Jay Paul Cuts Price, Debuts Highest Condo West of Chicago

Jay Paul Company has listed a 57th floor penthouse condominium in San Francisco for $35 million — $11 million less than its asking price six years ago.

The locally based developer put the highest condominium west of Chicago up for sale at 181 Fremont Street, in SoMa’s Transbay District, the San Francisco Business Times reported.

The 7,000-square-foot perch is among the building’s last three penthouses to hit the market, after sitting empty since it was first listed in 2019 for $46 million, with no takers.

The 800-foot-tall tower, built in 2018, is the third-tallest building in the West, with 67 luxury condos above 435,000 square feet of offices atop a narrow footprint.

The four-bedroom, seven-bathroom penthouse commands views of four Bay Area bridges. The furnished pad has a grand salon, family room and a study that overlooks the Transamerica Pyramid and Alcatraz.

Its ultra-luxe interior was designed and furnished by Mass Beverly, who fashioned interiors for Beyoncé and Jay-Z, Calvin Klein.

The grand penthouse has a private elevator, foyer, formal dining room, casual dining room, family room, living room, exhibition kitchen, catering kitchen, master suite with two bathrooms, guest suite, gym, study, inner parlor and a “wine area.”

The interior has curved walls, sliding walls, pocket doors, with specially made wallpaper, metal doors and floors of walnut and marble, with a leathered finish. Furnishings include pieces from Bottega Veneta.

The home comes with four parking spots in a garage far below.

Jay Paul has put its three penthouses and seven other condos up for sale after a rebound in the San Francisco condominium market following several years of price and sales declines.

The building had $18 million in sales last year, according to Compass, which holds the listing. Its price cut reflects “current market realities,” an unidentified Compass representative said.

Luxury condo sales of more than $2.5 million were up 40 percent in January from last year, according to John Pallante, managing director with Compass’ development marketing group.

“The resurgence of energy in San Francisco, fueled by a new mayoral leadership and the influx of AI companies leasing commercial space, has ushered in a renewed sense of optimism,” Matt Lituchy, chief investment officer at Jay Paul, said in a statement.

Jay Paul isn’t the only owner to cut the price of top-floor penthouse condos.

In January, Irvine-based Related California slashed the price of its 56th-floor penthouse at 488 Folsom Street, which asked $41 million in 2019, by 50 percent.

— Dana Bartholomew