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The Real Deal Los Angeles

If Related sells this San Fran penthouse at its asking price, it will set a city record

Is there a market for such a pad in the city?
February 02, 2019 12:30PM

Related California CEO Bill Witte and a rendering of a living room at the Avery (Credit: TRD)

Related California is looking to set a new record in San Francisco with its latest listing.

The penthouse atop the company’s under-construction Avery tower hit the market this week asking $41 million, according to the Wall Street Journal.

The 8,500-square-foot penthouse is a full floor with four bedrooms, a gym and a private rooftop terrace. It’s one of 118 condominiums at the 56-story building, which has 548 total units, including some that are affordable rental units.

Related touts the penthouse’s views from the center of the so-called Transbay district, a part of the South of Market neighborhood where the city’s largest projects are being developed.

The neighborhood is anchored by the Salesforce Tower, three blocks from the Avery, and the Transbay Transit Center, the city’s $2 billion transit station that quickly closed after opening last year because of cracked beams. Last year, Facebook leased all of John Buck Company’s roughly 757,000-square-foot Park Tower in the neighborhood.

The question remains if there is a market in San Francisco for such a high-priced penthouse. The city’s luxury housing market slowed somewhat in the second half of 2018 as tech stocks became more volatile, Compass analyst Patrick Carlisle told the Journal. But it’s not the most expensive condo listing in the city: The penthouse at 181 Fremont, a block away, is asking $46 million.

The most expensive home sale ever in the U.S. was made earlier this month, when hedge fund manager Ken Griffin dropped $238 million for the penthouse at Vornado’s 220 Central Park South tower. [WSJ] – Dennis Lynch