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January 19, 2017

What’s Shaking at The Millennium Tower

Millennium Tower

It’s been six months since The Chronicle’s Matier and Ross broke the story about The Millennium Tower’s structural issues. Despite verified reports that the building is sinking and tilting, a buyer living in the building purchased Grand Penthouse A on the 60th floor in December 2016.

The 5,000-square-foot, two-bedroom/two bath unit has massive views and includes a 3,000-square-foot great room that opens to a large private outdoor terrace. The buyer is reportedly an Oracle executive who wanted to move up within the building.

That vote of confidence in the building spurred me to check out recent sales activity. A dozen units in the Millennium ranging from $975,000-$4,000,000 were withdrawn, with an average of three months on the market. However, there are two units pending.

But the penthouse is the only reported sale since August. There are three active listings in the building that include the 58th floor penthouse at $8,995,000, as well as six condos available for rent. Those are all two bedrooms, with owners looking to get $5,250-$19,500 per month.

Time will tell whether any other sellers are successful in selling a unit in the building. The Millennium is expected to be at the center of a prolonged battle among residents, the developer and the city. In the meantime the building will be further settling, making everyone wonder what exactly will be done to address the problem—as well as who will ultimately foot the bill.

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