SAN FRANCISCO, CA, Dec 16, 2011 (MARKETWIRE via COMTEX) –
Sotheby’s International Realty, Inc., today announced the sale of
Museum Tower Penthouse, a 20,000 square-foot condominium sited on the
top two floors of the five-star St. Regis Hotel and Residences in San
Francisco. Sold for $28 million, the property achieved the highest
sale price for a condominium in San Francisco history, according to
the San Francisco Multiple Listing Service. The property is also
believed to be the highest priced bank-owned listing in the United
States, according to The Wall Street Journal.

“Sotheby’s International Realty’s sale this week of the Museum Tower
Penthouse reaffirms that San Francisco is among the most sought-after
real estate markets,” said Kathy Korte, president and chief executive
officer of Sotheby’s International Realty, Inc. “The sale aligns with
what we are experiencing in San Francisco, which is that the high end
market is now very active. Within the last several months four
properties have sold between $20 and $33 million, according to county
tax records. Buyers are acting on rare opportunities such as the St.
Regis penthouse, perhaps the largest new construction penthouse
available for sale anywhere in the world.”

Sotheby’s International Realty agents Gregg Lynn, Louis Silcox and
Bernadette Lamothe handled the sale of the listing. The property was
placed on the market this fall by Second Step Asset Management and
sold very quickly after receiving multiple offers.

“One of the largest personal residences in the city, the Museum Tower
Penthouse stands among San Francisco’s most prestigious properties,”
said Jeffrey Gibson, Vice President and Brokerage Manager of
Sotheby’s International Realty’s San Francisco brokerage. “With four
offers from qualified buyers in the week leading up to the closing,
the sale reflects the reality that amidst all of the challenges in
today’s real estate market, the San Francisco Bay Area remains an
internationally recognized market for real estate investing.”

Sotheby’s International Realty said that the condominium, which
boasts floor-to-ceiling, 21+ foot glass walls with 360-degree views
of many San Francisco landmarks, includes six bedrooms, seven full
and four half baths, and 2,900 square feet of terraces. Created by
international award-winning interior design firm Orlando Diaz-Azcuy
Design Associates, the penthouse also features a grand two-story
entrance foyer with a waterfall, double-height living room, dining
room, library, 21st-century kitchen, and 2,500 square-foot master
suite.

The residence enjoys access to the amenities of the St. Regis Hotel
and Residences, a 40-story tower with a world-class spa, indoor lap
pool, fitness center, award-winning restaurant, 24-hour room service,
and five-star concierge and butler. The St. Regis is located in the
city’s Arts District, minutes from Union Square and the Financial
District and adjacent to the San Francisco Museum of Modern Art, the
Daniel Libeskind-designed Contemporary Jewish Museum, and the newly
opened Museum of the African Diaspora.

Photos of the Museum Tower Penthouse can be viewed at

www.stregispenthouse.com .

About Sotheby’s International Realty, Inc.

Sotheby’s International Realty was founded in 1976 as a real estate
service for discerning clients of Sotheby’s auction house and
represents fine properties at a range of price points. Today,
Sotheby’s International Realty, Inc. operates brokerage offices in
key metropolitan and resort markets, including Manhattan; the
Hamptons; Greenwich, Conn.; Cape Cod; Palm Beach, Fla.; Los Angeles;
Beverly Hills; Brentwood; Pasadena; Santa Barbara; San Francisco;
Sonoma; Monterey Peninsula; and Santa Fe, New Mexico.

Sotheby’s International Realty, Inc. (
www.sothebyshomes.com ) is part
of NRT LLC, the nation’s largest residential real estate brokerage
company, and a member of the Sotheby’s International Realty(R)
network, which currently has nearly 12,000 sales associates located
in approximately 580 offices in 42 countries and territories
worldwide. NRT, a subsidiary of Realogy Corporation, operates
Realogy’s company-owned real estate brokerage offices.

        Sotheby's International Realty Contact:
        Gregg Lynn
        (415) 980-1780
        Email Contact

SOURCE: Sotheby’s International Realty, Inc.

http://www2.marketwire.com/mw/emailprcntct?id=1394B8BCF2FC1ACA

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Article source: http://www.marketwatch.com/story/sothebys-international-realty-achieves-highest-condominium-property-sale-in-san-francisco-history-2011-12-16