Mark Geisreiter, executive managing director at Newmark, successfully facilitated the sale of the Phoenix Hotel. The iconic hotel, located at 601 Eddy St. in San Francisco’s Tenderloin district, has been a popular spot for rock stars for many years. The seller was Ziegler Family LLC and the buyer was Michel Suas, owner of the San Francisco Baking Institute.
The property has been owned by the Ziegler family for over 70 years and is considered a landmark in its neighborhood. According to Geisreiter, rising prices and fast-paced sales have made it challenging for owner-users to enter San Francisco’s real estate market in recent years. However, with more reasonable pricing and patient sellers now emerging on the scene, there has been an increase in owner-users choosing to purchase rather than lease properties like this one.
Geisreiter stated that he was honored to represent the Ziegler family during this significant transaction and praised Suas’ vision as well as his commitment to supporting his community through his ownership of this historic hotel.
In conclusion: Mark Geisreiter from Newmark successfully brokered a deal between seller Ziegler Family LLC and buyer Michel Suas – who owns SF Baking Institute – resulting in ownership transfer of Phoenix Hotel located at 601 Eddy St., known as a long-time favorite among rock stars residing within Tenderloin district; under stewardship by same family spanning over seven decades; while high prices & quick sales previously hindered potential buyers from entering S.F.’s market lately but current changes allow more patience among sellers leading towards increased purchases instead leasing options especially benefiting creative organizations/individuals such as Mr.Suas whose dedication towards community makes him ideal new proprietor according Mark Giesriter who feels privileged representing previous owners during noteworthy exchange.
