Your daily adult tube feed all in one place!
San Francisco's Millennium Tower offering huge discounts on $1.5m condos after the complex was plagued by issues
Huge discounts are being offered on the condos in San Francisco's leaning Millennium Tower after it was plagued by a litany of glaring structural issues.
A stunning penthouse apartment which was listed for $1.5 million in 2015 is now on offer for $799,800 - a whopping 47 percent drop in pricing.
The luxury fifth-floor, two-bedroom, two-bathroom unit comes with a gourmet kitchen and communal benefits like access to the Pilates center, wine cellar and outdoor terrace - but it's not enough to offset the skyscraper's looming problems.
Several other homes in the 58-story building which initially came with pricetags of up to $14 million have also been listed at dramatically pared-down prices in recent days.
Residents of the 419-unit Millennium Tower - which at one time included NBA star Kevin Durant and former San Francisco 49er Joe Montana - were informed in 2016 that the building had started sinking, which was also causing it to tilt.
Comically large discounts are being offered on the condos in San Francisco's leaning Millennium Tower after it was plagued by structural issues. A stunning penthouse apartment (pictured) which was listed for $1.5 million in 2015 is now on offer for $799,800
The luxury fifth-floor two-bedroom two-bathroom unit comes with a gourmet kitchen and communal benefits like access to the Pilates center, wine cellar and outdoor terrace - but it's not enough to offset the skyscraper's looming problems
Other condos in the tower which have plummeted in price include a two-bedroom, four-bathroom penthouse which boasts views of Transamerica Pyramid, San Francisco Bay and Bay Bridge from the 49th floor.
The 3,315-square-foot apartment advertised by realtors as a 'sophisticated and sexy condominium' was listed for $9.4 million in 2015 - and it's now on sale for $7 million - a 25 percent reduction.
A 29th-floor sun-drenched open-plan unit with two bedrooms and 3.5 bathrooms has also depreciated in value from $2.6 million in 2022 to $1.99 million today - a 24 percent drop.
The 2,170-square-foot apartment penthouse comes with its own library and beech hardwood flooring, but it's not enough to offset the tower's ruinous reputation.
Last year, homeowners sued the developers after they were slapped with hefty bills of up to $14 ,000 to help fix the 29-inch tilt.
Third-floor Mehrdad Mostafavi said that the work he was asked to pay for ended up flooding his kitchen sink with sewage, adding insult to injury.
Mostafavi and others then had to pay for major cleanup operations after the waste water flooded their homes.
'It's a luxurious building and famous building, but unfortunately it is not like this for me as an owner,' Mostafavi told NBC at the time. 'I am really suffering.'
Residents of the 419-unit Millennium Tower (pictured) - who at one time included NBA star Kevin Durant and former San Francisco 49er Joe Montana - were informed in 2016 that the building had started sinking, which was also causing it to tilt
Sewage overfill has caused damage and headaches in some residents' apartments
By the end of 2022, the skyscraper, designed by Gary Handel and Handel Architects, had also sunk 28 inches, as measured from the roof.
The downtown San Francisco behemoth rests on a 10-foot deep concrete foundation made of soft soil and landfill.
The developer, Mission Street Development LLC, blamed the sinking problem on construction of the nearby Transbay Transit Center by the Transbay Joint Powers Authority for destabilizing the ground below the tower.
But according to local reports, the sinking started before the infrastructure project launched.
Overall, residents of the building have been saddled with $6.8 million of the roughly $20 million extra the project ended up costing over the original budget.
It had originally been projected to cost around $100 million. During construction, however, the tower experienced more sinking and leaning.
Along with the bills sent to homeowners, the Tower owners' association included a letter that said residents are being compensated for lost property value.
In total, the association was allotted $150 million to pay for securing the high-rise, pay for legal bills, restore reserves and pay for other expected costs.
Workers repair crumbling walls that have been the result of leaking water in the garage of the Millennium Tower in San Francisco
A stress gauge is seen on a wall with floor-to-ceiling cracks in the parking garage of the Millennium Tower
By 2016, the building (to the right of the tallest building) had sunk nearly a foot-and-a-half into the soft soil and landfill upon which it was built. Residents of the building subsequently sued the developer and designers
It ended up costing more than that, the association said.
'The delays and the city's heightened requirements resulted in significant unforeseen project cost increases,' the association's letter to residents said.
A confidential settlement reached several years ago included $100 million to install 52 concrete, 140,000-pound piles to anchor the building to bedrock located 250 feet below ground.
This effort to stabilize the building and stop the sinking has been going on since the spring of 2021.