search

The Real Deal Logo

Trending

Brookfield’s deal to sell 777 Tower in Downtown LA collapsesBrookfield’s deal to sell 777 Tower in Downtown LA collapsesTides’ original investors may be wiped out by preferred equity dealTides’ original investors may be wiped out by preferred equity dealHousing deal finally passes; here are the detailsHousing deal finally passes; here are the detailsLawmakers reach sweeping housing deal with “good cause eviction,” new 421aLawmakers reach sweeping housing deal with “good cause eviction,” new 421a
Residential
San Francisco

SF’s most expensive listing cuts price $10M

Pacific Heights penthouse lowers asking to $35M, while another unit in building trims price by $11M

2006 Washington Penthouse (Jacob Elliott, Getty)
2006 Washington Penthouse (Jacob Elliott, Getty)

After nearly a year on the market, San Francisco’s most expensive listing has just slashed $10 million off its $45 million price tag.

Within 24 hours, a lower-floor unit in the same building which had held the number two spot cut its price by $11 million.

2006 Washington Penthouse (Jacob Elliott)

2006 Washington Penthouse (Jacob Elliott)

Malin Giddings and Neal Ward, both of Compass, are the listing agents on the penthouse at 2006 Washington Street atop Pacific Heights. Ward said via email that the price cut is “all about finding the right buyer” and that they timed the dramatic decrease so the property could be “present and ready for the fall market.”

With 5,350 square feet in the renovated three-bedroom penthouse with three full and two half baths, that new asking price still represents more than $6,500 per square foot.

2006 Washington Penthouse (Jacob Elliott)

2006 Washington Penthouse (Jacob Elliott)

At the newly reduced price of $35 million, the co-op is still the most expensive listing in the city.

The second-biggest listing on a lower floor in the same Beaux Arts building has lowered its price by $11 million. Gregg Lynn of Sotheby’s had it on the market at $30 million since January. With its price dropped to $19 million, another Lynn listing at neighboring 2000 Washington Street, a duplex penthouse listed at $25 million since May that had not dropped at press time, takes over the number two spot.

Sign Up for the undefined Newsletter

Lynn did not immediately reply to a request for comment.

2006 Washington Penthouse (Jacob Elliott)

2006 Washington Penthouse (Jacob Elliott)

The seller of the 2006 Washington penthouse unit is Christopher Redlich, chairman of Healing Healthcare, who purchased the property in 2015 for $32 million from Asim Abdullah, the former Silicon Valley tech exec turned owner of fashion house Ungaro, according to public record. Redlich bought a Southern California estate in San Clemente last fall for almost $34 million, according to Mansion Global, just before he put the San Francisco penthouse on the market in October 2021.

The unit takes up the entire 10th floor of the 11-story building across from Lafayette Park but is considered the penthouse because it is much larger than the 11th floor unit and is the only co-op in the building with a wraparound terrace, providing 360-degree views of the Bay, Golden Gate Bridge, downtown and the city skyline.

Architect Andrew Skurman and interior designer Suzanne Tucker led the extensive renovation of the penthouse, which is entered via an octagonal domed hall with six kinds of marble on its inlaid floor. The octagon theme continues on reliefs plastered into the ceilings by a New York artisan to look as though they are original to the ornate building.

The listing also includes two parking spaces, which are accessed via the circular driveway with a fountain in the center and surrounded by landscaped gardens.

The penthouse and its downstairs neighbor are among the notable luxury listings to take a major price cut this summer and are part of a downward trend across all price points in the city caused by a combination of rising interest rates, inflation, a volatile stock market and uncertainty caused by the ongoing war in Ukraine.

Read more