Real Estate Report: Untouched for Decades, Nob Hill Penthouse Sells for $7M
The Park Lane, one of San Francisco's grand 1920s apartment houses is noted for its solid construction and vast apartments– only three to a floor– and prime location on Huntington Park, diagonally across from the Fairmont Hotel and looking down at the brownstone Pacific Union clubroom. Currently being converted into a luxury TIC, units come on the market as they're being renovated, but this penthouse duplex was sold in "as-is" condition for $7M. The most recent rental tenants in the penthouse had lived here for fifty years, and the buyer saw an opportunity to create one of the grandest spaces in town.
Built specifically for the building's original owners, the four-bed, five-bath duplex penthouse spans over 4,400 square feet and boasts a terrace, library, and gallery looking over the two-story living room and foyer:
In addition to two very 1920s formal gardens, the Park Lane has a beautiful Beaux-Arts Style lobby with painted "Pompeian" decoration:
More: Other units in the building– fully renovated– are selling in the $3M to $4M range and come on the market as they are finished. If this penthouse had been renovated by the bilding's developer, it probably would have an asking price between $9M and $10M. We had a look at another Park Lane penthouse a few weeks ago– a completely finished but smaller unit that sold for $7M. For more images, including other units and floor plans, the building's dedicated website is worth a look. Below, the library/family room on the second level:
Who's Buying: Agents Don Defranco and Carol Goldberg told us it's mostly empty-nesters from around the Bay Area who like the building's attended lobby, the old-school construction values and up-to-the-minute renovations, like the unit below: