Converted in the year 2000 by Bay Area architects Abrams & Milliken, the largest of three units within the former Smitty Knitting Factory building at 75 Lansing Street hit the market in 2006 listed with 4,000 square feet for $2,995,000 and sold for $2,800,000.
With Venetian plaster, windows galore, and 20 foot ceilings atop; mahogany bookshelves in the library; and a kitchen designed by Pacassa Studios, the unit returned to the market in 2008 listed with 3,298 square feet for $3,850,000 and sold for $3,500,000.
75 Lansing #3 is back on the market today listed for $3,250,000 without any square footage. The agent’s notes for other agents does, however, note 3,100 square feet. And tax records suggest it’s 3,132.
∙ Listing: 75 Lansing #3 (3/2.5) – $3,250,000 [MLS]
I think this one deserves a bigger haircut from 2008. A $400k all in loss to the owner would seem too little.
Considering the loss on paper is $250k I agree it does deserve a bigger haircut…if you look at the 2008 SOMA market vs. the 2011 one
I’m not sure I follow the thinking here. Although the location isn’t ideal (close to the on ramp), this isn’t SoMa. It’s South Beach.
I realize there is a select group of people on this blog that think ALL real estate south of Market Street is SoMa, but it’s not the case. It’s no different than equating Cow Hollow to Pacific Heights——there’s a difference.
South Beach hasn’t take the same kind of hit as SoMa. There is a lot going on in and around South Beach (Transbay Transit Center and redevelopment plan, America’s Cup, etc.) which are making this a more desirable neighborhood.
Won’t comment on whether it’s worth it or not, but as one that loves big converted industrial space into lofts (wood beam ceilings, metal framed windows, brick/concrete walls) and a city where there just aren’t many examples of it (vs. say Chicago or New York), this one has always stood out as one of my favorite in the city. Whoever snags it is a lucky person (neverminding the luck in having $3M+ to buy a loft).
I agree with wcesf. This loft is beautiful.
I have been in this place a few times in the past – while the layout is a bit funky, it’s really quite a spectacular space (and in this case, and in my opinion, the staging helps).
That said, I don’t quite agree with loftlover. Sure, it’s technically 9h (South Beach) on the SFAR map, but given that you are blocked by the bridge to the south and by the rather remote and unfriendly stretches of Folsom and Harrison to the east, this little nook feels more attached to 9g (Yerba Buena), whether be west (particulalry on Folsom) or First to the north. With regards to the latter, the construction only slightly takes away from how much nicer the walk seems now that you do not pass beneath the old Transbay Terminal.
So, in my opinion, yhis is South Beach for marketing purposes only. It’s SOMA (or, in realtor speak, Yerba Buena) for living purposes.
Question for those who have seen the loft – Am I understanding the floor plan correctly? It looks like you enter at street level next to the garage and then climb stairs into a bedroom? A bedroom that has no door or closet?
It looks like it’s actually a one-bedroom unit since the bedroom/library on the third floor also has no closet — and no access to a shower or tub. The backstairs serve how? On the plan they just seem to interrupt and consume space. I am perplexed. As Mr. E. said, a bit funky.
Thanks.
TG
TG – There are two ways to enter. You are correct that one is via a door next to the garage that goes into the downstairs bedroom. It is true there are no closets on this level; I saw someone making due with those IKEA wall wardrobes with the big blue glass doors. The second entry is from the common area in the building into the Grand Salon – so, no, one’s guests are not strictly required to enter through a bedroom.
I admit that I laughed when I saw this marketed as a 3BR. The library is awesome – as a library. Although in theory one could use the closets along the wall towards the small bathroom if they were sleeping in the library and did not mind making a public appearance while dressing. I’ve seen worse.
UPDATE: The Sale Price For Smitty Number Three