SOURCE: Sotheby's International Realty, Inc.

Sotheby's International Realty, Inc.

December 16, 2011 14:02 ET

Sotheby's International Realty Achieves Highest Condominium Property Sale in San Francisco History

SAN FRANCISCO, CA--(Marketwire - Dec 16, 2011) - Sotheby's International Realty, Inc., today announced the sale of Museum Tower Penthouse, a 20,000 square-foot condominium sited on the top two floors of the five-star St. Regis Hotel and Residences in San Francisco. Sold for $28 million, the property achieved the highest sale price for a condominium in San Francisco history, according to the San Francisco Multiple Listing Service. The property is also believed to be the highest priced bank-owned listing in the United States, according to The Wall Street Journal.

"Sotheby's International Realty's sale this week of the Museum Tower Penthouse reaffirms that San Francisco is among the most sought-after real estate markets," said Kathy Korte, president and chief executive officer of Sotheby's International Realty, Inc. "The sale aligns with what we are experiencing in San Francisco, which is that the high end market is now very active. Within the last several months four properties have sold between $20 and $33 million, according to county tax records. Buyers are acting on rare opportunities such as the St. Regis penthouse, perhaps the largest new construction penthouse available for sale anywhere in the world."

Sotheby's International Realty agents Gregg Lynn, Louis Silcox and Bernadette Lamothe handled the sale of the listing. The property was placed on the market this fall by Second Step Asset Management and sold very quickly after receiving multiple offers.

"One of the largest personal residences in the city, the Museum Tower Penthouse stands among San Francisco's most prestigious properties," said Jeffrey Gibson, Vice President and Brokerage Manager of Sotheby's International Realty's San Francisco brokerage. "With four offers from qualified buyers in the week leading up to the closing, the sale reflects the reality that amidst all of the challenges in today's real estate market, the San Francisco Bay Area remains an internationally recognized market for real estate investing."

Sotheby's International Realty said that the condominium, which boasts floor-to-ceiling, 21+ foot glass walls with 360-degree views of many San Francisco landmarks, includes six bedrooms, seven full and four half baths, and 2,900 square feet of terraces. Created by international award-winning interior design firm Orlando Diaz-Azcuy Design Associates, the penthouse also features a grand two-story entrance foyer with a waterfall, double-height living room, dining room, library, 21st-century kitchen, and 2,500 square-foot master suite.

The residence enjoys access to the amenities of the St. Regis Hotel and Residences, a 40-story tower with a world-class spa, indoor lap pool, fitness center, award-winning restaurant, 24-hour room service, and five-star concierge and butler. The St. Regis is located in the city's Arts District, minutes from Union Square and the Financial District and adjacent to the San Francisco Museum of Modern Art, the Daniel Libeskind-designed Contemporary Jewish Museum, and the newly opened Museum of the African Diaspora.

Photos of the Museum Tower Penthouse can be viewed at www.stregispenthouse.com.

About Sotheby's International Realty, Inc.

Sotheby's International Realty was founded in 1976 as a real estate service for discerning clients of Sotheby's auction house and represents fine properties at a range of price points. Today, Sotheby's International Realty, Inc. operates brokerage offices in key metropolitan and resort markets, including Manhattan; the Hamptons; Greenwich, Conn.; Cape Cod; Palm Beach, Fla.; Los Angeles; Beverly Hills; Brentwood; Pasadena; Santa Barbara; San Francisco; Sonoma; Monterey Peninsula; and Santa Fe, New Mexico.

Sotheby's International Realty, Inc. (www.sothebyshomes.com) is part of NRT LLC, the nation's largest residential real estate brokerage company, and a member of the Sotheby's International Realty® network, which currently has nearly 12,000 sales associates located in approximately 580 offices in 42 countries and territories worldwide. NRT, a subsidiary of Realogy Corporation, operates Realogy's company-owned real estate brokerage offices.

Contact Information

  • Sotheby's International Realty Contact:
    Gregg Lynn
    (415) 980-1780
    Email Contact