That 21-story tower behind the Hills Brothers Coffee building may look like it's been there forever, but it was built in 1989 as part of the adaptive re-use development of the coffee company's classic 1925 warehouse building, iconic neon sign and campanile. At the corner of Folsom and Spear, apartments in the 67-unit condominium tower don't often come on the market- we think there was only one in 2011. This 2-bed, 2-bath appeared this week, asking $975,000, which includes parking, storage, and use of the huge roof deck for residents on the Embarcadero and Rincon Open Water. The southwest-facing unit has no water view, looking out at the Infinity towers instead- once the site of a MUNI bus depot- and high up enough to get good light. Units in this building can look pretty tired, but here some of the vintage-1989 detail has been renovated away. Appears to be move-in ready. A recent renovation put in a new kitchen and hardwood floors, plus we like the floor-to-ceiling windows.
The unit last sold in 2007 for $990,000 and is currently assessed at $1,035,000. HOAs of $1200 a month include a 24-hour attended lobby. We think this one will go fast. Besides the location on the Embarcadero, Hills Plaza has two star tenants- Google occupies 200K square feet and the Wharton School of Business' new Gensler-designed facility will open there later this year. Even if the pre-emptive overbid is so 2007, realtors have learned that attractive properties priced low often sell above asking. So what do you think this will go for?
· MBA, No Sugar [Curbed SF]
· 75 Folsom Street, #1001 [Redfin]