Lumina Tower San Francisco Condo Penthouse Fails to Sell for $49,000,000
18 Jun 2023 · 1 min
0:54
In this commentary, Austin Klar explains how the 2‑story, 15,000‑sq‑ft penthouse at Lumina’s Folsom Street Tower in San Francisco, originally listed for $49 million in 2015, failed to sell and prompted developer Tishman Speyer to split the space into separate shell units. He details the larger resulting unit—a 5,700‑sq‑ft condo with 290 ft of floor‑to‑ceiling glass, 360° city and bay views, three outdoor terraces, and 18‑ft ceilings—initially priced above $11 million but ultimately sold for $6 million in 2021. Klar then poses the question of whether $6 million is a reasonable price for an empty shell unit, inviting viewers to consider the value of such a high‑end, unfinished space.
