Another Brick In The Mall! Downtown San Fran Office Tower Sells At 66% Off As CRE Crisis Claims Another Victim

Confounded Interest ^ | 08/13/2023 | Anthony B. Sanders

[Moltke]

Why in the world would ANYBODY buy an office building in the San Francisco financial district? What does Presidio Bay Ventures see in it?

Step 1: Make the politicians you own create a dystopian reality.

Step 2: Buy up real estate for pennies on the dollar.

Step 3: Make the politicians you own conduct a brutal cleansing of the area you bought real estate in.

Step 4: Profit.

OK, unlikely, but that's how I'd do it...😁

[Allegra]

I'll never forget that the San Francisco Board of Supervisors rejected the gift of the Battleship Iowa as a museum ship (anti-war stance) and let it languish in the Mothball Fleet in Suisun Bay for over a decade…

One more reason I don’t feel any sadness about San Francisco’s demise. A battleship with such a rich history and those lowlife blowhards have no respect. I hope it draws plenty of visitors in the L.A. area.

[Political Junkie Too]

Even Alameda had the good sense to accept the USS Hornet as a museum ship.

I guess the USS Iowa was just too much after having the USS Pampanito and the Liberty ship SS Jeremiah O'Brien forced on them by private groups.

-PJ

[ProtectOurFreedom]

The fact that somebody is buying a building at that deep discount with no prospect of tenants at all in 2025 is startling. Either there’s some huge tax benefit to offset other gains or they see a rebound of SF and are buying at firesale prices.