Going Up: St. Regis Penthouse Construction Nearly Complete
September 2, 2009
As we wrote about the St. Regis penthouse in July:
According to a plugged-in source…construction should be finished in a couple of months and the renderings will give way to reality.
As a plugged-in tipster adds today:
The St. Regis service elevators have been working overtime for weeks shuttling men and material up to the top. I would expect this to return very soon…and very finished. Now let’s see what Victor (MacFarlane) does with the price.
Once again, purchased as a shell for roughly $30,000,000 in 2005 with a small army of craftsmen working on its roughly 20,000 square feet ever since (more or less).
Full Disclosure: The co-listing agent for the penthouse atop the San Francisco St. Regis advertises on SocketSite but had no prior knowledge of this post.
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Oprah, we need you!
Is the rumor about both Millennium penthouses selling recently true? I guess the very rich are not feeling this Depression.
[Editor’s Note: Damn it, it is. Now stop stealing our thunder, we’ve been sitting on the story for about a week trying to suss out and confirm the details.]
Both MT PH units have sold. One is already begun construction of the “Shell”
tFS had a post up yesterday on the two sold PH with some good details.
Don’t get the MT PH selling first… this is a much better unit, building and locale – imho – besides, at these prices… why on earth would you want to share a floor!!!
[Editor’s Note: It’s a world of difference between the pool of buyers at $10 million and $40 million.]
^^ the price difference between the Millennium penthouse and this unit is about $30 million. I could share a floor for that.
Both Millennium Penthouses are sold.
^ now how about those ORH “penthouses”?
Meanwhile, down below in #29B, a NOTS ($1 million) was filed against the unit on April 27, 2009 (RealtyTrac is indicating a Oct. 14 foreclosure sale date). The owner, Kobra Alizadeh, is described in a 2003 article from the SacBee:
He, his wife Shari, his sister Kobra Alizadeh and other family members put the family savings of some $5 million into developing commercial real estate buildings. “Shari is my partner and friend,” he explains. “And Kobra is one of the smartest women I’ve ever known.” Kobra is the general partner and namesake of their development company, Kobra Properties.
Unfortunately, things took a turn for the worse and the company filed for chapter 11 bankruptcy in November 2008. Also, the owner is embroiled in a civil suit where a former tenant of the unit is attempting to get back his $26,000 security deposit.
“He, his wife Shari, his sister Kobra Alizadeh and other family members put the family savings of some $5 million into developing commercial real estate buildings. “Shari is my partner and friend,” he explains. “And Kobra is one of the smartest women I’ve ever known.” Kobra is the general partner and namesake of their development company, Kobra Properties.”
Moral to the story – never go into business with a Kobra 🙂
St Regis has 2 units going to Auction. Alizadeh owns 29B and 27A at the St Regis and both have an auction date of October 14, 2009. St Regis has lots of units for rent on craigslist also.