have really BIG feet.

  32. Posted by anon

    Notsexy, do you really think these people are financing like someone buying a 250K home or even a 1M home? Additionally, do you think they are paying their taxes monthly? It’s a different world. It does not mean that people with this money will buy something overpriced, which is a different question. But these calculations are on the mind of someone paying everything monthly and trying to make ends meet, not someone who paid cash for the home, their tax bill for the year when it arrives and the home owners dues without thinking by automatic bill pay.
    It is a beautiful home for someone and I hope they enjoy it.

  33. Posted by notsexy

    anon, I am sorry to touch a raw nerve. I actually live at the st. regis on a floor above this unit. Just remember that the wealthy become wealthy by keeping track of their wealth not by squandering it by acquiring depreciating assets at the top of the market. Good luck Mr. Lynn.

  34. Posted by SocketSite

    The list price for 188 Minna #31E has been reduced $1,000,000 (17%), now asking $4,800,000.

  35. Posted by SocketSite

    The listing for 188 Minna #31E has been withdrawn from the MLS without a sale.

  36. Posted by SocketSite

    A listing for 188 Minna #31E has returned to the MLS with an “original” list price of $4,800,000.

  37. Posted by tipster

    After a “mere” 500+ days on the market, sold for a 32% discount to list: $4M. Looks like the $1.5M+ remodel was basically given away.

  38. Posted by eddy

    The property website says: Offered at $4,295,000. Did this sell? Never understood the allure of this building.

  39. Posted by SocketSite

    The sale of 188 Minna #31E closed escrow on 10/8 with a reported contract price of $4,000,000.
    As noted above, originally asking $5,800,000 but last listed for $4,295,000 so it’s an official “7 percent” under asking according to MLS stats and reports.

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