There have been a lot of unconfirmed rumors flying around regarding Millennium Tower, so we thought we’d visit the sales office, call a few reliable sources, get some confirmations, start another rumor, and give you the scoop on the latest with Millennium Tower.
First, to ease your doubts about our market ever seeing $2000/square foot, keep your eyes on this building. Is this the norm for the city? No. But we did say it is possible. For the record, they do have units priced in the $900/square foot range as well, so don’t get scared away.
Second, regarding the Michael Mina restaurant going in the building. It will indeed be named RN74. The restaurant will also be providing services and staff for the Millennium’s private dining area on the club level (Millennium residents only), as well as providing exclusive wine selections to said residents.
Third, there are currently ~60 units of the total 419 “sold” (~13%), and of those, ~80% are beyond the 5 day grace and are now considered “done deals”. Sales have been in all price ranges at all levels. Add to that the sales office has only been open for 12 days, and you see how quickly things are moving.
Fourth, one of those sales is a 60th floor penthouse unit that happens to be 645 feet above ground, with ~4700 square feet of empty shell (meaning the owner can do with the interior as they please), a 580 square foot terrace, views to die for (more on that later), and a $10-12M price tag, or more than $2,000 per square foot. Whether it is true, and whether it is $10M or $12M… we leave to your imagination.
Fifth, yes, most of the sales have been in the “upper floors” or the Grand Residences (floors 26-top) of the tower but that doesn’t mean the City Residences (shorter 11 story building with Tribeca-style lofts) haven’t seen their share of activity as well.
Finally, yes, you need an appointment, and to be pre-qualified with one of their preferred lenders before you will be given the tour.
As you can see, the sky is definitely not falling for San Francisco’s new development high rise luxury real estate. We can categorically, without a shadow of a doubt, tell you that much. We do live in a world class city after all. The rest, true to our word, we’re keeping under wraps.
If you’d like more information, or are considering purchasing a unit at the Millennium, feel free to contact us.
-Millennium Tower [website]
-Millennium Tower Going Up (301 Mission) [theFrontSteps]