Sold! $11MM for Millennium Penthouse
February 16, 2008
The $11 million penthouse at The Millennium sold yesterday (2/15/08), according to The Chronicle:
The Bay Area’s rich are still snapping up high-end properties for record sums. On Friday, a mystery shopper agreed to buy the unfinished penthouse at the Millennium Tower for $11 million. That’s $2,288.81 for each of the San Francisco property’s 4,800 square feet, a range rarely exceeded even when the space is built out - that is to say, when it actually includes walls and finishes.
The buyer, who wasn’t identified per the building owner’s policy, put down $1 million to begin the escrow process.
The deal is further evidence that people are willing to pay ever higher prices for luxury Bay Area real estate, particularly downtown San Francisco condominiums, even as thousands of average homeowners are wrestling with plummeting prices and fighting off the specter of foreclosure. High-end homes operate in their own universe because the availability is limited and the very wealthy are largely immune to the main factors dragging down the broader market.
“On the upper end, it has definitely gone up,” said Alan Mark of the Mark Co., a marketing and research firm for the condominium industry. “There’s a deep market for large, high-end condominium residences that have great views.”
New York-based Millennium Partners is developing the $500 million, 60-story glass structure at 301 Mission St., which is scheduled to open in spring 2009. Sales began in November and despite an average price tag of $2.5 million, the company is well ahead of its goals, said Richard Baumert, managing director with Millennium.
“The momentum has been pretty strong since the day we opened,” he said.
Millennium Tower
April 14, 2007
Sean Jeffries, VP and Principal of Millennium Partners, was interviewed this week in the San Francisco Business Times. His company is the developer of the Millennium Tower at 301 Mission Street. Slated for completion it 2009, the sales office is going to be open in Spring 2008, but possibly as early as the end of 2007.
At 60-stories tall, it will be the fourth-tallest building in the city.
Sean named his father, the founder of Millennium Partners, as his mentor, and says his favorite thing about his job is “the people I get to meet.” Tishman Speyer is his most respected competitor. He hopes to open an office in Southern California to tale advantage of opportunities in L.A. and San Diego. Favorite book is “1421: The Year China Discovered America.” Favorite movie is “The Last King of Scotland.” He loves his wife, his two daughters, suits from Wilkes Bashford, and golf golf golf.
You can register at the Millennium site to be updated on sales progress. Please mention you heard about the site from Damion Matthews.
