San Francisco Housing Site Sells for Half Price
Submitted August 24, 2010, 11:01 PM
The Miami developer bought 45 Lansing St. from Turnberry Associates, another Florida-based property developer. Turnberry bought the site in 2006 for $30 million, according to a source familiar with the transaction. The property, located in San Francisco’s Rincon Hill neighborhood, is entitled for 217 condominiums.
The sale, which closed Aug. 24, is the second notable San Francisco residential property to change hands in the last month. Dean Givas and his Oyster Development Corp. acquired a condominium site at 1800 Van Ness Ave. for $4.25 million in mid-July. That property is entitled for 62 condos, 5,100 square feet of retail and 73 parking spaces.
Colliers brokers Tony Crossley and Frank Wheeler represented Turnberry in the transaction.
