Atop The Two-Unit TIC MarketApril 29, 2011
As we wrote this past October:
The plans to add a third story and terrace at 1372 union were first approved in 2002, renewed in 2007 (along with plans to excavate for a garage), and finished up this year.
Atop the building now sits a 3,200 (plus) square foot penthouse with framed bridge views and 800 square feet of outdoor space. Asking $3,295,000 as a TIC.
Relisted anew in January and then reduced to $3,250,000 in February, yesterday the sale of 1372 Union closed escrow with a reported contract price of $2,700,000, 18 percent under original expectations but still $844 per square foot for the penthouse TIC in a two-unit building (i.e., with lower barriers to condo convert).
∙ 1372 Union: Eight Years Later Its Penthouse Finally Pops Up [SocketSite]
∙ Condo Conversion 2011: Are You Feeling Lucky Punk? Well, Are You? [SocketSite]
Comments from Plugged-In Readers
I would rather pay 2.7 for this one then the same amount for 2739 Larkin
Same architect for this and 2739 Larkin, George Hauser of Cubix fame.
and 1275 Lombard as well? Correct?
[Editor’s Note: Correct: The Banks Are Starting To Get Better Digs: 1275 Lombard.]
buyers agent knows TICs and sellers agent did not. Sale price reflected true value. I suspect seller had a TON of secured debt and buyer likely took security in form of deed.
I suspect seller had a TON of secured debt
ROYO LIND BLDG GRP filed a Mechanics Lien on 3/11/2011.
Deed of Trust with Camicot LLC April 15, 2011.
Wonder if they got to spend some quality time (2 of the last 5 years?) in 1372 Union before they put on the penthouse.
What’s to understand about a TIC in a 2-unit building? That had nothing to do with the sales price. I saw it, thought it was way over priced at anything above $3M, but frankly would have attempted the same since it was a unique property in a great location. But getting lucky enough to get a dumb-rich buyer is like winning the lottery – it usually doesn’t happen. $2.7 sounds about right. The bedrooms were down, and were awkward. The top floor is what got this place sold – and had to carry the bedroom level with it kicking and screaming.
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