One of San Francisco’s only pre-war two-level penthouses closed recently for $11 million, just under the asking price. That’s the highest price for a co-op or condo in the city so far this year, and the third-highest residential sale overall.
The price works out to about $2,500 per square foot.
The 4,400-square-foot three-bedroom, 4.5-bath penthouse is also one of the largest co-ops in the city, according to listing agent Deborah Svoboda of Sotheby’s International Realty. It sits on the top two floors of 1960 Broadway in Pacific Heights. The boutique building with only nine units dates back to 1925, but the co-op underwent a complete renovation in 2011 in collaboration with interior designer Holly Hunt.
The Hunt-designed furnishings were not included in the sale, Svoboda said.
Svoboda did not identify the sellers but said they put the home on the market early last year with an initial asking price of $15 million because they have retired. While they will maintain a footprint in the city, she said via email, they also spend part of the year in Hawaii.
Property records identify the sellers as Andrew and Mary Pilara, who bought the home in 2004 for $6.25 million. Andrew Pilara was a long-time senior investment advisor with RS Investments. He and wife Mary recently listed their extensive photography collection with Sotheby’s after exhibiting them for free at Pier 24 on the Embarcadero since 2010. The collection has an estimated value of about $15 million and includes works by Richard Avedon, Dorothea Lange and Garry Winogrand, among others. All proceeds from the May 1-2 auction will benefit the Pilaras’ family foundation, which supports healthcare research, education and the arts.
The penthouse buyer is The Himalayan Trust, which has a Century City mailing address and whose trustee is financial advisor Steven Lockshin, according to property records. Compass agent Neal Ward represented the buyer.
Svoboda declined to comment on the buyers but said the home received several other offers after the price dropped to $11.25 million at the end of February. In general, buyers liked the “all-new, ultra-clear Starphire glass windows” to better take in the bay and Golden Gate Bridge views, as well as the renovated interior, two-car side-by-side parking, flat block in Pacific Heights and rare two-story floor plan, she said.
A co-op at 2006 Washington Street, also in Pacific Heights, is currently asking $35 million, or $6,500 per square foot, after cutting its price from $45 million at the end of August. Although it is marketed as a penthouse, technically there is another smaller apartment above it.
The condo/co-op market slowed last year, Svoboda said, along with the rest of the luxury market in the city. Despite that, there were still some notable high-end sales, including the combined $29 million sale of the adjoining penthouses at 999 Green Street and the $19 million sale of a duplex unit on a lower floor of 2006 Washington, both among the city’s biggest deals of 2022.
San Francisco penthouses continue to attract high-end buyers because they offer privacy, views and there aren’t many of them, Svoboda said.
“Penthouse ownership is an exclusive club in San Francisco by virtue of the rarity of the offerings,” she said.
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